The native token of the Polkadot blockchain has hit ATH amid the approaching parachain auctions.

, or side chain, online The close to the auction day is the driving force to an ATH of more than $50 on Nov. 2.

Like the "canary web" , need to organize crowdfunding (raising capital from the public) and auction for projects to get slots (i.e. auction to win the slot connected to the slot ).

November 1, tweeted that the board approved the launch of parachain registration and and is going to the community survey step.

“If the survey is passed, project teams can register their parachain and community around November 4, 2021 at 19:15 European time (1:15 a.m. November 5 Vietnam time). ”

On October 13, Polkadot announced they were ready to start the parachain auction. The first auction is scheduled to take place on November 11.

Parachain candidates are ready

Procedure crowdloan allow projects to raise funds with tokens when participating in the parachain auction. The auction will operate on a candlestick pattern and the winner is the highest bidder at the time the candle goes out.

Backers on a project need to lock their tokens into that project's account for a certain period of time. The reward for this is usually an airdrop from the projects in the auction.

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Several projects are competing for this spot parachain as compatible platform allows developers to switch from to Polkadot with minimal fuss.

Winning projects in 12 auctions parachain is also likely to continue to be a candidate. According to parachains.info, a total of more than 100 projects participated while only 12 won the auction. .

On October 19, Kusama approved 48 parachain auctions for the next year. As a result, the sister network to Polkadot will continue to experiment and grow.

DOT overthrows XRP

DOT reached an ATH at $50.87 on the morning of November 2nd, increasing by 55% over the past month and quickly surpassing the market capitalization of DOT. was 52 billion USD, taking 7th place. Although the price fell to about $49.84, it still managed to maintain an impressive intraday gain of 17%.

DOT surpasses XRP after reaching ATH
Price DOT/ 24h. The source: CoinGecko

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