Polkadot announces the launch of parachains - DOT share price rises +25

Polkadot will soon launch its parachains…

Polkadot announced it yesterday, the parachains are ready to be launched on the network. As a reminder, these interconnected blockchains represent the heart of the Polkadot project. They allow of course a better interoperability, and promote faster transactions. For the community, this was a major goal:

“[Parachains] represent the centerpiece of the core technology presented in Polkadot’s whitepaper, and their arrival marks the final step in Polkadot’s multi-phase launch process., which began on May 26, 2020 with the Polkadot Relay Chain.

In order to use and create these parachains, projects must submit to auctions – they use DOT for this, which theoretically increases the demand for the cryptocurrency. The first auctions are expected to take place on November 11, if the date is approved by the Polkadot governance process.

What is certain is that this is a crucial step for the project, which relies on this technology to differentiate itself from its long-toothed competitors. Once the parachutes are launched, Polkadot’s value proposition can really be tested in real-life conditions.

More on Polkadot’s parachutes

…and the DOT share price jumps

This new step seems to have already had an effect on Polkadot’s cryptocurrency. In the space of 6 hours, the DOT price has thus jumped +25%, exceeding $43. It had not reached this threshold since last May, when it broke its all-time high at over $49.

Cours DOT Polkadot

Source: TradingView, DOT/USDT

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Over one year, the DOT’s rise is particularly noteworthy: its share price is up 878%. Its capitalization now exceeds $42.9 billion. This places it as the 8th most capitalized cryptocurrency of the moment.

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About the author : Marine Debelloir

Polkadot announces the launch of parachains - DOT share price rises +25

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Associate Editor on Cryptoast, I fell into the crypto-currency pot a few years ago. I’m passionate about the innovative technologies that stem from blockchain and I love to dig up the most juicy news to share with you.
All articles by Marine Debelloir.