Coinbase Lists Polkadot While It Makes Strong Parachain Progress

Coinbase lists Polkadot on its exchange and now the eight-biggest crypto by market cap got a major boost of 16% after the listing and its parachain made huge progress as well so let’s read more in our latest altcoin news today.

The American crypto exchange Coinbase will soon start trading DOT as the native token for Polkadot. A new blog post reported that inbound transfers have started and trading will kick off on June 16. DOT increased by more than 16% thanks to the Coinbase effect and in a report from Messari as an analyst outlet, the average returns five days after a token listing on coinbase is at 91%. This is much higher than a listing on competitor exchanges like Kraken, FTX, Binance, Gemini, and OKEx as Messari reported.

 

Polkadot is a multi-chain platform that is looking to bring together siloed networks. Ethereum and Bitcoin for example cannot interact with one another because they are created using different technologies. The lack of interoperability is common throughout the crypto sector. Built by ETH co-founder Gavin Wood, Polkadot is one project that hopes to address this. Solana and Thorchain are also competing in this market. Wood’s technology is still a few steps from achieving the objective.

Before launching, each component is launched and tested on Polkadot’s canary network and as a testnet of sorts, Kusama offers an environment where each part of the Polkadot network can be tested before. These days, the team launched new tests on Kusama and Parachains as the spokes of the multi-chain wheel of blockchains already launched on Kusama albeit with the reduced capacity. The next step is called a parachain auction where different projects begin to earn a spot in the Kusama environment and these auctions will continue in July as well. Now as Coinbase lists Polkadot, the users can start speculating on both Kusama and Polkadot’s native token while they are waiting.

As recently reported, Crypto company Blockchain.com listed Aave, DOT, and YFI to its wallet and exchange while enabling users to hold, buy and store crypto with more than $620 billion transactions since 2013. With the latest additions, the company wants to build on the growing Defi space as product manager Amadeo Pellicce said that the DeFi momentum is “undeniable.”