Polkadot announces on that it’s ready for parachains. Meaning, sidechains operating beside the main relay chain. Additionally, parachains is Always for auctions on Kusama, Polkadot “canary network” for testing and development
More so, The team notes it only took five years to make the network technically capable of supporting its first parachains. Subsequently, Parachains consists of the multi-chain aspect of Polkadot architecture. Then, and are the final stage in the project’s long launch strategy.
“They represent the final piece of core technology outlined in the Polkadot Whitepaper,..”
“and their launch marks the last stage of Polkadot’s multi-phase launch process,”
Green Candles for Polkadot
According to Polkadot founders Gavin Wood and Robert Habermeier, the final phase before parachains launch is the completion of Polkadot’s full code audit.
Notably, there ae 11 parachain slot auctions on Kusama and there are 12 live parachains on the development network.
“The fact that such activity has been taking place on Kusama for over…”
“four months without significant issues is an important factor in…”
“considering parachains ready for launch on Polkadot.”
Furthermore, Projects desiring to build on Polkadot need to conduct a crowdfund where native tokens, KSM and DOT can be on stake in the auction. More so, The project can airdrop its own tokens as a way raise funds for the auction. So, Parachain auctions makes use of candle auction mechanics. Which of course, is for randomizing the particular moment of determination for the winner of an auction.
More so, There will be 11 Polkadot parachain auctions into two batches;
The first five starting on Nov 11 with one auction per week.
While, The second batch of six will start on Dec 23, meaning one auction every two weeks. Meanwhile, Those with intention to participate in the auctions need to stake Polkadot’s native token, DOT.
DOT price spike
Currently, DOT prices is spiking in reaction to the announcement, seeing 17% increase. Also, it touches $41.39 mark at the time of writing according to CoinGecko.
Notably, DOT is doing pretty well over the past 2weeks, gaining 50%. Meanwhile, it’s only less than 16% away from its May all-time high of $49.39.
On the other hand, KSM is performing well too, with 13% gain over the past 24 hours and now trading at $368 at the time of writing.