Polkadot (DOT) Looks at Last Year’s High’s and Even More Excitement for the Platform’s Upcoming Developments
By Jamie G – Cryptocurrency Investor
Polkadot’s (DOT) popularity is only growing as more people look to buy altcoins. The founder, Gavin Wood, published a 2020 roundup report on Wednesday citing the project’s momentum and rise to become the top cryptocurrency for staking, based on their volume of staked tokens. According to Staking Rewards, at present, over 63% of the 1.02 billion DOT tokens are locked in staking wallets. Based on today’s market rate, this amounts to approximately $5.2 billion DOT coins of its native ecosystem.
Since the beginning of the month, the DOT token price has increased by over 56% and is now the sixth ranked digital currency by market capitalisation. Wood also discussed the initiative’s accomplishments of the previous year, noting their full decentralised vision. He highlights that the network’s ‘274 validators, run by around 200 independent operators’, alongside the backing of ‘7,000 individual’ accounts make this the most decentralised and secure ‘network in existence.’
Wood also comments on the development of multichain interoperability in 2020, looking particularly at Moonbeam, an Ethereum (ETH) backed protocol for smart contract integration. Acala is Polkadot’s ambition to achieve the same in the DeFi space, with their network building framework, Substrate 2.0, launched in August. Considering their campaigns for the next 12 months, Wood discussed active plans to lunch Substrate 3.0 before the end of the first half of next year, which will bring with compatibility with the Ethereum network.
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Wood continues to look at his project’s global presence with keen excitement from the fact that the DOT community have over 100 teams and on-going projects, with over 30 teams in China engineering protocols and new components for the DOT ecosystem. As more people turn to Bitcoin investing and buying crypto, DOT’s platform is considered one to watch.