- This network, developed to allow developers to test out Polkadot.
- The inaugural Polkadot parachain auction will start on November 11th.
You’ve undoubtedly heard of Polkadot (DOT). With a $50 billion market worth, it has quickly risen. It is now the eighth biggest cryptocurrency and continues to grow.
The inaugural Polkadot parachain auction will start on November 11th. Crowdloans have already raised over $1 billion in DOT tokens from 100,000 individuals. Unsurprisingly, the Polkadot token has risen in value by about 50% in the last 30 days.
Acala, a cross-chain DeFi hub, Moonbeam, an Ethereum-compatible smart contract platform, and Manta Network, a layer-1, privacy-preserving DeFi protocol, all participate in these auctions.
Polkadot is a protocol that connects and trades information across public and private blockchains. It just launched its parachain auctions, which crypto fanatics have been waiting months for. Parachains are the last element of Polkadot’s main functionality. Parachains are essential for protocol scalability.
The Kusama parachain auctions may be familiar to you. This network was developed to allow developers to test out Polkadot. Since the auctions began in June, Kusama has garnered substantial traction. Investors invested over $199 million Kusama (KSM) tokens in the latest round of parachain crowdloans. Polkadot has officially disclosed its intentions to put out the parachain slot auctions, all been waiting for.
Debut of Parachain Auctions
The debut of parachain auctions sparked enthusiasm in the crypto industry since the first significant step towards fully customized Polkadot blockchains. Polkadot initially supports 100 parachains. This may seem excessive, but over 100 initiatives are vying for parachain designation.
Crowdloans allows individuals to finance initiatives they care about. Moreover, participants may donate by “locking up” their DOT tokens for the leasing period. In return, they are rewarded with the project’s native tokens. If a project doesn’t win, the money goes back to the participants.
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