Binance Will Hold its First Parachain Auction on Polkadot Network

Binance, the crypto exchange giant has announced that its parachain slot auction will be held on Polkadot. 

Binance confirmed via its blog the future endorsement of the Polkadot Parachain Slot Auction, which will take place in November 2021. Closer to the auction, further information for participants will be revealed. Polkadot is poised for the parachain launch, according to the project’s co-founder.

The goal of parachains is to achieve complete interconnection between multiple Layer 1 networks that are developed for distinct reasons. Through the auction, the required amount of votes should be obtained by each chain in order to be part of the network.  

During June and July, a number of auctions were launched for testing by the Kusama network, a process through which the Polkadot network will have to repeat.

The first auction will take place on November 11th, bidding will be open until November 18 when the closing periods will begin. On December 17, the first winning parachain will be implemented.

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