Polkadot Launches First 5 Parachains
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- More protocols are likely to become evident in Polkadot’s ecosystem.
- Technical indicators for the Polkadot Bulls remain poor.
Polkadot has released its first five parachains, paving the way for the blockchain to become an interoperable ecosystem after five years of technical development. Since November 11, Polkadot has started conducting parachain slot auctions. Crowd loans were used to fund DOT, the native token of Polkadot, and the tokens were used to bid on parachain spots by projects hoping to win a slot.
The Five Stars of Polkadot
Acala, Moonbeam, Parallel Finance, Astar, and Clover were the first five auction winners, with projects concentrating on decentralized finance, cross-chain interoperability, and other use cases. The parachain leases for each project have now been stretched until October 20, 2023. More protocols are likely to become evident in Polkadot’s ecosystem as the interest in the metaverse grows, culminating in a change from a single blockchain to linked chains.
Additional slots will be awarded in phases over the following months since there are now only five parachains functioning on Polkadot. The next round of Polkadot parachain auctions is scheduled to take place on December 23, with auction winners being announced on March 11, 2022.
Technical indicators for the Polkadot Bulls remain low, and the more significant trend has not changed. Over the previous 24 hours, it showed a minor increase of 0.7 percent in sideways trading. The open market price was $25.34 per coin at the time of writing. The coin’s first barrier was the 23.6 percent Fibonacci level. DOT has fallen below the multi-month strong support line of $26 after a series of long consolidating sessions.
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