Polkadot (DOT) Rallies 30% Amid Coinbase Listing and Kusama Parachain Auctions

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Polkadot (DOT) Rallies 30% Amid Coinbase Listing and Kusama Parachain Auctions

Polkadot has experienced a significant price advance in the last couple of days on the back of major developments like the recent Coinbase Pro listing and the start of the Kusama parachain slot auctions.

Kusama Parachain Slot Auctions Commences

Polkadot’s (DOT) price went up 30 percent between June 14 and 15 on the back of some positive developments for the blockchain network. According to Polkassembly — a Polkadot and Kusama governance platform — the Kusama council earlier on Tuesday (June 15, 2021) passed Motion 310 signaling the start of parachain slot auctions.

Details of the vote on Motion 310 show that 13 out of 19 Kusama council members — more than the two-third threshold — voted to proceed with the parachain auctions. As previously reported by BTCManager, Gavin Wood, the founder of Kusama and Polkadot had previously issued a tentative schedule for the first parachain slot auctions exactly a week prior.

At the time, Wood remarked that the one-week notice was to give users ample time to unstake their KSM and DOT in preparation for placing or supporting bids on parachain slot auctions.

Following on from Wood’s tentative schedule, the current auction will proceed throughout the next seven days. The first two days will serve as the initial bidding period with a final winner emerging on June 22.

Four other auctions will take place across the next four weeks based on Wood’s schedule before an initial pause to evaluate the performance of the process. After the pause, another five-week parachain slot auction cycle will commence.

The auctions are to secure slots for parachains that will be added to the Kusama chain which functions as a canary network for the main Polkadot chain as described by Wood.

Coinbase Pro Lists Polkadot

Meanwhile, United States crypto exchange giant Coinbase has added DOT token to its list of supported crypto “coins” on Coinbase Pro. Coinbase announced the move via a blog post on its website on Monday (June 14, 2021) adding that DOT trading will begin in two days across all countries covered under Coinbase Pro apart from Singapore.

Despite the positive price action for DOT and the start of parachain auctions, Kusama is yet to experience a similar upward advance. As of the time of writing, KSM price is only up by two percent in the last 24-hour trading period.

Anthonia Isichei

A graduate of English, She stumbled on cryptocurrency while trying to proofread an article for a friend back in 2011, and since then, She has been hooked! She loves to play word games and tennis.