Polkadot and Kusama Rise Before the Release of Parachains

by in Cryptocurrency News

Polkadot Kusama parachains

Blockchain platform Polkadot stated that parachains are ready to go live. Parachains are blocks that connect with Polkadot's central chain called Relay Chain. They are meant to expand the blockchain's environment, building scalable multi-chain architecture

Related: Polkadot will start selling parachain slots on Kusama

Currently, Polkassemmbly holds voting over the first Parachain auction.

Parachains performance on Polkadot's pre-production environment Kusama, as well as audits, show that the chains are ready to launch, the proposal states.

If approved by the Council and the community, Polkadot parachain auctioning will start on November 11, 2021.

Before the stot auction, there is a phase called crowdloan, where project supporters can lock KSM and DOT tokens to the parachain for some period of time and receive rewards. Usually, rewards are in the form of a native token from the project. Project supporters will need DOT to take part in the crowdloan.

Along with the news, the price of Polkadot's native token DOT has been increasing. In the last 7 days, it gained nearly 30%. At the moment, the token trades at around $40.9 ranking 8th with over a $40.4billion market cap.

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The coin is pretty close to its all-time high of $49.69 reached on May 15, 2021. Kusama’s price has also grown. In the last 24 hours, it went up by around 17%, reaching $367.