Binance support for Polkadot parachain auctions could send DOT to new all-time high
- Polkadot development activity has increased consistently.
- Parachain launch finalized, largest cryptocurrency exchange Binance announces support for DOT auctions.
- DOT price has posted over 16% gains since the announcement of the Parachain launch.
At the Sub0 Conference representatives of Parity Technologies, DOT founders Gavin Wood and Robert Habermeier, confirmed that Polkadot is now ready to implement parachains, auctions and crowd loans on its blockchain network.
Parachain launch confirmed, and DOT price prepares to climb higher
Polkadot’s leadership team has laid out a schedule for Parachain actions, starting November 11. The project that was started five years ago is now nearing completion. The unique layer-1 blockchain solution tethered to the relay chain is set to boost the capabilities of decentralized applications.
Five Polkadot Parachain auctions are expected to launch every week until the final auction on December 9. Binance, the largest cryptocurrency exchange, has announced its support for Polkadot Parachain slot auctions.
Kusama, a testnet platform for Polkadot blockchain, has successfully implemented 11 Parachain auctions, preparing the blockchain network for the upcoming launches.
Peter Mauric, head of public affairs at Parity Technologies, was quoted,
While there were a few bits of expected chaos along the way, the experience over the past few months deploying parachains on Kusama have given us confidence that they are ready for prime time on Polkadot.
Parachains are the core of the developments in the Polkadot ecosystem: scalability, customization and the decentralized infrastructure of the blockchain rely on them.
Since the announcement of the launch, DOT price has posted over 16% gains.
Cryptocurrency analyst @rektcapital expects DOT price to continue its uptrend
$DOT / USDT - #DOT #DOTUSDT #Polkadot
— Rekt Capital (@rektcapital) October 14, 2021
DOT has broken out from its red-red range
Now DOT is going to try to turn the red Range High into support in an effort confirm trend continuation#Crypto https://t.co/yJQfUVx8N7 pic.twitter.com/8jBnkKHeuu
Pseudonymous cryptocurrency trader @DonnieBigBags commented on Polkadot’s ecosystem development and years in the making of Parachains. He tweeted:
$ETH was built in a weekend by @gavofyork @Polkadot took 4 years and 70+ people.
— Donnie (@DonnieBigBags) October 13, 2021
It is the ONLY functioning layer 0 metaprotocol in this space. $KSM has proven it works.
Get ready for billions of dollars of drama. Ecosystem rivalry, parachain rivalry. $DOT season is here. pic.twitter.com/QUw8g9hHd5
Analysts are bullish on DOT prices based on the latest announcements and developments in the Polkadot blockchain network. FXStreet analysts have evaluated the DOT price trend and predicted that the altcoin is primed to hit higher highs if it remains above $40.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
