Source: Vladimir Kazakov – Adobe Stock
- The Polkadot ecosystem is seeing strong development with parachain auctions happening on the network.
- These developments of Polkadot are bringing it closer to dominating the DeFi ecosystem.
The multi-chain blockchain platform Polkadot has been in the news recently. The Polkadot (DOT) crypto has remained resilient to last week’s market correction while making its way to the north. As of press time, Polkadot (DOT) is trading 1.53 percent up at a price of $36.43 and a market cap of $35.9 billion.
Besides, it’s the only cryptocurrency in the top ten list to deliver more than 30 percent gains over the last week. Since mid-July Polkadot has registered staggering gains of over 250 percent. However, this isn’t the end of the DOt bull run. Several market analysts suggest that this is just the beginning of the Polkadot bull run.
The Polkadot blockchain aims at interconnecting several application-specific parallel chains. Dubbed as parachains, these scalability projects break transactions into multiple shards while processing them in parallel.
This entire ecosystem of parachains plugs into a single base platform dubbed as the relay chain. All the network security, consensus, and voting logic happen on the relay chain. The parachain ecosystem of Polkadot has grown tremendously over the last few weeks.
Over the last two months, there have been multiple parachain auctions happening on the Polkadot blockchain. To support the parachain launches, users vote for different projects by locking the DOT tokens. Polkadot’s “canary” network has been holding its own auctions for the parachain slots. This process of parachain auctioning will continue for the next few months.
Polkadot derivatives data point at new ATH
Polkadot’s technical charts and derivatives data show strong signs of a major price surge going ahead. As per data from Bybt, the total interest for Polkadot (DOT) futures has nearly doubled from $360 million to $685 million in the last 30 days.
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This is a big positive since it suggests that leverage traders are willing to keep their long positions open despite the recent rally.
Polkadot’s integration with DeFi increases
Another major development with Polkadot is that its integration with decentralized finance (DeFi) has been increasing. Last week on September 8, decentralized data aggregator SubQuery raised a staggering $9 million to build the first aggregation layer on Polkadot.
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By leveraging this integration, the Moonbeam parachain has its tokens built on Substrate, the development tool of Polkadot. Users can further send these tokens seamlessly to smart contract addresses and Ethereum wallets.
Last week on September 9, Moonbeam entered into a partnership with decentralized liquid staking derivatives protocol Lido. Another development is from the Polkadot-based derivatives decentralized exchange dTrade which raised $22.8 million as a market-making fund.
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