Polkadot native token DOT hit an all-time high of $51.47 just hours ago amid the excitement of its first parachain auction just 9 days away. Last month, the Polkadot ecosystem set up a program to launch parachain auctions following a unanimous approval from blockchain’s on-chain governance council members.
According to the Polkadot Council, the first of the auctions is scheduled to begin on November 11, 2021. The development marks a significant achievement as it fulfills the last key technical element of the whitepaper published five years ago.
Polkadot network is a multi-chain protocol designed to facilitate cross-chain transfer of any type of data or asset, and the project is focused on increasing interoperability between different networks in the blockchain ecosystem.
As mentioned earlier, the price increase is largely due to the imminent launch of parachain auctions on the Polkadot protocol. Traders are likely to look at the success of parachain auctions taking place on Polkadot’s sister network, Kusama, and expect the same to happen for Polkadot. About two weeks ago, we reported that the price has the potential to rise with anticipation. It was as expected.
Parachain, on the other hand, is an individual blockchain in the Polkadot ecosystem. Parachain auctions allow DOT developers to register their projects on a parachain and receive crowd-credit financing for their projects – provided the governance Polkadot Council gives the green light to the idea.
The Parachain movement passed the Polkadot council and went to a popular vote, the Polkadot official Twitter account reported. If approved, Polkadot’s first parachain batch will run for five weeks with one auction each week. Overall, there will be 11 auctions released in two batches.
The motion to enable parachain registration and crowdloans has passed Polkadot’s council and gone to a public referendum. If passed, parachain teams will be able to register their parachain and open their crowdloan on Nov. 4, 2021 at approx. 19:15 CET. https://t.co/5ouDWBmnvc
— Polkadot (@Polkadot) November 1, 2021
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