The parachain auctions will begin in November and conclude in December.
Polkadot has proposed to schedule the debut of parachain auctions for November 11.
Parachains are unique layer-1 blockchain platforms that operate and run parallel alongside the main Polkadot chain also known as the relay chain.
Parachains are already running successfully on Polkadot’s live “canary” network, Kusama, with 11 parachain slot auctions already completed since the launch of Statemine on June 3.
Projects who wish to build on Polkadot’s network need their own parachain slots. These slots are obtained by bidding for the respective slots during the parachain auction.
The Polkassembly, the governance council, approved motion #118 to have the parachain auctions for November.
The motion is right now going through a public referendum.
If it is passed, it will realize the vision of Ethereum and Polkadot co-founder Gavin Wood of having interoperable blockchains.
Readiness and Maturity of Parachains
Polkadot co-founder Robert Habermeier explained an important point that “being ready for an initial production release does not necessarily mean the code is fully mature. Readiness means parachain code is feature complete, has been unit and integration tested, audited, and deployed and demonstrated on Kusama and Rococo, but may still contain uncaught bugs.”
That’s why it has been recommended that the total number of parachains onboarded to Polkadot should not exceed 75% of the number running on Kusama at any given time.
Moreover, if any unexpected issues arise, Polkadot may need to pause auctions until those issues are resolved.
The auctions will take place in two batches.
During the first batch, beginning on November 11, auctions will be held at a rate of one auction per week for five consecutive weeks until the final auction slated for December 9.
The second batch will begin from December 23 with 6 auctions to take place with 1 new auction every two weeks.
The bidding period for every auction will last for two days, followed by a five-day ending period.
Contrary to Kusama’s immediate onboarding of projects, Polkadot auctions will be held in transit for a period of one month. The first batch of 5 parachains will begin onboarding on December 17, and the second batch will begin onboarding on March 11, 2022.
Each auction on Polkadot will assign a parachain slot for a total of 96 weeks as opposed to Kusama’s 48 weeks.
This news might have triggered the bullish run for DOT. At the time of writing, DOT was trading at 40 USDT, witnessing over a 20% increase in the past 24 hours.
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