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 architectureholds voting over the first Parachain auction.
5 years after the vision of a heterogeneous multichain framework was first outlined in the Polkadot Whitepaper, parachains are now ready to launch on Polkadot. Motion 118, to schedule the first auctions, has passed council & now gone to public referendum.https://t.co/8pt3aT4vO3— Polkadot (@Polkadot) October 13, 2021
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.