Polkadot, a network protocol that allows arbitrary data to be transferred across blockchains, is about to get support for parachains. According to an official announcement, the network is now "technically capable of supporting its first parachains." The network's governance council has proposed to begin parachain auctions on Nov. 11, 2021.
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If approved by Polkadot’s on-chain governance, the initial auctions will begin on Polkadot in November this year and will end in March, 2022. Each auction on Polkadot will assign a parachain slot for a total of 96 weeks, divided into 8 12-week lease periods, the announcement says.
Those who wish to participate in auctions will need unbonded DOT tokens to participate. Shortly after the announcement, Polkadot's native token DOT surged in price by almost 20% up to $43.2. As of press time, the token's market capitalization is at $42.3 billion.
Parachains are the diverse, specialized blockchains that connect to the Polkadot Relay Chain and constitute the 'multichain' aspect of Polkadot's groundbreaking multichain architecture.
Earlier this month, Wanchain, a decentralized blockchain interoperability solution that is building fully decentralized bridges connecting the world's blockchain networks, integrated its decentralized, non-custodial cross-chain infrastructure into the Polkadot ecosystem. As a result of the integration, Polkadot is now connected to the larger cross-chain decentralized finance (DeFi) space.
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