Coinbase listing and Parachain advancement boost Polkadot by 16%

US cryptocurrency exchange Coinbase will soon begin trading DOT, the native token for Polkadot. A blog post reports that inbound transfers have already started and trading will begin on June 16. Since then, DOT has increased by more than 16% thanks to what is commonly referred to as the "Coinbase Effect". According to the report by Messari, an analytics organization, the average return is 91% five days after a token is listed on Coinbase. According to Messari reports, this is much higher than a list on the exchanges of competitors such as Binance, Kraken, FTX, Gemini and Okex. Polkadot is a "multi-chain" platform that seeks to assemble networks of silos. For example, Bitcoin and Ethereum cannot communicate with each other as they are created with different technologies. This lack of interoperability is common in the crypto industry. Built by Ethereum co-founder Gavin Wood, Polkadot is just one of the projects trying to address this. Thorchain and Solana also compete in this market. But Wood's technology is still a few steps away from reaching its goal. Before launching, each component is first launched and tested on Polkadot's so-called "canary net". As a kind of testnet, Kusama provides an environment where every piece of Polkadot net can be pretested. Today the team also regularly launches new tests in Kusama. Parachains, the spokespersons of this multi-chain blockchain, have been launched in Kusama, albeit with a reduced capacity. The next step is the parachain auction, where various projects bet on a place in the Kusama environment. Wood writes that these auctions will continue through July. Thanks to Coinbase, users can now speculate on both Kusama and Polkadot's native token while they wait. The views and opinions of the author are for informational purposes only and do not constitute financial, investment or other advice. Business, DOTRead more

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