Polkadot price to rally as Astar Network wins third parachain auction
- Astar Network won the third parachain slot auction with over 27,100 contributions.
- Polkadot reveals that the first five parachain winners will launch on December 17.
- Binance US announced Polkadot's listing on its exchange platform today.
- Analysts have a bullish outlook on Polkadot price in the short-term, set price target at $50.
Polkadot's third parachain slot auction ended today, with Astar Network's win. December 17 is a key milestone for Polkadot as that is when the first five parachains launch on the platform.
Polkadot price awaits trigger, first five parachains to launch on December 17
The third parachain slot auction concluded today.
Astar Network, a multi-chain Polkadot dApp hub, formerly known as Plasm network, won the parachain slot. The protocol has received 27,100 contributions. The Polkadot native dApp hub supports Ethereum, WebAssembly, dApp staking and layer-2 solutions.
Congratulations to @AstarNetwork on winning Polkadot's third auction!
— Polkadot (@Polkadot) December 2, 2021
Astar will be onboarded at block #8179200 [Dec. 18] at the beginning of lease 6 with the other first 5 auction winners. Over 27.1K network stakeholders locked up DOT in favor!https://t.co/ZFSzeAhc4x pic.twitter.com/mABXLeRnKh
December 17 is an important date for Polkadot holders as the first five parachain slot winners launch their project on the altcoin’s platform. Proponents expect the event to have a bullish impact on Polkadot price.
Binance, the world's largest cryptocurrency exchange, listed Polkadot on its US platform.
Polkadot network has attained 'sharding' or the existence of parallel blockchains in its network to increase speed and efficiency. This has fueled the altcoin's adoption among users. Despite Polkadot's rising adoption and popularity, proponents are of the opinion that the altcoin is unlikely to displace Ethereum as the number one altcoin.
Ethereum is unlikely to lose the scaling war in the long term. Brad Laurie, a cryptocurrency educator, believes that layer-2 platforms will interconnect. Metaverse protocols like Polkadot will bind blockchains in layer-1.
Longterm, @ethereum won't lose the so-called 'scaling' race. Know why?
— Brad Laurie (@Brad_Laurie) December 1, 2021
It's not a race at all.
MANY TOP QUALITY #crypto platforms WILL interconnect. #Ethereum is a key L1.
Certain #metaprotocols WILL bind #blockchains
( $DOT, #IBC etc) & in the L1 space, $ETH will make it too
A cryptocurrency analyst on "Huefin News" has set a bullish target of $50 for Polkadot price. The analyst expects a bullish divergence in the altcoin's price, unlike the trend in the month of November 2021.
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.
