In an announcement on Oct. 13, Polkadot stated that it was finally ready for parachains – sidechains operating alongside the main relay chain. Up until now, parachains have been auctioned on Kusama, Polkadot’s “canary network” for testing and development.
The team stated that it has taken five years to get to this point where the network is technically capable of supporting its first parachains. Parachains constitute the multi-chain aspect of Polkadot’s architecture and are the final stage in the project’s long launch roadmap,
“They represent the final piece of core technology outlined in the Polkadot Whitepaper, and their launch marks the last stage of Polkadot’s multi-phase launch process,”
Green light for Polkadot
Polkadot founders Gavin Wood and Robert Habermeier said that the final phase before parachains could be launched was the completion of Polkadot’s full code audit, which is now done.
Since early June, there have been 11 parachain slot auctions on Kusama and there are currently 12 live parachains on the development network.
“The fact that such activity has been taking place on Kusama for over four months without significant issues is an important factor in considering parachains ready for launch on Polkadot.”
Projects wanting to build on Polkadot need to conduct a crowdfund where native tokens, KSM and DOT in this case, are staked in the auction. The project may airdrop its own tokens as an incentive to raise funds for the auction. Parachain auctions use a mechanism called a candle auction to randomize the exact moment the winner of an auction is determined.
There will be 11 Polkadot parachain auctions divided into two batches, the first five starting on Nov 11 with one auction per week. The second batch of six will begin on Dec 23, with one auction every two weeks. Those wanting to participate in the auctions need to stake Polkadot’s native token, DOT.
DOT price pumps
DOT prices have surged in reaction to the announcement, gaining 17% on the day to reach $41.39 at the time of writing according to CoinGecko.
DOT has performed very well over the past fortnight gaining 50% and is currently less than 16% away from its May 15 all-time high of $49.39.
KSM has also performed well, gaining 13% over the past 24 hours to trade at $368 at the time of writing.
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.