- Polkadot has witnessed a landmark achievement as it prepares to launch a key feature next month.
- The blockchain’s governance council members approved the network’s parachain auctions.
- DOT price rose 25% following the announcement, just a few dollars short of its all-time high.
Following unanimous approval from the Polkadot network’s on-chain governance council members, the blockchain is now anticipating the debut parachain auctions. The launch marks a significant achievement as it realizes the final core technical element of its whitepaper.
Polkadot reaches major milestone since inception
The proposal for the first parachain auctions on Polkadot was approved by its community, as the network fulfills its goal of multichain interoperability. The layer-1 project aims to enable blockchain networks to be interoperable with one another and accomplished its goal as members voted to approve the proposal to launch its first parachain auctions.
Parachains are blockchains that run alongside the main network, which are also tethered to the Polkadot Relay Chain.
The protocol, co-founded by Gavin Wood, has long been anticipating parachain auctions, which will commence in November. The first auction is expected to be held on November 11 after the Polkadot Council voted in favor of Motion 118.
The parachain auctions will continue at a rate of one per week for five consecutive weeks until the final auction set on December 9. Polkadot auctions will be held in transit for the duration of one month, while the initial bidding period will last for two days.
Due to the fact that the blockchain values quality over quantity, there will be a 75% capacity of projects compared to that witnessed on Polkadot’s sister network, Kusama.
Kusama acts as a test environment for Polkadot, which held its first batch of parachain auctions in June and July.
Since the announcement, Polkadot price rallied over 25% creating a new swing high at $43.24.
Polkadot price to retest support before resuming ascent
Polkadot price witnessed a tremendous run following the announcement of the launch of its parachain auctions. DOT aimed to challenge its all-time high price at $49.35 but fell short at $43.23.
The Ethereum-killer may search for a key foothold before resuming its rally, with its nearest support at the upper boundary of the ascending parallel channel at $39.84. If Polkadot price manages to secure this level as support, DOT may have a higher chance of reaching the prevailing chart pattern’s bullish target at $49.53.
DOT/USDT 4-hour chart
If DOT experiences a spike in selling pressure, the token may discover support at the September 14 high at $38.77. A following line of defense may emerge at the September 16 high at $37.33 before Polkadot price slumps further toward the 78.2% Fibonacci retracement level at $35.85.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.