The price of Polkadot’s own blockchain protocol token (DOT) has increased by 30% in the last 24 hours and reached a record of $ 12. As a result, the capitalization of DOT exceeded the $ 10 billion mark for the first time, which allowed it to enter the top 5 of the market. Thus, DOT found itself between Litecoin and XRP.
Against the background of the rest of the participants on this list, Polkadot looks like a fairly new project. The launch of its main network took place in the middle of last year. The project is managed by Ethereum co-founder Gavin Wood and is positioned not as a competitor, but as an extension of the original concept.
The protocol allows many blockchains to be combined into a single network to create more advanced applications and other capabilities. Polkadot is currently the second largest smart contract protocol after Ethereum, with a capitalization of $ 30 billion.
Polkadot is looking forward to launching parachains soon to unleash its full potential. Maple Leaf Capital expects the protocol to provide important infrastructure benefits for DeFi applications and help address their most pressing scalability challenges.
“Polkadot was among the assets that showed the most confident bounce today. Perhaps a little more consolidation, but I think it is only a matter of time before the DOT rise to $ 20, ”writes analyst Michael van de Poppe.
Also, the Polkastarter project associated with Polkadot, which is engaged in the creation of cross-chain pools and auctions to raise capital in a decentralized environment, has risen by 30% today. In his case, the growth is supported by the announcement of the listing on the Huobi exchange.
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