Polkadot (DOT) Rallies 20% On News of Parachain Launch, Auctions Starting Next Month
It looks like Polkadot (DOT) is now closer to launching the much-awaited parachains and expanding the Polkadot ecosystem. On Wednesday, October 13, after five years of development, Polkadot founders Gavin Wood and Robert Habermeier announced that the blockchain is capable of supporting its first parachains.
The news was enough to trigger a major DOT price rally. As of press time, Polkadot (DOT) is up 20% and currently trading at $42.08 with a market cap of $40.9 billion.
The Polkadot parachains are specialized blocks that help in connecting with the Polkadot Relay Chain thereby creating ‘multichain’ architecture. Parachains are the final piece of the core technology outlined in the Polkadot architecture.
Speaking at the Sub0 conference on Wednesday, the Polkadot founders announced that they have overcome the technical barriers to launch parachains on Polkadot. the official announcement reads:
They explained that parachains, auctions, and crowdloans code is now ready for an initial production release on Polkadot. The last technical steps necessary to complete before launching parachains on Polkadot were the completion of Polkadot’s full code audit, which is now done, and the finalization of parachain disputes, which can now move forward.
Polkadot Parachain Auctions Starting Next Month
The Polkadot council will start auctioning the Polkadot parachains starting next month November 11, 2021. However, a formal vote from the Council and the community will happen through a public referendum.
There will be eleven different auctions happening over a four-month period through March 2022. Users willing to participate in parachain crowdloans will require unbonded DOT tokens.
Polkadot notes that its parachains have already been successfully running on Polkadot’s ‘canary network’ like Kusama. So far, the Kusama network has 12 live parachains. These parachain teams have also conducted multiple forkless upgrades on the network while processing millions of transactions.
The Polkadot ecosystem shall be finally undergoing one of its most awaited updates.
- Coinbase CEO Says Market Structure Bill Will Pass by Year-End Despite Government Shutdown
- Breaking: Trump To Meet China’s President On October 30, Bitcoin Bounces
- Breaking: Trump Pardons Binance’s Changpeng “CZ” Zhao, BNB Spikes
- Peter Schiff Challenges Binance Founder CZ to Debate as Bitcoin Vs. Gold Rivalry Heats Up
- Robinhood Lists HYPE As Hyperliquid Flips CZ Backed Aster In Perp DEX Volume
- Dogecoin Price Crash Looms as Flag, Death Cross, Falling DOGE ETF Inflows Coincide
- Solana Price Prediction as Osprey’s S-1 Filing and Hong Kong’s ETF Launch Fuel Reversal Hopes- Is $250 Next?
- Ethereum Price Poised for Breakout as Wyckoff Re-Accumulation Meets BlackRock’s $110M Purchase
- BNB Price Prediction as Analysts Eye $1500 Ahead of Fresh Coinbase and Robinhood Listings
- XRP Price Classical Pattern Points to a Rebound as XRPR ETF Hits $100M Milestone
- Chainlink Price Eyes $27 Rebound as Whales Accumulate 54M LINK
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
