Polkadot Rallies 20% after parachain launch, auctions starting November 11

Polkadot probably is now ready to expand the Polkadot ecosystem by launching the much-awaited parachains. On Wednesday, Robert Habermeimer and Gavi Wood, the founders of the DOT, announced that the blockchain can now support its first parachains.

Polkadot came in 2016, and now, after five years, it is ready to include parachains. As soon as the headlines came out, the price of DOT surged by 20% and reached up to $43.2, with a market cap of $41.15 billion. The market cap increased by 18%, with a market dominance of 1.73%.

The Polkadot parachains are special blocks that will create the multichain architecture by connecting with the Polkadot Relay Chain. They are the final piece of the core technology of the DOT blockchain’s architecture.

On Wednesday, while speaking to the Sub0, the founders said that they have finally overcome the technical hurdles to launch the most-awaited parachains.

The official announcement on the website says that the developers have completed its full code audit. 

Polkadot Parachain Auctions on November 11

The announcement further says that the auctioning of the Polkadot parachain will start on November 11, 2021. However, the community and Council will formally vote through a public referendum.

As per the announcement, the auction will last for four months, from November 2021 to March 2022, in eleven different auctions. If a user wants to participate in the parachain crowdloans, they must have unbounded DOT tokens.

Polkadot parachains are already successfully running on its “canary network” like Kusama, which currently has 12 live parachains. 

The announcement led to the sudden surge in prices bringing wide smile in the faces of investors as the coin was showing a stagnant attitude in the last few weeks. It rose from $35 to $42 in a few hours after the launch happened.

Polkadot is now eyes to breach its previous all time high at $49.3 creating a new all time high for itself soon.