The native asset of the Polkadot cross-chain protocol, DOT, hit a new all-time high of $51.47 on November 1. In the past 24 hours, the cryptocurrency went up by almost 12.64%.
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DOT's surge happened after the team was informed that the parachain (parallel chain) listing and crowdloan proposal had been approved by Polkadot's council. Now it's up for a vote from the public referendum.
The motion to enable parachain registration and crowdloans has passed Polkadot's council and gone to a public referendum. If passed, parachain teams will be able to register their parachain and open their crowdloan on Nov. 4, 2021 at approx. 19:15 CET. https://t.co/5ouDWBmnvc
— Polkadot (@Polkadot) November 1, 2021
As the progress shows, participants are positive about the changes, meaning that parachain teams will be allowed to start crowd loan on Nov. 4. After that, project supporters can lock Kusama (KSM) and DOT tokens and receive rewards.
At the moment, there are 153 projects on Polkadot and Kusama chains comparison table Parachains.info waiting to link to the parachain slot.Kusama was founded in 2016 by the Polkadot team. It delivers a pre-production space for Polkadot, where early code releases take place.
The number of parallel chains that the protocol supports is limited. It’s estimated to be around 100 for now.
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Currently, DOT is the 8th largest asset with a market cap standing above $47.5 bln.