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Polkadot (DOT) To Hit $45 After Governing Council Passes Motion For Open Parachain Auctions

Polkadot (DOT) is not stopping its rally soon. Currently, it’s gaining another 6% in the last 24 hours, while moving closer to $45. More so, DOT is trading at a 4.83% increase at a price of $43.57 and a market cap of $43.02 billion. So, The DOT price is gaining over 30% in the last three days. This is coming after Polkadot’s announcement on parachain launch.

According to On-chain data provider Santiment, it reports, DOT price is set to mark a new all-time high above $49.25.

Open Parachain Auctions By Polkadot (DOT)

Furthermore, Polkadot notes that its parachain auctions will kick off next month. Additionally, Polkadot states that its governing council has passed the motion for open parachain auctions. But, it’s still waiting to get through a public referendum.

‘Referendum 39 is currently up for a community vote, if…”
“passed it will schedule the first auction to take place on November 11, 2021 [a little over 26 days].”
“Reminder for those wishing to take part in auctions, the unbonding period on Polkadot is 28 days.”

Notably, its official page says that parachains will connect with the DOT blockchain. Which of course, will be by leasing a slot with the Relay Chain for 96 weeks at a time. Also, All the parachain slots are to be assigned through an on-chain auction. So, The winners of these slots is on lock in a bond in DOT for the leasing period.

Additionally, This development may further encourage more players to set on Polkadot blockchain. Then, gain broader community support and assistance. Lastly, The Market is anticipating this Polkadot parachains, this will potentially increase the scalability of the platform. Making it a worthy rival for Ethereum.

Related Posts – Polkadot Gets Ready For Parachain Launch While DOT Price Pumps

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