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Polkadot (DOT) Price Shoots up After New Ecosystem Milestones: Details

Tue, 04/11/2023 - 14:07
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Godfrey Benjamin
Polkadot paring off old losses as buyers focus on new ecosystem milestones
Polkadot (DOT) Price Shoots up After New Ecosystem Milestones: Details
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Polkadot's (DOT) price performance is closely correlated with its current ecosystem milestones. Per CoinMarketCap's data, Polkadot is changing hands at a spot price of $6.42, up by 3.77% over the past 24 hours. Per the current outlook, the world's 11th largest crypto by market cap is paring off the minor losses it accrued over the past week.

In a recent ecosystem update, the duo of Bill Laboon and the Polkadot protocol shared some impressive milestones to watch across the board. While Laboon highlighted the release of Kagome 0.9.0, a Polkadot Host implementation written in C++, it showcased the steady embrace of new systems to support core protocol users.

Several parachains within the Polkadot network also recorded impressive integration over the past few weeks. While Astar Network made history as the first parachain to support the EVM and WASM VM Smart Contracts, Acala Network recently released cross-chain token library xtokens for cross-chain token transfer functionalities.

The outlook of the Polkadot protocol is even more enhanced as more Parachains secured mega partnerships that can help bolster the overall use case for the protocol.

Polkadot Unveils Major Release, Here's What's New

Setback in the works

While there is more than enough positive news happening with the Polkadot ecosystem, one key governance protocol that was proposed a while ago is currently facing resistance. This proposal is Referendum 112, proposing to immediately increase the number of validators in the active set from 297 to 500.

The proposal is currently failing, with just 26% of the votes cast in favor and with about 19 days left to vote. While it is generally known that the higher the number of validators, the more secure the protocol is, ecosystem members appear to be seeing friction ahead and thus account for the current lack of support being granted to the proposal.

Should the referendum fail to pass, nothing will change, but it will highlight the powers of the Polkadot governance ecosystem.

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About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on, Cryptonews and Coingape, among others.