As a researcher with experience in the crypto space, I’m excited about Polkadot’s recent developments and their impact on the ecosystem. The community’s approval of the JAM protocol and Web3 Foundation’s 10 million DOT prize pool is a significant step towards decentralized innovation within the Polkadot network. Additionally, the adoption of Asynchronous Backing by Ajuna Network promises to improve efficiency and scalability.
TL;DR
- Polkadot became the Title sponsor of Coinfest Asia 2024, while one of its parachains enabled Asynchronous Backing.
Despite the developments, DOT’s price has fallen below $6, though some analysts predict a potential recovery in the following months.
The Major Developments
In recent days, Polkadot has unveiled several new projects, generating significant buzz within the cryptocurrency community.
Approximately a week ago, the community endorsed the Join-Accumulate Machine (JAM) protocol through OpenGov with universal approval. In response, the Web3 Foundation, an organization specializing in blockchain technology for the development of decentralized web software protocols, introduced a reward pool worth 10 million DOT. This initiative intends to fortify the Polkadot ecosystem and encourage a variety of JAM implementations.
“At that point in time, I observed a strong consensus within the community indicating their openness towards decentralized advancements, all while insisting on upholding stringent guidelines.”
Earlier this year, Polkadot enabled Asynchronous Backing, an upgrade aimed at improving the network’s efficiency and scalability. Most recently, Ajuna Network (one of Polkadot’s parachains) also adopted the mechanism to cut the block-processing time in half.
“I’m thrilled to share that we have implemented async backing, resulting in a significant reduction of block time from 12 seconds to 6 seconds. Therefore, I’m delighted to introduce Ajuna and Bajun, now operating efficiently at a speed of 6 seconds.”
At last, Polkadot was announced as the principal sponsor for Coinfest Asia 2024. This two-day gathering, held in Bali, Indonesia in August, will concentrate on crypto adoption and advancement.
DOT Price Outlook
Despite Polkadot’s progress, its native token, DOT, has underperformed and is currently among the poorest performers from the top 20 cryptocurrencies in the past week. It has dropped below $6, which represents a 10% decrease over the last seven days.
Despite the ongoing belief among many industry players, the market correction may soon give way to an upward trend. Rekt Fencer from the X community, for instance, asserts that Polkadot (DOT) has joined the artificial intelligence race, potentially leading to a significant price surge exceeding $60 in the upcoming months.
Remember that several cryptocurrencies focused on Artificial Intelligence and its applications have experienced significant growth recently. For instance, Fetch.ai (FET) and Ocean Protocol (OCEAN) have surged by over ten percent in just the last 24 hours.
As a crypto investor, I also identified the $5.70 area as a significant support level for DOT. If the price holds above this level for a considerable period, I plan to join the crowd and invest in the cryptocurrency.
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2024-06-20 16:36