Polkadot (DOT) Records Double-Digital Price Spike Ahead of Upcoming Parachain Launch

Polkadot (DOT) Records Double-Digital Price Spike Ahead of Upcoming Parachain Launch

Polkadot, a sharded blockchain protocol co-founded by British computer scientist Gavin Wood, has announced that its much-awaited parachain auctions will commence in November.The tentative date for the first auction is Nov. 11 after the Polkadot Council voted in favor of Motion 118, inching closer to a May 15 all-time high of $49.35. The proposal for parachain auctions has now gone to a public referendum that is going to last for six more days. The price of Polkadot (DOT) has spiked by more than 12 percent on the announcement. According to co-founder Robert Habermeier, Polkadot’s code has been fully audited, which was the final step before kicking off the rollout of parachains. The term “parachain,” which is a portmanteau of “parallelizable” and “blockchain,” denotes sovereign layer-1 networks that are connected to the relay chain. Parachains will potentially allow ensuring interoperability between hundreds of separate blockchains with different purposes.

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