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.

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Interoperability and Cross-Chain DeFi Coming to IOST after Polkadot Partnership

IOST—the high throughput enterprise-grade blockchain, and Polkadot—an interoperable protocol and one of the most valuable crypto projects, are joining hands and have completed the testing of core functions of the cross-chain bridge in Polkadot, an announcement on Mar 5 reads.

The Time for Blockchain Interoperability is Here

The quest for blockchain interoperability continues to gain traction. Accordingly, the success of the Polkadot and IOST alliance will be the beginning of yet another milestone for the Ethereum alternative, keen on bridging to different high profile and activity-dense smart contracting networks.

The cross-chain bridge comprises IOST cross-chain assets–for users to submit cross-chain asset transactions, a relay gateway–for collecting cross-chain asset transactions, verification, and SPV certificate submission Polkadot Parachain, and the Polkadot Parachain that verifies the SPV certificate and completes the transaction confirmation.

The Polkadot Parachain can communicate with other parachains–(unique but simpler forms of blockchains that Polkadot’s validators can verify) via the XCMP protocol.

Adding Value to IOST Developers and Users

Following the cross-chain bridge’s testing, developers are also at the final stage for building a cross-chain transfer bridge to the Polkadot Ecosystem.

According to the announcement, the partnership aims to promote cross-chain transfer and interoperability, which will directly add value to IOST as a network and holders who are core to the platform.

The biggest beneficiary after the secure bridge is completed will be developers. They will have access to different resources, supplementing—if need be, with what’s accessible from the IOST blockchain for a more thorough, all-rounded product.

This is because the relay chain supports cross-chain smart contract operation, reducing multi-chain development costs. At the same time, developers will enjoy multi-chain user sharing, data interconnection, and interoperability.

The core of the Cross-chain bridge is the relay chain. It allows IOST blocks to be forwarded and mapped at different blockchains.

Meanwhile, transactors can move value across chains via the relay chain. From inter-chain transfers, assets at either side of the equation would benefit from better liquidity and network users’ security.

Readying for Cross-Chain DeFi

There are increasingly more calls for blockchain interoperability, and IOST strategically positions itself for an interconnected future.

It will bode well with their objective of being a leading DeFi protocol.

In 2020, it partnered with Waves’ Gravity Protocol—an interoperable oracle and communication network, for cross-chain functionality.

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