Polkadot (DOT) continues its climb, adding an additional 6% in the previous 24 hours and closing in on $45.
As of press time, DOT was trading 4.83 percent higher at $43.57 per share, with a market capitalization of $43.02 billion.
The DOT price has increased by more than 30% in the previous three days following Polkadot’s announcement that it is ready to launch the parachain.
According to Santiment’s on-chain statistics, excitement around DOT has increased considerably following the latest price rally, as Polkadot (DOT) eyes a new all-time high above $49.25. DOT has just broken apart from the wider altcoin sector, which has been consolidating for some time.
Passing the Motion for Open Parachain Auctions Polkadot announced that it would begin conducting parachain auctions next month.
Polkadot also announced that its governing council has approved the move for open parachain auctions. It is, however, still awaiting passage in a public referendum. Additionally, the team notes:
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.
According to the official page, parachains will link to the Polkadot blockchain by leasing a 96-week space on the Relay Chain. Each parachain spot will be allocated via an on-chain auction. The winners of these slots will be required to post a bond with DOT for the duration of the lease period.
This change is expected to increase the incentive for players to migrate to the Polkadot blockchain, while also garnering greater community support. Polkadot parachains have long been desired by the market and will massively enhance the platform’s scalability, giving rival Ethereum a run for its money.
