On November 1, Polkadot's price has observed a 20% rally since Parachain registration and crowdloans have passed Polkadot's council and gone to a public referendum.
The announcement came as a tweet on November 1 from the official handle of Polkadot. It read, "The motion to enable parachain registration and crowdloans has passed Polkadot's council and gone to a public referendum." It furthermore added that "If passed, parachain teams will be able to register their parachain and open their crowdloan on November 4, 2021, at approx. 19:15 Central European Time."
According to the coin market, Polkadot has been up 17.59% in the last 24 hours. The price skyrocketed and peaked at an all-time high of $53.25 before the coming vote. This vote, if won, will allow DOT developers to register their projects on the parachain and seek needed funding from within the community.
A parachain is an individual blockchain on the Polkadot ecosystem.
Polkadot combines a network of various blockchains called parachains and parathreads. These are connected to and secured by the Polkadot Relay Chain and external networks via bridges.
Parachain's auctions allow Polkadot developers to register their projects on a parachain and get crowdloan funding for their projects. It is primarily how developers would secure their slot to build their use case within the Polkadot network.
The first auction rollout plan is set paced in 5 weeks, with one auction held each week. The second group of 6 auctions will begin on March 9, 2022, with one new auction every 2 weeks. The concluding stage for the proposal would require approval from a public referendum. If a green light is given with dominant aye votes, parachain teams would be able to register their parachains and open a crowdloan on November 4.
Polkadot is a multi-chain application environment, a network protocol that facilitates the cross-chain transfer of any data or asset types, not just tokens, thereby making a wide range of blockchains operable with each other. Sametime can also transfer this data beyond public, open, and private permissioned blockchains.
Polakdot (DOT) has been one of the top-performing altcoins this year in 2021. As the DOT price hits a new all-time high, analysts are expecting a further shoot to $100 and above by the end of this year.