Polkadot Ecosystem Summary: Latest Developments
TL;DR
- While polkadot became the title sponsor of Coinfest Asia 2024, one of its parachains has enabled Asynchronous Support.
- Despite the developments, the price of DOT has fallen below $6, but some analysts are predicting a potential recovery in the coming months.
Polkadot has announced a number of initiatives over the past few days that continue to make Waves in the crypto space.
Less than a week ago, the community unanimously approved the JAM (Accumulation Machine) protocol through OpenGov. To support the movement, Web3 Foundation (a blockchain-based organization dedicated to promoting new decentralized web software protocols and technologies) started 10 million DOT prize pool. It aims to strengthen the Polkadot ecosystem and diversify JAM applications.
Polkadot earlier this year activated Asynchronous Support is an upgrade that aims to increase the efficiency and scalability of the network. Recently, Ajuna Network (one of Polkadot’s parachains) also adopted the mechanism that cuts block processing time in half.
Last but not least, Polkadot introduced As the Title sponsor of Coinfest Asia 2024. The two-day event will focus on crypto adoption and innovation and will take place this August in Bali, Indonesia.
DOT Price Outlook
Despite Polkadot’s advances, its native token DOT remains in the red and was one of the worst performers last week (at least among the top 20 clubs). It recently fell below $6, which represents a 10% decline on a seven-day scale.
DOT Price, Source: CoinGecko
However, many industry participants believe that the correction will soon give way to a rally. X user Rekt Fencer requested He said the DOT is “entering the AI race” by predicting a price explosion above $60, an all-time high, in the coming months.
Recall that numerous AI-related cryptocurrencies have been heading north lately. Some examples include: Fetch.ai (FET) and ocean protocol (OCEAN) increased by double digits in the last 24 hours.
Crypto Tony also joined summarizing The $5.70 area is seen as the “key support level.” The analyst promised that an investor would jump on the bandwagon if DOT stays above this level for “a few weeks.”
SPECIAL OFFER (Sponsored)
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive a special $600 welcome offer on binance (full details).
LIMITED OFFER 2024 on bydfi Exchange: Welcome reward up to $2,888, use this link to register and open 100 USDT-M positions for free!
#Polkadot #Ecosystem #Summary #Latest #Developments