November 11 is going to be a busy day for fans of the Polkadot (CCC:DOT-USD) crypto as with the launch of parachain auctions.
Parachain auctions will open up slots that allow for development on the network. That’s an important milestone for the network as it will allow for an interconnected blockchain framework.
Robert Habermeier, the founder of Polkadot crypto, has been working toward this goal since the launch of the crypto’s whitepaper almost five years ago. The process can now begin thanks to the completion of a Polkadot code audit and the finalization of parachain disputes.
The Polkadot parachain auctions will last for seven days. Bidding can end at any point during the final part to prevent auction sniping. The first round of auctions will include five slots for users to bid on. Once the auctions are complete, those five projects will become part of the network on Dec. 15, 2021.
It’s worth noting that the auctions won’t take place all at once. Instead, it will be one a week leading up to the Dec. 15 launch. Once that’s complete, the second set of five auctions is set to kick off two weeks after the first comes to a close, reports CoinDesk.
Polkadot crypto tokens are performing well today following news that parachain auctions are about to begin. As a result, the price of DOT is up 16.8% over a 24-hour period as of Thursday morning.
Crypto traders looking for more hot news in the space will want to keep reading!
We’ve got all the latest crypto news that traders need to know about today. That includes VeChain (CCC:VET-USD) price predictions, a warning for Shiba Inu (CCC:SHIB-USD) investors, as well as what big banks have to say about Bitcoin (CCC:BTC-USD). You can get all of these details from the links below!
More Crypto News for Thursday
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.