OKEx has included Polkadot’s native token (DOT) in its trading platform.
According to an announcement shared with Cointelegraph on July 17th, DOT spot trading against Tether’s stablecoin USDT on OKEx, began the same day at 8:00 a.m. UTC. As recently reported by Cointelegraph, Pokadot’s technology allows its developers to launch a new blockchain within an hour.
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According to the announcement, deposits and withdrawals at DOT are not yet available, and tokens are currently only available by claiming them on the Bitcoin Lifestyle blockchain’s main network. OKEx also recently published a detailed guide on how to claim ERC20 DOT tokens, based on Ethereum, on Polkadot’s main network in a way that makes them available on the exchange.
OKEx has not announced a date for the release of DOT withdrawals and deposits. However, the exchange promised that they will be launched along with additional DOT trading pairs in the not too distant future.
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Taking interoperability to blockchain
The announcement explains that Polkadot is the first project of, Web3 Foundation, which is based in Switzerland, and aims to „connect private blockchains with consortium blockchains, public networks and without permission, oracles and even future technologies that have not yet been created. OKEx CEO Jay Hao explained that such a system is much needed within the ecosystem:
„One of the biggest problems with blockchains remains interoperability, and Polkadot will play a key role in enabling all types of blockchains to communicate with each other, conduct transactions, and exchange data. Since Polkadot allows the transfer between blockchains (cross-blockchains) of all types of data and not just tokens, it will play an important role in the crypto ecosystem that is preparing for the next web“.
Hao also said that while he does not expect us to move to a decentralized website overnight, he believes that „we will start seeing more and more decentralized applications. In addition, he expects crypto currencies to play an important role in this future Internet. He explained:
„As societies move away from real-world cash and assets and finally move into blockchain stocks like, gold, real estate, etc., cryptography will be used more and more as a simple way to transfer value to any device and more projects like Polkadot will allow us to transfer all kinds of data securely and confidently, greatly overcoming the current bureaucracy we live with today.