Polkadot Parachains Auction Near as DOT Reaches All-time High

Polkadot has been making major gains since the news of the parachains auction was announced. During the past 24 hours, the token has gained by around 16%. Due to increased demand, the token also reached an all-time high of $53 during the past 24 hours.

Recently, the network announced that a proposal was passed to allow registration and offer crowd loans to developers. The network uses the DOT native token, which, as aforementioned, is making new highs.

Polkadot Proposal Passes

In a posting on Twitter, the DOT developers stated that the proposal had passed. A platform for the Polkadot team also posted details showing that with the upcoming upgrade, developers could register parachains, and if their projects were approved by the Polkadot Council, they would get crowd loan funding.

The date for the parachains launch has been set at November 11, 2021. The first stage of the parachains auction will go for five weeks, where one auction will happen weekly. In June, the parachains were deployed on the Kusama network. 11 parachains have already been auctioned on the canary network.

The DOT parachain auction has enjoyed much hype that even Binance, the leading exchange platform, announced that it will be offering support to the network. Binance announced that it would offer support to the Polkadot Parachain Slot Auction.

DOT rallies to Record Highs

Since the announcement of the approved proposal, the DOT token has rallied to record highs. The token has reached an ATH of $53.04, higher than the May ATH of $49.35. At the time of writing, DOT is trading at $52.32, according to CoinGecko.

However, the proposal getting a nod from the council does not meet it is all ready to launch. It still needs to be approved through a public referendum, after which developers on the Polkadot network will have access to their crowd loan.

During recent months, the Polkadot network has enjoyed major developments. In September, its website raised $2.3 million from a wide range of investors, including Koji Capital, Advanced Blockchain AG and other DApps investors. The funds will be used to create an early version of the DotSama wallet, an ecosystem that allows interoperability between Polkadot and Kusama.

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