OKEx has listed the native token of Polkadot (DOT) on its buying and selling platform.
In keeping with an announcement shared with Cointelegraph on July 17, DOT spot buying and selling towards Tether’s USDT stablecoin on OKEx began at 8:00 AM UTC at present. As Cointelegraph recently reported, Pokadot’s expertise 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 right way to declare the Ethereum-based ERC20 DOT tokens to Polkadot’s mainnet in a manner that makes them out there 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 extra DOT buying and selling pairs within the close to future.
Bringing interoperability to blockchains
The announcement explains that Polkadot is the primary undertaking 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 in all blockchain’s greatest points nonetheless stays interoperability and Polkadot will play a key position in permitting all types of blockchains to speak to one another, transact, and alternate knowledge. Since Polkadot permits for cross-blockchain switch of all kinds of knowledge and never simply tokens, it should maintain an necessary position within the crypto ecosystem getting ready for the subsequent 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 an increasing number of decentralized purposes.” Moreover, he expects that cryptocurrency will play an enormous position on this future web. He defined:
“As societies transfer away from money and real-world belongings are finally introduced onto the blockchain like shares, gold, actual property, and so forth. crypto shall be used an increasing number of as a easy manner of transferring worth to any gadget and extra initiatives like Polkadot will enable us to switch all kinds of knowledge securely and trustlessly significantly rushing up the present paperwork we dwell with at present.”