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Friday, July 19, 2024

Polkadot Ecosystem Recap: Some of the Recent Major Developments

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TL;DR

  • Polkadot has partnered with Heroic and introduced Deloitte’s KYC credential solution through the Polimec Protocol. The community also plans to allocate 3 million DOT tokens to support DeFi activities.
  • Despite these advancements, Polkadot’s cryptocurrency DOT has declined by 10% weekly, but some analysts are optimistic about its future potential.

What’s New Around Polkadot?

Polkadot continues to make waves due to significant advancements related to its ecosystem and important partnerships.

Earlier this month, the open-source games launcher Heroic teamed up with the blockchain protocol. As a result, the Polkadot brand will be incorporated into the Heroic jersey design and live stream overlays.

“This collaboration will also bring a fresh wave of excitement to the esports community with fan activations, community-engaging events, exclusive prizes, giveaways, and much more,” the announcement reads.

Shortly after, Polimec Protocol (a decentralized, community-driven funding platform) introduced Deloitte’s “groundbreaking” know-your-customer (KYC) credential solution to Polkadot as a DF grantee. Those credentials are built on Kilt Protocol (one of Polkadot’s parachains) and leverage advanced infrastructure capabilities.

Last but not least, the Polkadot community plans to allocate 3 million DOT tokens (equaling almost $20 million at current rates) to support DeFi activity in the ecosystem. One million assets are supposed to be distributed to liquidity mining incentives, while another million is designated for non-custodial liquidity in Omnipool.

Omnipool is a unique liquidity pool model developed by HydraDX. It aims to facilitate the efficient and seamless trading of multiple assets within a single pool.

The remaining one million DOT coins should foster the development of StellaSwap – a decentralized exchange (DEX) built on the Moonbeam network, which is part of the Polkadot ecosystem.

Prior to those advancements, Polkadot Blockchain Academy (PBA) unveiled its fifth cohort in Singapore. The initiative is designed to nurture developer talent in the city-state and deliver a learning experience for the participants.

The project features 184 lecture hours, providing people with a deep understanding of Polkadot and blockchain technology in general. Some modules include Economics, Smart Contracts, Governance, and Polkadot-SDK.

DOT Price Outlook

Despite the numerous developments surrounding Polkadot recently, its native cryptocurrency—DOT—has underperformed. Its price is currently hovering around the $6.40 mark, representing a 10% weekly decline. It is worth mentioning that the plunge might be a result of the ongoing market correction reigning in the entire crypto sector lately.

DOT Price, Source: CoinGecko

However, some analysts remain optimistic that an uptick is on the horizon. The X user CryptoBullet claimed DOT is on a bullish path as long as it holds the important resistance level of $5.60-$6.50. According to the trader, the next targets are $12.70, $17, $23, and $31. “I am very confident that all these levels will be hit in the next 12 months,” they added.

Ash Crypto—an X user with over a million followers—chipped in, too. He revealed that he is still holding his stash of over 120,000 DOT tokens, which currently equals almost $800,000.

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