Binance Grants Support to Polkadot’s Parachain Auction Upcoming in November

Binance Grants Support to Polkadot's Parachain Auction Upcoming in November
  • The first auction is on November 11 and the last on November 18.
  • 11 Parachain auctions, successfully established on Kusama.

Binance declared its support for the Polkadot Parachain Slot Auction in November 2021 in the News section of its blog. Participants will be notified closer to the auction. Polkadot is ready for the parachain deployment, according to the project’s co-founder.

Parachains are used to achieve complete interoperability across multiple Layer 1 networks. To join the network, each chain must gather the required amount of votes through auctions. Previously, the Kusama network conducted several auctions in June and July to test the procedure.

The first auction is on November 11 and the last on November 18. Users may bid until November 18. The first winning parachain will arrive on Dec. Actions against Parachain will begin on November 11, according to Polkadot. The five-year-old project, almost completed. The relay chain’s unique layer-1 blockchain technology will enhance decentralized apps’ capabilities.

The Exchange said:

“A separate announcement will be posted with more details. Please stay tuned for the upcoming initiatives!”

Every week until December 9, five Polkadot Parachain auctions, anticipated. Furthermore, binance now supports Polkadot Parachain slot auctions.

Parachains Auctions on Kusama in the Past

11 Parachain auctions, successfully established on Kusama, a Polkadot testnet platform. Moreover, scalability, personalization, and the decentralized architecture of the blockchain depend on parachains.

Polkadot’s native token, $DOT, soared over 19 percent to a high of $43.6 on Wednesday when the planned dates for the Parachain Slot Auction, announced. Since then, the asset has retraced somewhat, trading around $40. According to CoinMarketCap, the Polkadot price today is $40.26 USD with a 24-hour trading volume of $2,500,434,238 USD.

Recommended for You

A diploma graduate who is passionate about digital currency and loves writing. He loves the concept of crypto and keeps himself up to date with the latest development and news of the crypto world.