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Polkadot (DOT) up 5% as Community Votes on Crucial Upgrades

Tue, 08/29/2023 - 14:30
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Godfrey Benjamin
Polkadot (DOT) metrics go green in hopes of comprehensive overhaul
Polkadot (DOT) up 5% as Community Votes on Crucial Upgrades
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Polkadot (DOT) is on a mild bullish rampage today as the broader market is in recovery mode. Polkadot is changing hands at a price of $4.57, up by more than 2.54% in the past 24 hours and by more than 5% in the trailing seven-day period, according to data from CoinMarketCap.

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Polkadot ecosystem diversity

Polkadot has been a very ambitious low-ranger among its rival Layer 1 blockchain protocols as it concerns its ecosystem expansion, which is translating to price growth. There is always a lot going on on the Polkadot network at any given time.

According to an update from Bill Laboon, there are a number of upgrade proposals out there for members of the Polkadot ecosystem to decide on the future of the blockchain protocol. One of the most renowned of these updates is the proposal to register DOT as an asset on the Kusama Asset Hub.

This proposal that is up for voting will be a game-changer that will further bolster the interoperability between Polkadot and Kusama, which has been acting as its canary network from inception. There are other updates surrounding the ongoing parachain lease auction, of which Astar Network is currently in the lead by a wide margin.

Polkadot parachain milestones

Polkadot hosts other, smaller sidechains called parachains, of which the likes of Moonbeam and Astar Network are some of the most prominent. These parachains are the lifeblood of the Polkadot ecosystem because the majority of the innovations that are making their way onto the network are being fueled by these parachains.

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Projects like Astar Network have continued to ink a number of strategic partnerships with top noncrypto native firms to help drive the adoption of blockchain across different sectors. As a community-driven project, it will come as no surprise if the top highlighted parachains retain their spot on Polkadot, a trend that is bound to place upward bullish pressure on the DOT price.

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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.