Polkadot (DOT) appears to be getting closer to launching the long-awaited parachains and expanding the Polkadot ecosystem. Polkadot founders Gavin Wood and Robert Habermeier announced on Wednesday, October 13, that the blockchain is now capable of supporting its first parachains, after five years of development.
The news was enough to cause a significant increase in DOT prices. Polkadot (DOT) is up 20% as of press time and is currently trading at $42.08 with a market cap of $40.9 billion.
Polkadot parachains are specialized blocks that connect to the Polkadot Relay Chain, resulting in a’multichain’ architecture. Parachains are the final component of the Polkadot architecture’s core technology.
Polkadot founders announced on Wednesday at the Sub0 conference that they have overcome technical barriers to launch parachains on Polkadot. According to the official announcement:
They stated that the code for parachains, auctions, and crowdloans is now ready for Polkadot’s initial production release. Polkadot’s full code audit, which is now complete, and the finalization of parachain disputes, which can now proceed, were the final technical steps required to complete before launching parachains on Polkadot.
Starting Next Month, Polkadot Parachain Auctions
The Polkadot council will begin auctioning off Polkadot parachains on November 11, 2021. A formal vote by the Council and the community, however, will take the form of a public referendum.
Eleven different auctions will take place over the course of four months, from March 2022 to March 2023. To participate in parachain crowdloans, users will need unbonded DOT tokens.
Polkadot notes that its parachains, such as Kusama, have already been running successfully on Polkadot’s ‘canary network.’ The Kusama network currently has 12 active parachains. These parachain teams have also performed multiple forkless network upgrades while processing millions of transactions.
The Polkadot ecosystem will finally get one of its long-awaited updates.