Binance, the largest crypto exchange across the globe, has declared to assist the forthcoming parachain auction of Polkadot. The exchange has consistently expressed its favor for the expansion of the ecosystem of Polkadot, which is a multichain heterogeneous blockchain network. On Friday, in a formal announcement, it was disclosed by the company to begin the Parachain-Slot-Auction of Polkadot, which is planned to start in the coming November.

The parachains

Parachains are unique layer1-based blockchains being capable of running simultaneously to one another along with transferring the data. The presence of these parachains will steer a multichain structure comprising of several networks of blockchains existing in the ecosystem of Polkadot. The purpose of the protocol is to permit many other blockchains utilizing layer one, such as Ethereum and Bitcoin, to have an efficient connection to its ecosystem and operate collectively, being members of a big one. In addition, the parachains of Polkadot can effectively share data with other networks of blockchains as well as avail several possibilities present in the world of cryptocurrency.

With these parachains’ integration, many DLT networks will be encouraged to have a comparatively vast scale of interoperability during the next years. Through the recent five years, the team of Polkadot has been doing experimentation with the parachain technology thereof, and each of such experiments was done on its Kusama and canary network. Formerly in June, the successful deployment of the initial collection of parachains was done by Polkadot on Kusama. After that, up to 11 slots of parachain have been auctioned by Kusama, which has expanded the number of operations done on the respective network.

The start of the parachain auctions of Polkadot on 11th November

The accomplishment of these parachains, which are installed on Kusama, is the chief decisive element in Polkadot’s readiness to formally release its parachains. Presently, the Polkadot-Parachain code is conclusively prepared, and these auctions are planned to begin from this year’s 11th November onwards. The earliest collection of these Parachain auctions is expected to move on for up to five weeks, where one auction will span one week. Moreover, for all 96 weeks, a slot of parachain will be selected for every auction.

DOT surges significantly

After this announcement, a noteworthy upsurge has been witnessed in the value of $DOT (the local token of Polkadot) as it jumped above $43.6, which is a 19% high position. However, following that point up till now, it has slightly retraced and now stands near to $40.