- The staking rate on Polkadot has dropped to 57.3% ahead of parachain launch on the DOT blockchain.
- A total of 2.46 million or 21% of KSM tokens have been locked for crowd loans or parachains on Kusama.
- DOT price continues to rally; analysts predict a new all-time high in the continuous layer one season.
Analysts remain optimistic on the Polkadot network’s parachain launch scheduled for November 2021. Though the percentage of DOT tokens staked has dropped consistently, its price continues its upward climb.
DOT price rally continues as Polkadot prepares for parachain launch
In the ongoing bull run, layer one cryptocurrencies are rallying. The price of DOT has started climbing higher, ahead of Polkadot’s parachain launch, posting nearly 10% gains over the past week. Cryptocurrency analysts have shared their bullish outlook on DOT price, revealing that they are “very bullish” on the Polkadot network’s native asset.
Lark Davis, a cryptocurrency analyst and YouTuber, announced that he is looking forward to the Parachain auctions in November 2021. Davis confirmed the list of top auctions that he is backing in a recent tweet.
I remain very bullish on Polka $dot in the run up to parachains launching in November.
— Lark Davis (@TheCryptoLark) October 23, 2021
Top 3 Auctions I plan on backing @MoonbeamNetwork @AcalaNetwork @ParallelFi
Polkadot is preparing for a multichain future with its parachain auctions. Ethereum, the second-largest cryptocurrency by market capitalization, announced its “sharding” mechanism years ago; users and developers in the community are still waiting for its launch.
Unlike Ethereum, the DOT ecosystem is ready with the technical capabilities to support parallel blockchains, just as it did in the Kusama ecosystem. Polkadot unites a network of heterogeneous blockchains, parachains and parathreads and secures them through a “relay chain.”
One of the most exciting features of the DOT network is that each parachain can then be connected to external networks through bridges.
The third batch of parachain auctions on the Kusama network went live, and nearly 21% of KSM tokens have been staked for crowd loans on the blockchain.
The staking rate on Polkadot has dropped consistently, hitting 57.3% ahead of the parachain launch. This is the opposite of what was observed in the Kusama Network.
A drop in the volume of DOT staked in crowd loans and parachains implies that there is an increase in tokens under circulation. Historically, higher circulation drives volatility in DOT price.
Brad Laurie, cryptocurrency educator and YouTuber, considers that use-case-specific parachains on the DOT network are equivalent to layer one scaling solutions.
.@Polkadot #parachains, i.e. use-case specific #blockchains such as @AcalaNetwork, @centrifuge, @MantaNetwork, @AstarNetwork, @MoonbeamNetwork, @PhalaNetwork, @hydra_dx , are equiv. to L1s like @solana, @ethereum, @NEARProtocol, @Algorand
— Brad Laurie (@Brad_Laurie) October 26, 2021
Think #metaprotocol & bridges, seriously pic.twitter.com/QC7s7uptmz
Pseudonymous cryptocurrency analyst @rektcapital has evaluated the DOT price trend and predicted that Polkadot’s native asset will likely hit a new all-time high.
$DOT / USDT - #DOT #DOTUSDT #Polkadot
— Rekt Capital (@rektcapital) October 25, 2021
DOT has rallied +44% since first shared in the newsletter
DOT has reached its final major resistance before new All Time Highs
DOT needs to turn the blue level into support to breakout to new All Time Highs#Crypto https://t.co/m453CVulp3 pic.twitter.com/jqiz8bCGCh
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