Home CryptoCurrency News Polkadot Parachain Auctions will Commence on Thursday, Nov.11, 2021

Polkadot Parachain Auctions will Commence on Thursday, Nov.11, 2021

The Polkadot ecosystem is all set to begin its new era as the Polkadot parachain auctions are going to start from tomorrow, Thursday, November 11.

As Crypto Economy reported, the Polkadot team announced the schedule in the previous month of October. According to motion 118 passed by the Polkadot Council in October, the auctions for the first batch of five parachains will begin on Thursday, November 11.

To get things started, on November 5, a public referendum 41 was passed to deploy the Shell parachain on Polkadot, which is now producing blocks on the blockchain. The Shell is only a limited-capability parachain and only accepts messages from the Realy Chain to upgrade itself. On that same day, Polkadot’s No.42 referendum was voted and the Parachain Slot Auction Crowdloan module was launched.

The participating teams have opened their crowdloans for users to participate in these auctions. According to a blog post, 9 teams will fight in the first auction to become the first real-world parachain on Polkadot.

These 9 teams include the DeFi hub of Polkadot Acala, Shiden Network’s Polkadot chain Astar Network, Moonbeam, Decentralized Identity Aggregation protocol Litentry, Manta Network, Darwinia Network, Crust Network, Parallel Finance, and SubDAO.

Almost all these have opened their crowdloan platforms. Acala has recently announced that over 55,000 community members have already contributed more than 10 million $DOT towards Acala’s bid in the first Polkadot parachain slot auction. Parallel Finance has also announced that after 72 hours of its crowdloan launch, 20K contributors have contributed $100 million.

On November 11, the first auction for the first batch of five parachain will begin with 1 new auction each week. The second batch will have 6 auctions with 1 new auction every two weeks.

The winning parachain will be not connected to Realy Chain immediately that was the case for the first 11 parachain auctions for Kusama. Instead, winning parachains of each batch will be onboarded at once at the start of a leasing period.

Auctions for the first batch of 5 parachains will end on December 16th and winners will be onboarded on December 17th, at the start of lease period 6 which will of 96 weeks from December 17th, 2021 to October 20th, 2023.

Meanwhile, parachain auctions for Polkadot’s canary network Kusama are in full swing. On Monday, November 8, Kusama concluded its 13th parachain auction and the Metaverse portal of Polkadot and Kusama Bit.Country is now the 14th parachain on Kusama.

Atiq Ur Rehman
Electronics Engineer with a passion to write about Disrupting Technologies like Blockchain. He joined Crypto-Economy in July 2019.
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