Polkadot Sees Monumental Price Rally As Parachain Proposal Enters Final Approval Stage

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Why You Should Keep An Eye On Polkadot (DOT)
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Key Takeaways 

  • Polkadot announces significant progress made as Parachain proposal reaches final stage.
  • DOT surges by 15% following the announcement.
  • Polkadot poised to close the year with a clean finish.

Polkadot is savoring a price surge following the announcement of the network’s parachain proposal upgrade being set to launch. The upgrade is expected to integrate parachain auction crowd loan funding for network developers, and at present, it looks ready to go live.

Polkadot (DOT) has since attained a 15% price spike, courtesy of the new development. Essentially, the upgrade would see Polkadot’s network runtime hit v9122. The upgrade, having passed through the first few stages, is now the last stage in the Polkadot community, as holders of DOT vote to decide the next step.

The motion to enable parachain registration and crowdloans has passed Polkadot’s council and gone to a public referendum. If passed, parachain teams will be able to register their parachain and open their crowdloan on Nov. 4, 2021 at approx. 19:15 CET.”

The upgrade could also come with some significant perks for DOT developers who will not only be able to register on the parachain network, but also be able to request crowd loan funding for any of their projects, starting from the 4th of November.

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The new development comes not long after Polkadot launched a $770 million (18.9 million DOT) development fund for the parachain auction. Gavin Woods, the founder of Polkadot, suggested that the fund be used to build, improve and educate the Polkadot ecosystem, as well as cater to every other thing that the network deems valuable.

Seeing as DOT bulls are elevating the price of the asset presently, a final passing could very well send the price even higher. DOT, which is green at press time, has had a remarkable run this year. Starting 2021 with a price of $9.29, Polkadot was one of the few Altcoins that received mixed sentiments from investors and key players. But in the same month, DOT doubled its opening price and has since maintained that momentum.

Although the May/July bloodbath hit DOT bulls hard enough to send it falling down to as low as $10, after hitting a $49 price high in May. September kick-started its recovery back up, and throughout October, DOT bulls continued to soar. Having broken its previous high to reach its current level, there’s no telling how high prices could go from here.