Polkadot celebrates the starting shot for the parachains. These are independent blockchains that dock onto the so-called relay chain via a slot. While the relay chain is responsible for the security of the network and the transactions, Parachains can devote themselves to specific tasks.
Because the number of available places for such a slot is limited to a total of 100, the first slots are auctioned. The auction model was designed in stages. Companies can bid on 6 slots in each auction round. The next round starts next week and ends in March.
The winners of the auctions can use their slot for 96 weeks. The first projects whose parachains have now started include Acala, Moonbeam, Parallel Finance and Astar.
DOT is on the ropes
Although the go-ahead is an extremely bullish event from a fundamental perspective, the market barely reacted to the announcement and did not reward it. The overall situation is still too much determined by the uncertainty that Bitcoin has produced, with BTC falling below $ 50,000 and even testing the high of the summer range at around $ 42,000.
Even the DOT course cannot avoid this and so Polkadot is currently pretty much stuck on a support level. A sell-off could have bitter consequences, because the next support for the course is at $ 20, then at $ 16 and finally at $ 10.
It wouldn't be surprising if an eruption - regardless of the direction - was quick and violent. A comparatively low volume is currently being traded, which suggests that many investors are waiting to see what happens in the coming weeks.
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