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Polkadot (DOT) witnessed a major correction in the last 14 days as it hit a low of $13.61 last week, reflecting a fall of 53%.
Despite the ongoing bear market, the project reported a jump in weekly crypto inflows. On the more positive side, Polkadot-powered projects continue to make headlines with new updates and partnerships.
Let’s see what has happened in the Polkadot ecosystem in the last week.
CoinDesk Consensus 2021 – Gavin Wood
CoinDesk’s Consensus 2021 was an online event to unite professionals all around the globe to discuss the potential and challenges of the cryptocurrency and blockchain industry. In this event, business heads and founders of major blockchain-based projects took part and explained their technology.
Gavin Wood, the founder of Polkadot and Kusama, shared in the conference that “WebAssembly Is the Future of Smart Contracts, but ‘Legacy’ EVM Is Right Now.”
Developed by the W3C group, WebAssembly is an efficient and lightweight instruction set that allows developers to compile different programming languages into a single standard. While Gavin thinks WebAssembly is crucial to bring revolutionary changes in blockchain-based applications, EVM is equally prominent since it has the necessary tools and developers to make coding easier.
Polkadot Node Failed Due to Heavy Load on the Network
In a blog post by Bastian Köcher, Polkadot nodes failed as the network observed a huge number of nominations to become the validators. It overflowed the memory allocated in the Wasm environment. However, the Polkadot team quickly fixed the issue and ensured that it will not happen again in the future. At the same time, the crypto community praised the platform for being transparent about its ecosystem.
Polkadot is One of the Favorites of Institutions – Report
CoinShares recently revealed a report entitled “Digital Assets Fund Flows Weekly.” In this research, altcoins saw an inflow of $27 million. Polkadot received a net inflow of $7 million out of this capital. Moreover, its multi-asset capacity received about $5.5 million.
In yet another report published by PwC, Polkadot is actively used in crypto hedge funds. It also states that the platform involves 28% of all funds.
Staking for KSM and DOT Holders
Developed and launched by a fintech company Soramitsu, Fearless is a DeFi wallet for Kusama and Polkadot networks. The wallet has recently developed a staking version of DOT and KSM tokens on both iOS and Android applications. The staking option is now available for testing on Android. Following the upgrade, token holders will be able to stake their DOT or KSM without requiring Polkadot.js.
Polkadot Ecosystem – Partnerships and Integrations
Tidal partners with Coinversation to bring added security into the DeFi space through cover solutions. The project also recently partnered with EasyFi network to provide insurance to protect the network against any possible future hacks.
AP13, a decentralized API provider, announced integration with Moonbeam to make APIs seamless for multi-chain applications. Per the integration, AP13 will be able to offer Moonbeam’s dAPP developers complete access to the full library of Airnode-enabled APIs.
Standard Protocol partners with Plasm to provide oracle information from its parachain to Plasm for enabling synthetic asset generation.
Reef Finance added Polkalokr’s highly customizable products to allow its investors to earn great benefits while swapping the locked SWAPR tokens.
Crust Network, a decentralized storage tracking project in the Polkadot ecosystem, collaborates with the KaKa network to provide the decentralized solution for NFT data on KaKa’s gaming platform.
DOT Price Analysis
DOT reached the critical overhead resistance at $23.85 in the last week. But, the bulls could not drive the price above. It suggests the bears are trying to pull the price down aggressively. If bears pull the price below $19, DOT may further drop to $13.91 since bears are in command.
This week will be huge for DOT price as we will see if the price turns up from the current level and breaks above $23.85 or goes below $13.91.
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