Members of the Blockchain governing council approved the network's parachain auctions.
The DOT price rose 25% after the announcement, just a few dollars below its all-time high.
Following unanimous approval by members of the Polkadot network's on-chain governance council, the Blockchain development company now anticipates the debut of parachain auctions. The launch marks a significant achievement as it turns out to be the final core technical element of your whitepaper.
Polkadot reaches an important milestone since its inception
The proposal for the first parachain auctions in Polkadot was approved by its community, as the network meets its goal of multichain interoperability. The layer-1 project aims to allow Blockchain networks to be interoperable with each other and achieved its goal when members voted to approve the proposal to launch their first parachain auctions.
Parachains are Blockchains that run along the mainnet, which are also tied to the Polkadot chain.
The protocol, co-founded by Gavin Wood, has been long awaited and the parachain auctions will begin in November. The first auction is expected to take place on November 11 after the Polkadot Council voted in favor.
Parachain auctions will continue at a rate of one per week for five consecutive weeks until the final auction set on December 9. The Polkadot auctions will take place in transit for one month, while the initial bidding period will last two days.
Due to the fact that the Blockchain development services values quality over quantity, there will be 75% project capacity compared to what is observed in Polkadot's sister network, Kusama.
Kusama acts as a test environment for Polkadot, who held his first batch of parachain auctions in June and July.
Since the announcement, the price of Polkadot has risen more than 25% creating a new high at $ 43.24.
Polkadot Price Will Retest Support Before Resuming Ascent
Polkadot's price witnessed a tremendous upward movement following the announcement of the launch of its parachain auctions. DOT was aiming to challenge its all-time high at $ 49.35, but fell short at $ 43.23.
The Ethereum killer may seek a key support point before resuming its rally, with its support near the upper bound of the ascending parallel channel at $ 39.84. If the Polkadot price manages to secure this level as support, DOT may have a greater chance of hitting the bullish target of the prevailing chart pattern at $ 49.53.
DOT / USD 4-hour chart
If DOT experiences increased selling pressure, the token may find support at the September 14 high at $ 38.77. A next line of defense may emerge at the September 16 high at $ 37.33 before the Polkadot price falls further towards the 78.2% Fibonacci retracement at $ 35.85.
Polkadot's vision for the future
Polkadot appears poised to continue his mission to develop a trustless Blockchain network to verify data and value transfers in his quest for a decentralized internet.
Earlier this month, the network launched "bridges" to connect external networks to its ecosystem. Bridges seek to ensure a fast and secure transfer of values and data through an interoperable rule.
For starters, the Web3 Foundation sponsors some software building solutions that use bridges. These include the Interlay bridge connecting Bitcoin and the Snowfork Ethereum bridge.
