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Polkadot (DOT) Ready for Revival, Here's What Must Happen First

Tue, 03/21/2023 - 12:53
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Godfrey Benjamin
Here's what Polkadot (DOT) must do to revisit its steady winning
Polkadot (DOT) Ready for Revival, Here's What Must Happen First
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Polkadot (DOT) is lagging behind in terms of its price growth today amid the encompassing growth upsurge that its peers have been charting over the past few days. At the time of writing, Polkadot is down by 4.78% to $6.16 per token, extending its lax upsurge in the week-to-date period, which now comes down to a meager 0.78% gain.

The ecosystem fundamentals of Polkadot are not duly reflected in its recent price action. Here lies the thesis that for Polkadot to hit and chart a new growth curve, it must first break the publicity barrier that its parachains are struggling with despite the innovative decentralized applications (dApps) being churned out.

As an open-source sharded multichain protocol that connects and secures a network of specialized blockchains, Polkadot has made a name for itself as one of the most versatile Layer 1 proof-of-stake (PoS) protocols out there. According to an overview of its ecosystem's activities, Polkadot has been inking a lot of strategic partnerships over the past few weeks.

There is no doubt that protocols like Astar Network and Moonbeam, among others, are building. Parental publicity and promotion are still needed to change the adoption and growth curve of DOT in the mid- to long term.

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Polkadot's innate building efforts

While it has been attested that the bulk of Polkadot parachains are fulfilling their end of the bargain with an innovative solution design, Polkadot as the parent chain is also not doing badly.

As reported earlier by U.Today, Polkadot sought enhanced protocol enhancement, which it aimed to usher in through three key upgrades, as highlighted earlier in the month. Per the report, these new upgrades will help to democratize governance for substrate blockchains on the Polkadot network.

With a number of interconnected smaller chains, the governance update will help pull the powers of the digital currency into the grasp of well-meaning community members.

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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.