DOT Price Pumps as Parachains are Now Officially Ready for Launch

Polkadot announced that it is ready for parachains. Sidechains are those that operate in addition to the primary relay chain. Furthermore, parachains is always for Kusama auctions, and Polkadot “canary network” for testing and development.

Polkadot founders Gavin Wood and Robert Habermeier revealed that the network is now theoretically capable of supporting its first parachains, followed by a motion for Polkadot Council to hold its first parachain slot auctions on November 11th, 2021. The’multichain’ portion of Polkadot’s innovative multichain architecture is comprised of the varied, specialised blockchains that connect to the Polkadot Relay Chain.

DOT Price Analysis

Projects wishing to build on Polkadot must hold a crowdfund in which native tokens, in this example KSM and DOT, are staked in an auction. As an incentive to raise funds for the auction, the project may airdrop its own tokens.

The current price of DOT is $42.13 with the change of 20.78%. With a 24-hour trading volume of $41,433,630,206, the market cap of the coin is $41,433,630,206 at the time of writing. With a maximum supply of zero, the circulating and total supply are 987,579,314.96 DOT and 1,103,303,471 DOT, respectively.

DOT has gained 50 percent in the last two weeks and is now less than 16 percent away from its all-time high of $49.39 set on May 15th. KSM has also done well recently, rising 13% in the last 24 hours to $368 at the time of writing.

To randomize the exact instant an auction’s winner is selected, parachain auctions use a method known as a candle auction. There will be 11 Polkadot parachain auctions in all, split into two batches, the first of which will begin on November 11 and run for five weeks, with one auction every week.

The second round of six auctions will begin on December 23, with one every two weeks. Those interested in participating in the auctions must stake DOT.