OKEx has listed the native token of Polkadot (DOT) on its trading platform.
In accordance with an announcement shared with Cointelegraph on July 17, DOT spot trading towards Tether’s USDT stablecoin on OKEx began at 8:00 AM UTC in the present day. As Cointelegraph recently reported, Pokadot’s know-how permits builders to spin up a brand new blockchain inside one hour.
Per the announcement, DOT deposits and withdrawals aren’t supported but, and the tokens can at the moment solely be obtained by claiming them on the mainnet from Ethereum’s blockchain. OKEx additionally just lately published an in depth information on the way to declare the Ethereum-based ERC20 DOT tokens to Polkadot’s mainnet in a means that makes them accessible on the alternate.
OKEx introduced no date for the launch of DOT withdrawals and deposits. Nonetheless, the alternate promised they are going to be launched alongside further DOT trading pairs within the close to future.
Bringing interoperability to blockchains
The announcement explains that Polkadot is the primary challenge of Switzerland-based Web3 Basis, and it goals “to attach personal and consortium blockchains, public and permissionless networks, oracles, and even future applied sciences which might be but to be created.” OKEx CEO Jay Hao defined that such a system is far wanted within the ecosystem:
“One among blockchain’s largest points nonetheless stays interoperability and Polkadot will play a key function in permitting all types of blockchains to speak to one another, transact, and alternate information. Since Polkadot permits for cross-blockchain switch of all kinds of information and never simply tokens, it would maintain an vital function within the crypto ecosystem making ready for the following net.”
Hao additionally stated that whereas he doesn’t count on us to maneuver to a decentralized net in a single day, he believes “we are going to begin seeing increasingly decentralized functions.” Moreover, he expects that cryptocurrency will play an enormous function on this future web. He defined:
“As societies transfer away from money and real-world belongings are ultimately introduced onto the blockchain like shares, gold, actual property, and so forth. crypto can be used increasingly as a easy means of transferring worth to any machine and extra tasks like Polkadot will permit us to switch all kinds of information securely and trustlessly tremendously rushing up the present paperwork we stay with in the present day.”