Polkadot has been one of the top 10 cryptos globally. The protocol backs itself with robust underlying developments. Which have been of focal importance, in the growth of the network. Parachains have come a long way alongside the Polkadot ecosystem. The parachains hold deep roots in the global recognition of Polkadot and its canary network Kusama.
Consecutively, the parachain auctions on Polkadot are live since the previous day. The much-anticipated crowd loans are the talk of the town. Meanwhile, DOT price remains sluggish, despite the commencement of parachain auctions. Yet some expect the asset to gain bullish momentum soon and rally hard towards a 3-digit figure target.
Is the Parachains Warming up Prior to a Sprint?
The much-looked-for parachain auctions are now live since the previous day, with the first 10 auctions. Traders are keen on investing in crowd loans, which have given fortunes during the Kusama auctions. Several projects have been bagging enormous funding. De-Fi network Acala on Polkadot has raked in over $600 million for its parachain slot suction.
Consecutively, according to some sources the new liquid crowd loan, Acala has accumulated $489 million in TVL to date, ahead of the launch on Polkadot. The De-Fi project is said to be at the second position at 15.6 million DOT. While the Moonbeam Network bid is at 17.41 million DOT. There are eight crowd loan events, which are Acala, Moonbeam, Parallel finance, Astar, Mantan Network, Clover finance, literary, and SubDAO.
Parallel finance has passed $300 million in TVL across all Polkadot projects, 5-days since the Polkadot launch. Banking application Current collaborates with Acala, the alliance aims at establishing new hybrid finance. That will combine both traditional and decentralized financial applications. Binance has added their Polkadot contributions to the crowd loans. In addition, more than 4% of DOT supply is already bid and will be locked up for the first round of parachain auctions.
DOT Price Gearing Up For A Leg-up Towards $100?
The polkadot price at press time is trading at $46.23 with negative gains of 6.5%. While the market cap is around $48,578,314,766. The trade volumes for a day and a night is at about $1,565,548,801. The coin falls short of its ATH of $54.98, which has been over a week. Netizens seem to be let down over the sluggish pace of DOT, and fear over buying the rumour sell the news like an event.
On the contrary, the crypto proponent believes the first two days of the auctions to be a warm-up. And the remaining five days to be crucial for the network. He also mentions that the Polkadot network randomly selects a point in time during the last five days. Where the highest bidder at the moment, wins the auction. In addition, an analyst pens hit price targets for DOT at $100 for the next year. Which looks like a possible target for the digital asset.