Polkadot (DOT) Soars 15% to New All-time High In Anticipation for Parachain Auctions

DOT

The heterogeneous multichain blockchain network Polkadot has revealed the successful adoption of a proposal to enable registration and equity loans for developers. The network’s native token – DOT – is recording a new all-time high surpassing the $50 mark in response to the news.

Polkadot Council approves proposal

The Polkadot team announced the news via the official Twitter account on Monday (November 1, 2021). According to details shared on the Polkassembly platform, a network upgrade proposal that would allow developers to register parachains and seek crowdloan funding for projects successfully passed the Polkadot Council.

The latest development comes less than a month after Polkadot announced that its parachaines are ready to launch, with November 11, 2021 set as the take-off date. Additionally, the first batch of the parachain auctions will last for five weeks, with one auction per week. There would be a total of 11 auctions published in two lots.

Meanwhile, parachains were already being deployed on Polkadot’s canary network, Kusama, beginning in June, with Karura winning the first-ever parachain auction on the network. Since then, ten other parachaines have been auctioned on Kusama.

Cryptocurrency exchange giant Binance also announced that the platform would support the Polkadot Parachain Slot Auction scheduled for November. With already successful parachain Kusama deployments, Polkadot’s blockchain network is looking to connect to the very first project.

DOT Records New ATH

While developers initially used KSM to secure slots for their projects on the Kusama network, the favorable vote from the Polkadot council will soon see developers use DOT.

The price of the DOT token reacted positively to the announcement, rising 15% and printing a new ATH at $ 50.87, topping the previous ATH for May at $ 49.35. At the time of writing DOT is trading at $50.15, according to CoinGecko.

Meanwhile, the proposal must go through a final step, which is the approval of a public referendum. If the motion passes, “parachain teams will be able to register their parachain and open their crowdloan on Nov. 4, 2021.

The news marks a new step in the development of the DotSama ecosystem. Dotsama, which is a combination of the Polkadot (DOT) and Kusama (KSM), enables cross-compatibility between both networks. In September, the Polkadot Talisman website portfolio raised $ 2.3 million from investors such as Advanced Blockchain AG, Hypersphere Ventures, Koji Capital, as well as several anonymous Flex Dapps investors. Talisman will use the funds to release a first version of the DotSama wallet by November 22.

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