Polkadot (DOT) price surged over 20% after confirmed that 1st batch of parachain slot auctions will start next month
Polkadot (DOT) price rallied 20% in 24 hours – part of a 36% gain in the last week – to break above $42. That’s the highest asset price since May when it hit an all-time high of $49.35, which has been reached. At the time of writing, DOT is changing hands at $40.85.
And this is no coincidence because, after five years of development from Parity Technologies, the project announced that it is ready to launch what it calls “parachains.” The Polkadot leadership group subsequently voted to begin auctions for parachain slots starting November 11.
DOT/USD 4-hour chart | Source: TradingView
Polkadot (DOT) price is on the cusp of achieving a significant milestone with the launch of parachain
The proposal was introduced on Polkadot’s community governance discussion platform, polkassembly.io, by Web3 Foundation member Joe Petrowski. He laid out that, given the success of Kusama’s parachains and Parity’s public assessment, the code for parachains, auctions, and crowd loans is ready for an initial production release Polkadot should be prepared for this critical move.
Accordingly, Parity’s technical recommendations cleared the way for the Polkadot administration to determine what the initial auction schedule should look like. Immediately after announcing technical readiness for parachains, Motion 118 was submitted to the Polkadot Council to start the auction on November 11, 2021.
There will be 11 parachain auctions divided into two batches. The first batch will start on November 11, with one auction per week. The first batch of 5 auctions would take place with 1 new auction each week.
The schedule for batch 1 is as follows:
- Auction 1: November 11, 2021 – November 18, 2021
- Auction 2: November 18, 2021 – November 25, 2021
- Auction 3: November 25, 2021 – December 2, 2021
- Auction 4: December 2, 2021 – December 9, 2021
- Auction 5: December 9, 2021 – December 16, 2021
Winning parachains onboarDecember 1717, 2021 for the perioDecember 17, 2021 to October 202023.
And the second batch will begin on DeDecember 23with one auction every two weeks. In both cases, the auction duration will be seven days.
The schedule for batch 2 is as follows:
- Auction 6: December 23, 2021 – December 30, 2021
- Auction 7: January 6, 2022 – January 13, 2022
- Auction 8: January 20, 2022 – January 27, 2022
- Auction 9: February 3, 2022 – February 10, 2022
- Auction 10: February 17, 2022 – February 24, 2022
Winning parachains onboarded MaMarch 1122 for the period MarcMarch 11 to JanuarJanuary 12The proposal for parachain auctions has now gone to a public referendum that will last for six more days. The Polkadot (DOT) price has spiked by more than 20% on the announcement. And Polkadot’s code has been fully audited, which was the final step before kicking off the rollout of parachains.
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