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The Polkadot (DOT) ecosystem is billed to see a number of additional functionalities through targeted protocol upgrades that are set to go live in the near term. According to a new Twitter thread by Bill Laboon, a Kusama Council Member, at least two key proposals to boost network functionality have attained over 95% approval by voters.
The first proposal, dubbed Referendum 101, approving a Wasm Smart Contracts Bounty has received 99% yes from voters despite having about 14 more days remaining for voting. The Wasm Smart Contracts Bounty will help make Polkadot parachains generally safer.
Referendum 101, approving a Wasm Smart Contracts Bounty (Bounty #19), is currently passing with 99% in favor and 14 days left to vote. https://t.co/LWxWwQraPJ
— Bill Laboon | W3F (@BillLaboon) February 13, 2023
Besides this, referenda 103 and 104, which seek to unbrick the Zeitgeist parachain, are currently passing, with 98% in favor and 19 days left to vote. These new upgrades will help to democratize governance for substrate blockchains on the Polkadot network.
In all, there is also a proposal to increase the minimum number of active validators on the Polakdot network to 500. This will further enhance the timing for transaction validation while also fast-tracking events that can help Polkadot remain highly responsive and functional as a blockchain network.
Tomiwabold OlajidePolkadot price outlook
Polkadot is experiencing a more bearish price action at the time of writing. The coin is changing hands at $6.06, down 4.17% over the past 24 hours and by 8.29% in the trailing seven-day period.
The governance voting on Polkadot is expected to stir a more positive price action overall on the price action of DOT. While this is not the case at the moment, Polkadot has recorded a number of thrilling milestones thus far this year, showcasing how close the price may be to a breakout in the near term.
With active accounts up 64% as of the fourth quarter of last year and the likelihood of the bullish new referenda passing, Polkadot is looking greener than it currently presents itself to be at this time.
Yuri Molchan
Tomiwabold Olajide
Dan Burgin
U.Today Editorial Team
Vladislav Sopov