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Price Updates, Recent Developments, Future Events, Community -Breaking

by Mike Robinson

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Polkadot (DOT): Price Updates, Recent Developments, Future Events, Community
  • There’s a lot of buzz around The ecosystem as the community awaits the November 11th parachain auctions.
  • Gavin Wood had just announced the $776million development fund. The first crowdloans to finance the next set has begun.
  • As the Polkadot community anticipates the parachain biddings, DOT has witnessed an increase in institutional cash flows leading to a price hike.
  • Polkadot has introduced ‘Gifts,’ a medium for Polkadot users to send DOT to friends and family who don’t own Polkadot wallets.

Polkadot the famous killer has received a lot of positive news for his community and its development team. Polkadot is now one of the most discussed projects of October, following the release of parachain auctions.

As the community prepares for the launch of parachains which have been in development for the past five years, the Polkadot ecosystem is abuzz with integrations and new launches. Let’s take a look at the recent developments within the Polkadot Community.

Prices Updates

Polkadot has been leading the Altcoin rally. It gained more than 13% in the past week. Over the past 30 days, DOT’s value has increased by over 26%.

This is the 30-day price chart of Polkadot. Source: Tradingview

DOT gained 2.5% in the last 24 hours and now trades at $41.506. Polkadot is now the eighth largest crypto with a market cap at $41.004 million thanks to its recent gains.

Recent developments

Since the Parachain launch announcement, the Polkadot ecosystem was abuzz with updates. Gavin Wood, Polkadot founder, announced a $776 million fund to help the community prepare for its largest event: the launch the Polkadot first parachain.

Funds will be used to improve, educate, and build the Polkadot eco-system. According to the announcement the funds will be paid through community governance.

It has been a while since the first crowdloan was made for the next auctions of the Polkadot platform. Over 20,000 KSM have already been raised out of the total 200,000 KSM Picasso hopes to raise. Picasso is a cross-chain interoperability infrastructure, a comprehensive Defi ecosystem powered Polkadot.

As the parachain’s launch draws near, United States-based cryptocurrency exchange and bank, Kraken, has announced that it will support the upcoming parachain slot auctions on the Polkadot network.

Polkadot has also introduced ‘Gifts’ on both the Polkadot and Kusama networks. The new Gifts feature creates a new way for Polkadot users to send DOT or KSM to anyone, even if they don’t already have an account or wallet.

Polkadot Gifts generate a unique ‘gift secret’ (a 16-digit number), allowing recipients who don’t have wallets to claim the gift. In addition, users can use Polkadot Gifts to onboard individuals who are curious about the blockchain, but haven’t yet made a move.

In a similar vein, on October 13th, Polkadot announced the launch of ‘Rococo Revamp.’ Initially designed to test parachain functionality, Rococo has now evolved into a testnet for teams building parachains in the ecosystem.

As the Polkadot community eagerly awaits the parachain’s launch, digital asset managers have reported a rise in the institutional capital inflow for Polkadot. For the week ending October 17th, Polkadot received an inflow of $3.6 million, signalling interest from institutional investors ahead of the parachain’s launch.

Future Events

Most anticipated Polkadot event is the launch of parachains. At AltcoinDailyio tweeted his excitement at the news.

The Polkadot Council has fixed November 11th as the date for the network’s first parachain slot auctions. The five first projects that win an auction on Polkadot will simultaneously be boarded on the 15th of December onto Polkadot.

Polkadot announces the transformation of Rococo to a community-operated parachain testbed. Parity Technologies and Polkadot’s community developers will be releasing different features to the Rococo network over the upcoming weeks.

Rococo is to be a community parachain testernet and follow Polkadot’s release cycles. It will be a platform for parachain groups to create and test parachains.

To The Flipside

  • Polkadot’s parachain has had a more conservative approach to onboarding, which has been less interesting than Kusama.
  • Projects will not be onboarded on Kusama after they win a Parachain slot.

The Community

Polkadot is one of the top blockchain projects that has had the highest community participation. Parachain auctions are coming and the enthusiasm for the project is growing.

Polkadot members are excitedly anticipating Parachain’s launch. Many expect major changes after November 11, as @killakrypto1 wrote.

@cryptokeeg1 shared his thoughts on the forthcoming parachain auctions.

Bullish Polkadot user @DonnieBigBags shared why it’s Polka-season. He shared the following:

Why you should care

Polkadot is a popular Altcoin because of its innovative technology and rapidly-growing ecosystem. Polkadot’s upcoming launch of parachains, which will provide new functionalities and value to its network, may be the opportunity to establish itself as an alternative for the top spot.

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