Heterogeneous multichain blockchain network Polkadot revealed the profitable passage of a proposal to allow registration and crowd loans for builders. The network’s native token – DOT – is recording a new all-time high surpassing the $50 mark in response to the information.
Polkadot Council Approves Proposal
The Polkadot team introduced the news via the official Twitter handle on Monday (November 1, 2021). In keeping with details shared on the Polkassembly platform, a community improvement proposal that might enable developers to register parachains and search crowdloan funding for tasks efficiently passed the Polkadot Council.
The newest growth comes lower than a month after Polkadot introduced that its parachains are able to launch, with November 11, 2021, set as the date for the take-off. Moreover, the first batch of the parachain auctions will be last for five weeks, with one public sale per week. There can be a complete of 11 auctions released in two batches.
In the meantime, parachains had been already been deployed on Polkadot’s canary network, Kusama, starting in June, with Karura winning the first-ever parachain public sale on the community. Since then, ten different parachains have been auctioned on Kusama.
Cryptocurrency exchange big Binance additionally introduced that the platform would support the Polkadot Parachain Slot Auction scheduled for November. With the Kusama parachain deployments already profitable, the Polkadot blockchain community is wanting to hook up with the first-ever undertaking.
DOT Records New ATH
Whereas developers initially used KSM to secure slots for their projects on the Kusama network, the favorable vote from the Polkadot council will quickly see builders use DOT.
The value of the DOT token reacted positively to the announcement, rising 15% and printing a new ATH at $50.87, surpassing May’s previous ATH at $49.35. At the time of writing DOT is trading at $50.15, in accordance with CoinGecko.
In the meantime, the proposal must move through the last stage, which is approval from a public referendum. If the motion passes, “parachain teams will be able to register their parachain and open their crowdloan on Nov. 4, 2021.
The news marks another milestone in the DotSama ecosystem growth. Dotsama, which is a combination of the Polkadot (DOT) and Kusama (KSM), allows cross-compatibility between both networks.
Back in September, Polkadot website wallet Talisman raised $2.3 million from traders corresponding to Advanced Blockchain AG, Hypersphere Ventures, Koji Capital, together with a number of nameless Flex Dapps investors. Talisman will use the funds to launch an early model of the DotSama wallet by November 22.
Source: Cryptopotato
