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DOT Price Is Expected to Grow as More Tokens Get Locked for Parachains Auctions

Polkadot investors expect further surge in the DOT token price as the upcoming parachain auction on the network leads to more and more tokens being locked up from circulation.

Though the current price of DOT at $51.61 is below its all-time-high of almost $55 reached on November 4, the market anicipates the announced parachain auction with hopes it will repeat Polkadot’s canary network, Kusama, success. This year, the chain that operates as Polkadot’s testing grounds, has managed to boost the price of its native KSM token from a low of $148.85 in July to its current price near $457.

According to Parachains.info, 21,260,181 DOT worth almost $1.1 million has been already locked to support the projects featured in the upcoming parachain auction on Polkadot, which is set to take place from November 11 to 18. The Acala protocol, which already has its sibling Karura present on Kusama, is a notable leader in the upcoming auction.

The parachains auction rules demand that funds must stay locked for 96 weeks. A minimum contribution to a crowdloan is 5 DOT.

Source: Parachains.info

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Polkadot’s DOT Is Very Close to the $55 ATH

Polkadot almost broke the record of $55, reaching $54.98 today. The platform’s native coin DOT hit the new all-time high, according to Coingecko, up 8.7% overnight. Currently, the coin is trading at $54.38.

Source: TradingView

The market capitalization of one of the most promising platforms has crossed $57.5 billion at the time of the all-time high.

The staggering growth of the coin and the expansion of the project occurs not only amidst the general growth of the market, but also in anticipation of Polkadot parachain auctions. The first auction, which starts on November 11, will see Acala, Clover Finance, Astar Network, Litentry, Manta, Bifrost, Efinity, and Parallel vying for the parachain lease.

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Polkadot Parachain Contenders Can Be Supported on Binance

Binance will support Polkadot’s parachain auctions by providing a voting platform for participating projects. On the exchange’s website, it will be possible to cast your vote for one of the teams that will participate in the auction, which begins as early as November 11. Binance will also be giving away $30 million in rewards for participating in the warm-up period leading up to the auction.

Acala, Clover Finance, Astar Network, Litentry, Manta, Bifrost, Efinity, and Parallel will compete in the first round for the Polkadot parachain lease. If the protocol wins, users who vote for it will also receive additional rewards from the project. Each project’s reward pool is also indicated on the exchange site.

However, do not forget that the winning protocol can lease Polkadot parachain up to two years in a row, so the voters will have to forget about their DOT for a long time. For this reason, after the auction Binance is going to introduce the BDOT feature – equivalent in value to DOT, this asset could be used for a liquid replacement for the staked DOT.

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Polkadot is on the Rise, Prepares to Set a New Record above $49

Polkadot’s native token, DOT, has skyrocketed today, closing the gap between its all-time-high and the current price at above $48.

According to CoinGecko, the DOT token has gained over 15% in price for the past 24 hours and is just 3% away from its previous ATH at $49.35 set in May 2021.

The price surge may be connected to recently announced results of the parachain auction on Kusama, Polkadot’s cousin network.

Source: TradingView

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CoinFund Raised $83M to Fund Crypto Startups


CoinFund, a blockchain investment company, has raised $83 million in a funding round led by Venrock, a California-based venture capital firm.

Recent fundraise will boost CoinFund’s capabilities to support promising crypto-focused startups by expanding the team and further developing in-house capacity.

According to Jake Brukhman, CoinFund CEO, recent fundraising round proves that institutions haven’t lost their interest for blockchain and cryptocurrency startups. He added there were several other “forward-thinking institutional allocators” who contributed to the round, but didn’t disclose their names.

CoinFund is famous for backing blockchain and cryptocurrency projects. It has supported marketplace Rarible and ClayStack, helped Solana Labs with their massive private token sale earlier this summer. CoinFund also supported Maker, Ethereum, Coinbase and Polkadot.

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Bifrost Became the Fifth Parachain on Kusama

Bifrost, a protocol designed for staking liquidity, has won the fifth auction on Polkadot’s subsidiary network Kusama to become its fifth parachain.

According to its Twitter, the project raised 142,431 KSM from over 5000 participants in a crowdfunded round, with the bidding ended at Block#8355247.

As DeFiTeller reported, the first four parachains to join Kusama were Karura, Moonriver, Shiden, and Phala Network respectively.

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Pinknode to Bridge Polkadot and Facebook-Backed Diem Blockchain

Pontem, an experimental network for Facebook’s future blockchain Diem, announced it is going to bridge it to Polkadot in collaboration with node provider Pinknode.

Pontem works as a testnet for various dApps to be tested before moving to permissioned Diem’s mainnet and can be used by third-party developers. The framework enables networks like Ethereum (ETH), Polkadot (DOT), and EOS to work with the forthcoming Diem Blockchain.

Now, with Pinknode serving as a bridge and providing Pontem with “secure, reliable, and scalable API endpoints,” developers will be able to trial their dApps on Kusama, Polkadot’s ‘canary network’. According to the announcement, Pinknode’s main purpose will be ensuring that all the Polkadot’s dApps are accessible on the future Diem blockchain.

The whitepaper of a permissioned blockchain-based payment system called Diem was proposed by Facebook at the end of 2020, after the company’s previous crypto project, Libra was rebranded. The network is currently slated for launch later in 2021.

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Bondly Suffered from an Exploit, Tells Its Users to Stop Trading


Bondly Finance, a decentralized e-commerce platform, allegedly suffered from an exploit by an unknown party on July 15, that has resulted in its native token losing more than 60% of its value.

The developer’s team has urged Bondly users to stop trading the asset. “Rest assure, we have already taken action and will be operating as usual as soon as possible,” the team promises in a tweet.

PeckShield, blockchain security and data analytics company, has noticed the huge mint of 373M BONDLY on Ethereum, assuming it may be a result of a rug pull.

Bondly was founded as a DeFi protocol on Polkadot in 2020. It claims to offer an ecosystem of decentralized products that enable anyone to execute digital payments between peers.

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Phala Network Joined Kusama as a Fourth Parachain

Phala Network, a cloud computation service for blockchain development, has become the fourth parachain on Kusama, Polkadot’s cousin network.

Phala Network is a cross-chain smart contract platform, focused on privacy computing and data confidentiality services. The project received 132,280 $KSM of crowdloan support and secured its winning spot in a fourth auction on Kusama. Kusama already announced the fifth auction “is now taking flight.”

As DeFiTeller reported, the first three parachaines to join Kusama were Karura, Moonriver and Shiden respectively.

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OpenOcean’s IDO Is Live on Polkastarter

Cryptocurrency exchange aggregator OpenOcean has launched an IDO for its future token on Polkastarter, Polkadot’s launchpad for crypto assets.

The token $OOE refers its name to OpenOcean Ecosystem. With Polkastarter Pool opening today, OOE distribution to the community will take place on July 12, along with liquidity mining on the OpenOcean BSC network, crypto aggregator promised.

OOE is the governance and utility multichain token of OpenOcean. The ERC-20 coin is minted on Ethereum with a fixed supply of 1,000,000,000 (one billion) items.

As DeFiTeller reported, OpenOcean earlier announced it has connected to Polygon Blockchain, promising 100,000 OOE of rewards for traders.