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Polkadot (DOT) has been one of the cryptocurrencies that stole the limelight in the recent bull-run. The cryptocurrency, with its low price, achieved phenomenal growth. Starting from a price level of $8 in December of last year, shot up to $40 in February. At the time of writing, Polkadot is trading hands $38 apiece – a growth of around 80% from last year. During the 24-hour timeframe, the price of Polkadotcoin is up by around 5% with a 48% increase in the daily trading volume. Polkadotcrypto is currently ranked at 6th position in terms of market capitalization by CoinMarketCap.
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What is Polkadot crypto and how is it better?
Polkadot is a multi-chain network which aims to bridge the gaps between all the different block chains that are out there. Polkadot believes that every block chain serves a different purpose so true collaboration can only come from an integration of all the block chains. Polkadot’s offering is, somewhat, similar to that of Ethereum but being the newer network, it offers various improvements than the queen of the market. Polkadot employs two distinct block chains: the first one – called the relay chain – is the main block chain over which the second user created block chains – parachain – works.
The unique layout of the Polkadot network ensures that Polkadot does not suffer from scalability issues like Bitcoin or Ethereum. The parachains increases the transaction processing speed of the network, making it more efficient.
Major developments
Statemint
Parity Technologies – the organization behind Polkadot – has proposed a new system for governance, called Statemint. Statemint would be the first common good parachain which is granted through governance rather than the network’s auction mechanism. Statemint will allow entities other than investors to stake in the network and the proposal is expected to, ultimately, help reduce transaction fees and improve efficiency of the network.
Institutional interest
A cryptocurrency fund – FD7 – has recently announced plans of selling $750 million worth of Bitcoin in order to invest in Cardano and Polkadot. The company has been vocal about the potential of the altcoins.The firm set up an office in Bangalore, India with the sole purpose of investing in Polkadot projects in the area. The asset management firm, Grayscale, has also expressed its interest in investing in Polkadotamong other altcoins. Furthermore, the firm had announced plans of building products on the block chain of the cryptocurrency.
Addition to the DeFi network
Some investors believe that Polkadot coin possess the potential to compete with Ethereum as both the cryptocurrencies have similar offerings and Polkadot solves many of the issues that Ethereum is facing. The decentralized finance network of Polkadot has been growing steadily. An Ethereum smart-contract parachain, Moonbeam, has announced to connect its protocol, Balancer, to the network of Polkadot crypto.
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