Record-Breaking Q1 For Polkadot: Daily Active Addresses Hit 514,000 As DOT Price Surges 7%

According to a Messari report, the Polkadot (DOT) blockchain protocol made significant progress in the first quarter (Q1) of the year in terms of market capitalization, revenue, and Cross-Consensus Message Format (XCM) activity, as well as a record increase in daily active addresses. DOTs Market Cap Surges 16% QoQ During Q4 2023, Polkadots market capitalization [...]

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Polkadot Unveils Major Upgrade Plan: Relay Chain Replacement And 10M DOT Prize Incentive

Gavin Wood, the founder of the Polkadot protocol, has unveiled a new Gray Paper outlining the forthcoming Join-Accumulate Machine (JAM) upgrade for the network. This announcement occurred during Wood’s presentation on Polkadot’s future at the Token2049 crypto conference in Dubai.  Wood introduced the JAM Implementer’s Prize, a 10 Million DOT prize pool, to encourage diverse development of the JAM protocol.  Polkadot Unveils JAM Upgrade According to the announcement, the JAM upgrade aims to replace the relay chain, which acts as the central data chain in the Polkadot network, with a “more modular and minimalist design” that will allow Polkadot to run generic services and increase network stability.  Related Reading: Ripple CEO Walks Back $5 Trillion Crypto Marker Prediction, Unveils New Target The parachains service within JAM will support existing Substrate-based parachains, enabling developers to continue using Substrate to develop and deploy their blockchains.  Notably, these services will have no predefined limits on code, data, or state capacity and can accommodate additional DOT deposits for increased capacity. JAM’s design includes several technical improvements. It replaces WebAssembly with the Polkadot Virtual Machine based on the RISC-V ISA, an open-source instruction set architecture (ISA) used to develop custom processors. It also introduces SAFROLE, a SNARK-based block production algorithm. These upgrades are reportedly designed to optimize performance and scalability within the Polkadot network. On The Path To Decentralization? To realize the vision of a truly decentralized protocol, Polkadot aims to support multiple client implementations. Furthermore, the JAM Implementer’s prize has been established to incentivize and fund projects contributing to the development of JAM implementations. The announcement further reads on the matter: We believe that supporting a range of implementations in various programming languages will strengthen the ecosystems foundation. It distributes the power of protocol implementers more widely and reduces the risk of a bug in one implementation taking down the entire network. The JAM Implementer’s Prize will collaborate with existing and future funding initiatives that support Polkadot’s ecosystem and technology stack. These initiatives include Decentralized Futures, Grants, and Polkadot’s on-chain treasury.  The prize will be activated when JAM is ratified as a Polkadot technology through the network’s on-chain governance mechanism. Related Reading: Railgun Among Crypto Market Top Gainers: Why Is RAIL 53% Up? Overall, Gavin Wood’s introduction of the JAM upgrade and the associated 10 Million DOT prize reflects Polkadot’s intention to increase the protocol’s use and adoption. JAM’s modular design and incentives for multi-client implementations are also expected to contribute to ongoing efforts to decentralize the Polkadot network.  As JAM development continues, the Polkadot ecosystem welcomes proposals from teams interested in implementing it in various programming environments. Despite the recent announcement, the network’s native token, DOT, has been unable to break the downtrend witnessed over the past month. Currently trading at $6.75, it reflects a significant 24% decline in price over the last 30 days. Featured image from Shutterstock, chart from TradingView.com

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Polkadot Snags No. 1 Spot In Dev’t Activity This Month – Time To Go Long On DOT?

Certainly a welcome change for those who work in crypto. Despite widespread doom and gloom, Polkadot native coin, DOT, has become the most discussed cryptocurrency in the community. Still, that’s not the end of the good news. A recent tweet by @PolkadotInsider explained how Polkadot has more active developers than Ethereum. This demonstrates the ecosystem’s widespread appeal within the cryptocurrency sector as Polkadot is able to secure the top top spot in terms of development activity this month. However, the question of whether or not DOT is a solid buy in the present needs to be addressed. In the meantime, with this decent achievement – is it a good time to go long on the crypto? Related Reading: MATIC Backpedals Into Bearish Track Despite Its Social Dominance ??TOP #Polkadot #DOT Ecosystem Coins by Social Activity 19 November 2022$DOT $CELR $LIT $KSM $DIA $PHA $CQT $EWT $ANKR $OCEAN pic.twitter.com/2cLLptJBve — ???? CryptoDep #StandWithUkraine ???? (@Crypto_Dep) November 19, 2022 Polkadot Falls Short In Hitting New Peaks The crypto market, as you may be aware, is now witnessing a bearish market mood takeover due to external factors of uncertainty and doubt. All expectation of a DOT-beneficial relief rally in the near future has been dashed. DOT’s value has decreased significantly over all time frames, but it has lost 23.7% in the past two weeks, as measured by CoinGecko. Image: TradingView As of right now, the token is selling for $5.15, which is a loss. Correlations with Bitcoin and Ethereum, two of the most popular cryptocurrencies, show that its price is tracking the market as a whole. This could result in a catastrophe for DOT. If its association with BTC and ETH continues to decline, it will be dragged down with them. As of the time of writing, the correlation between DOT and both ETH and BTC is 0.96, indicating that it will definitely move in the same direction as ETH and BTC. RSI readings are also declining, with the indicator moving into the oversold region. The fact that the token’s price has never risen above the 50s portends a bleak outlook for its immediate future. DOT is a DON’T Purchase, For Now The downtrend is backed by lower lows and lower highs, as well as a widening Bollinger band, which indicates increased market volatility in the immediate future. In the following days, the EMA ribbon provides a convincing signal for short positions as the price continues to decline. As prices decline, short positions would be the most profitable strategy for investors and traders in this bear market. As the price approaches the 161.80 Fibonacci retracement level, investors and traders with a buy-low, sell-high mentality should be cautious, as a near-term rally is unlikely. Even with the good development activity and social activity of the ecosystem, these will not be sufficient if the market as a whole is in recession. Related Reading: Curve Finance Sheds 31% Of Value In Last 30 Days – Are Things Really Bad For CRV? DOT total market cap at $5.9 billion on the weekend chart | Featured image from Medium, Chart: TradingView.com

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Polkadot (DOT) Circulating Market Cap Rockets To $8.3 Billion, Registers Massive 111% Growth

Polkadot, the computing platform known for its interoperability and scalability, has shown remarkable growth in key metrics during the latter part of 2023, as outlined in a recent report by Messari.  Outpacing Crypto Market Growth According to Messaris findings, Polkadots circulating market cap experienced a remarkable 111% quarter-on-quarter (QoQ) growth, reaching an impressive $8.38 billion.  [...]

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