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Polkadot and Parachain Auctions - this is how the price of DOT could react



Polkadot started today with 5 parachains that have gone live and the auctions are continuing.

It has been a long way to merge different blockchains with the Polkadot network. This weekend it was a success with no less than 5 projects.

The five Parachains that went live this weekend are Acala, Astar, Clover, Moonbeam and Parallel Finance. These were selected after successful Parachain auctions. In total, the five projects raised nearly DOT 99 million worth approximately $ 2.4 billion during the auction period. The winning projects borrow their parachain slots, so to speak, which are valid for 96 weeks.

The award-winning projects focus on a range of use cases, including decentralized finance and credit operations. The idea behind parachains is that each individual network can support different usage profiles, all of which are connected to the Polkadot relay chain.

"The introduction of Parachains on Polkadot marks the culmination of the original vision outlined in the 2016 Polkadot whitepaper," the Polkadot team said in a statement. “The Polkadot Paper outlined the core functions of Polkadot and outlined the sharded multichain design of the network. The parachains are the last part of the core functionality that was outlined in the paper to be fully implemented. How Polkadot evolves from here will depend on the community of DOT owners who will approve all future upgrades through the network's on-chain governance system.

How could this affect the price of DOT?

The Parachain auctions are organized as follows: Anyone who believes in a project can support it and assign their DOT to this project as a so-called crowd loan. This means that these DOTs are bound for a very long time, more precisely 96 weeks, if the project prevails in the auctions. There will be a total of 100 different parachains, for which the auctions will take place one by one.

In the first 5 auctions, 99 million DOT have already been committed, which means that the freely available DOT are becoming less and less. If the demand remains the same, this results in an ever-higher price.

What else is in the pipeline?

As John Dantoni of The Block Research noted in a recent ecosystem map, there are more than 200 projects that focus on polkadot in 19 areas.

A number of additional Parachain auctions are currently live, which in the long term could boost the price of Polkadot positively. We are curious how the Polkadot project will develop in the future and are very bullish for the future.

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