Yesterday, October 13th, Polkadot (DOT/USD) finally announced that it is ready to start launching its parachains — something that everyone in its community and ecosystem has been waiting for for quite a long time now. The project’s parachains are essentially sidechains that will operate along the main chain.
Until now, the only example of what they look like and how they work were available on Kusama — Polkadot’s network used for testing.
Are you looking for fast-news, hot-tips and market analysis?
Sign-up for the Invezz newsletter, today.
According to the project’s team, this is the result of five long years of work, but the network is finally ready to support parachains, and start developing the project’s architecture into its multi-chain version.
The announced parachains will act as the final piece of the project’s core technology, which was presented in its Whitepaper a long time ago. In other words, with their launch, Polkadot will enter the final stage of its own multi-launch process.
Between early June and now, there were 11 parachain slot auctions on Kusama, with 12 live parachains currently operating in the project’s development network. For all that time, the project failed to note any significant issue on the network, which is very encouraging for the performance of parachains on the mainnet, as well.
Projects interested in building on Polkadot’s network will now be able to conduct a crowdfund, where the network’s native tokens, DOT and KSM, are staked in the auction. The project may even decide to airdrop its own cryptocurrencies and have them serve as incentive to raise funds.
The announcement stressed that there will be 11 parachain auctions, with the first one coming on November 11th. From that point forward, there will be one auction per week, while the second batch of six will start on December 23rd. From that point, there will be one auction every two weeks.
Finally, following the announcement, DOT price skyrocketed, gaining 17% in 24 hours and reaching $41.39. KSM itself saw a significant price surge, going up by 13% during the same period, and reaching $368.
67% of retail CFD accounts lose money