Coin Bureau: Polkadot Parachain Slot Auctions Could Take DOT To New ATH
According to Guy, the host of Coin Bureau, Polkadot blockchain parachain slot auctions could send its native token DOT on a surge to new all-time highs.
Coin Bureau’s Guy shares with his 1.42 million subscribers on YouTube that Polkadot could be ready to move to new heights following the launch of the blockchain’s parachain slot auctions.
“Now the silver lining here is that DOT has held up quite well in recent dips compared with other major cryptocurrencies.
And there’s also one major milestone that could easily take DOT to new all-time highs, and that is Polkadot’s own parachain slot auctions.”
Parachains are custom, project-specific, layer-1 blockchains that are integrated within the Polkadot (DOT) and Kusama (KSM) networks. Parachains can be customized for any number of use cases and feed into the main blockchain, called the Relay Chain, considered to be the heart of the Polkadot and Kusama networks.
The auctions determine, which blockchains integrate into Polkadot’s relay chain to access the network’s interoperability features. Investors supporting a particular blockchain will have to bid their DOT tokens to have a shot at securing a parachain slot.
According to Guy, parachains were originally supposed to launch by the end of 3rd quarter this year, but have been delayed due to an incomplete audit on DOT’s parachain code.
The delay in the parachain audit may have slowed down the price action on DOT in recent months, but investors can expect more bullish momentum, as the crypto market has resumed its uptrend, says Guy.
“This ultimately boils down to the repeated delays of its parachain slot auctions which should’ve begun months ago. From where I’m standing, Polkadot has already satisfied the prerequisites for this to happen, and I personally find it hard to believe that they’re being held back by an audit. I think it’s much more likely that Polkadot’s developers are just waiting for the right moment to make the announcement.
Between May and August, the crypto market wasn’t looking all that hot. Running parachain slot auctions during that time would not have been wise as DOT’s hype card would be used up for pathetic percentage gains. In September, the Chinese government cracked down on crypto. Running parachain auctions during that time would have been borderline insulting to all the Chinese investors who’ve been waiting for them.
Now, we’re in October. The crypto market is up, Gavin is back on Twitter, and although Bitcoin is in the spotlight at the moment, as I mentioned in the introduction, that rotation into altcoins is coming. When that happens, it will be the perfect time for Polkadot’s parachain slot auctions, and I won’t be surprised in the slightest if that’s when the first round begins.”
