Binance will support Polkadot’s upcoming parachain auction in November

Binance will support Polkadot’s upcoming parachain auction in November

Binance, the world's largest cryptocurrency exchange, has continued to express its support for the development of the ecosystem of the heterogeneous, multi-chain blockchain network Polkadot.

With an official notice On Friday, the company announced that it would launch the Polkadot Parachain Slot Auction, which is scheduled to begin in November.

"A separate announcement will be released with further details. Please stay tuned for upcoming initiatives!" the exchange said.

What are parachains?

Parachains are different Layer 1 blockchains that run in parallel and can send data to each other. Their presence in Polkadot will usher in a multichain architecture of various blockchain networks in the Polkadot ecosystem.

The protocol aims to enable several other Layer 1 blockchains such as Bitcoin and Ethereum to seamlessly connect to its ecosystem, allowing them all to work together as part of a larger one.

Additionally, Polkadot parachains can seamlessly share data with other blockchain networks, unlocking many opportunities in the crypto space.

The integration of these parachains will promote much more interoperability between different DLT networks in the coming years.

For the past five years, the Polkadot team has been experimenting with its parachain technology and all testing was carried out on its . carried out Canary Network, Kusama.

In early June, Polkadot successfully deployed the first batch of parachains on Kusama. Since then, Kusama around 11 parachain slots auctioned, increasing the number of activities on the network.

Polkadot’s parachain auctions begin on November 11th

The success of the parachains deployed on Kusama is a crucial factor in how ready Polkadot is to officially launch its parachains.

Currently, the Polkadot parachain code is finally ready and the auctions are scheduled to begin on November 11, 2021.

The first batch of parachain auctions will last for five weeks, with one auction taking place every week. Additionally, one parachain slot will be selected at each auction for a total of 96 weeks.

DOT experience massive increase

After notice From Wednesday's proposed parachain slot auction dates, Polkadot's native token, $DOT, rose more than 19% to a high of $43.6 on the same day. However, the asset has since retraced slightly and is currently around $40.

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