Polkadot makes a bid in cross-chain arena as DOT struggles to stay afloat
Journalist
Posted:
- Polkadot discloses its plans throughout the Sub0 developer convention.
- Amongst these plans embody its goal to launch over 1,000 parachains.
Polkadot has been flying beneath the radar for fairly a while however this isn’t to be mistaken with inactivity. Its builders and executives simply revealed what’s cooking throughout the Sub0 developer convention.
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Bearish market situations have shifted consideration away from hypothesis and networks corresponding to Polkadot are doubling down on growth. The community had a number of shows which underscores the work that has been going down beneath the hood. Extra importantly, it disclosed what to anticipate transferring ahead, particularly its push in direction of 1,000 parachains.
🌞GM diligent #Web3 BUIDLers & #crypto degens!☕️
🔗🌐 #Polkadot is aiming for the celebrities !🌟!
Introduced at #sub0, builders are introducing updates to help 1,000 #parachains, a tenfold improve! 🚀
“Asynchronous backing” will halve block time & increase block area, paving the… pic.twitter.com/74YZv8pcwS— Orbiter One (@OrbiterOne) September 22, 2023
Having that many parachains would permit the Polkadot layer a 0 community to attain its purpose of mass adoption. This is able to additionally translate to wholesome ranges of utility not just for the community but additionally for its native cryptocurrency DOT.
The pursuit of exponential parachain progress additionally aligns with Polkadot’s cross-chain efforts. A number of networks have been aggressively pushing towards cross-chain dominance because of the potential alternatives within the phase. Polkadot is amongst these networks and it reiterated this throughout the Sub0 developer convention.
Will Polkadot’s growth efforts yield some aid for DOT?
Polkadot’s plans and ongoing developments underscore the likelihood of long-term success, particularly within the mid-to-long time period. However is that this sufficient to facilitate a sentiment shift? DOT’s value motion has been in a downward trajectory since February. It achieved a brand new 2023 low of $3.91 on 11 September and it exchanged arms at $4.02 at press time.
Supply: TradingView
DOT’s latest low vary achieved a good quantity of accumulation nevertheless it was arguably not sufficient to maintain a correct bullish restoration. DOT’s present month-to-month low represented costs beforehand noticed in November 2020. This highlighted the extent of its bearish prevalence.
On-chain information revealed that DOT’s weighted sentiment improved barely within the final three weeks. This indicated that extra merchants appeared assured about its potential upside. Nevertheless, this was but to be mirrored within the cryptocurrency’s value motion. In the meantime, growth exercise was at its lowest stage within the final 4 weeks.
Supply: Santiment
DOT’s newest efficiency was additionally in tune with the remainder of the crypto market. In different phrases, its efficiency mirrored the low demand and declining liquidity in the previous few months.
Reasonable or not, right here’s Polkadot’s market cap in BTC’s phrases
DOT’s prospects may thus enhance if the market switches to a bullish outlook and efficiency. The not too long ago unveiled plans will additional strengthen the bullish case for the DOT cryptocurrency, particularly in the long term. This implies there’s a likelihood of a powerful bullish case for DOT as soon as the market situations enhance.
