Binance will support the upcoming parachain auction of Polkadot in November

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Binance, the world's largest cryptocurrency exchange, has continued to support the development of the ecosystem of the heterogeneous, heterogeneous multichain blockchain network Polkadot.

with an official Announcement gave the company on Friday known that it will start the Polkadot Parachain slot auction, which is scheduled to begin in November

"A separate announcement with further details will be published. Please stay up to date for the upcoming initiatives!"

What are paracets?

parachains are different layer 1 blockchains that run in parallel and send data to each other. Your presence in Polkadot will initiate a multicelet architecture of various blockchain networks in the Polkadot ecosystem.

The protocol should enable several other Layer 1 blockchains such as Bitcoin and Ethereum to connect seamlessly to its ecosystem so that they can work together as part of a larger one.

In addition, polkadot parachains can seamlessly share with other blockchain networks and open up many options in the crypto room.

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

In the past five years, the Polkadot team has experimented with its parachain technology and all tests have been on its. Performed Canarian network, kusama .

At the beginning of June, Polkadot successfully used Paracacha's first batch on Kusama. Since then, Kusama Number of activities in the network is increased.

Polkadots Parachain auctions begin on November 11th

The success of Paracachas used on Kusama is a decisive factor in how ready Polkadot is to officially launch its paracitries.

At the moment the Polkadot Parachain code is finally finished and the auctions are to begin on November 11, 2021.

The first batch of the parachain auctions lasts five weeks, with an auction takes place every week. In addition, a parachain slot is selected for a total of 96 weeks at each auction.

dot experience massive increase

according to the Announcement from the proposed dates for the Parachain slot auction On Wednesday, Polkadots of Native Token, $ dot, on the same day by more than 19% to a high of $ 43.6. Since then, however, the asset has easily withdrawn and is currently around $ 40.

.