DOT has reached new all-time high with Polkadot parachain auctions imminent

DOT, the native cryptocurrency of the Polkadot blockchain network, crossed the US$50 mark for the first time on Nov. 1 and reached a new all-time high (ATH) of US$50.87, surpassing its previous peak of US$48.73 in May, according to CoinGecko data. DOT, currently the 8th-largest cryptocurrency by market value, was trading at US$48.69 as of publishing time.

  • DOT’s new ATH comes with Polkadot’s long-awaited parachain auctions expected to take place this month. A motion for parachain teams to register their parachains and open their crowd loan on Nov. 4 has gone to a public vote after being passed by the Polkadot Council, according to a Polkadot tweet.
  • Polkadot is a blockchain protocol that connects multiple specialized blockchains into a multi-chain network in which individual blockchains — or parachains — connect to and are secured by the Polkadot relay chain. Slot auctions are being used to select the parachains to be added to Polkadot due to the limited number of parachains that can be supported on the main relay chain.

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