In recent times, many blockchains rose, claiming themselves to be the ‘Ethereum Killers’ & Polkadot is one among them. Polkadot is a faster, highly scalable network that is designed to work with other platforms. Created by ex-Ethereum CTO, Gravin Wood, Polkadot is an open-sourced, decentralized platform that serves as a protocol for protocols & a blockchain for blockchains.
Interestingly, DOT & ETH have the same ambitions to be the leader of the Smart contract platform. Polkadot has many elements which are designed to overcome the weakness of the Ethereum protocol. However, as DOT still appears to be immature compared to ETH which is well-established, Ethereum continues to be the leader in the DeFi space.
Polkadot is composed of Parachains which are a part of the entire blockchain, shredded to minimize the congestion. For the first time ever, two of the biggest Parachains, Astar Network & Acala collaborated to launch a ‘DeFi Raising’ program on Polkadot.
In another boost to the Polkadot ecosystem, Interlay, a blockchain firm based in London launched a Bitcoin-based cross-chain bridge on Polkadot called interBTC or iBTC. Hence, Polkadot now has a decentralized version of ‘Wrapped Bitcoin’.
Top Polkadot Coins by Market Capitalization
|Crypto||24H Volume||Current Price|
|Ocean Protocol||$2.80 million||$0.229|
Latest News on Polkadot Ecosystem Tokens
- Polkadot is expected to be pretty busy blockchain ahead as nearly 415 project grants have been passed by the Web3 Foundation out of 1054 applications. On the other hand, staking DOT becomes much easier with the launch of the new staking and nominating dashboard.
- The platform recently approved a relay chain upgrade after being proposed earlier that aims to improve runtime mitigations & database operations
Referendum 71, proposing to upgrade the Polkadot Relay Chain to runtime 9260, has been passed and executed. https://t.co/JMSqb20sMV
— Bill Laboon | W3F (@BillLaboon) August 10, 2022
Additional Read: Polkadot Whitepaper Summary
- Karura, the DeFi Hub of Kusama recently unlocked over 1.2 KSM tokens that were staked on the platform
Looking for yield & liquidity? Take advantage of KSM Liquid Staking on Karura and earn up to 28% APY🔥
6 reasons to stake your KSM on Karura: pic.twitter.com/y2CQntBZEj
— Karura – DeFi Hub of Kusama (@KaruraNetwork) August 8, 2022
- Altair Network, which is a bridge from Centrifuge to Kusama, won a coveted Parachian auction slot on Kusama. The parachain is expected to launch a new development on the network in the coming months beyond the parachain lease expiration.
Ocean Protocol (OCEAN)
- The platform announced its collaboration with H2O, the first non-pegged stable asset which is now available in the Ocean market.
Oceaners, big waves are coming! 🌊
We’re thrilled to announce that the integration with @H2O_data is completed, and $H2O is now available in Ocean Market.
$H2O will enable data buyers and sellers to benefit from more price stability.
How? Let’s take a quick look 👀 pic.twitter.com/DFR8mBh6NM
— Ocean Protocol (@oceanprotocol) August 3, 2022
- Ocean Protocol’s fourth Upgrade, OceanONDA 4 went live recently which allows individuals & businesses to unlock the value of data.
On the heels of OceanONDA V4 launch…
Ocean Data Farming is launching!
$216M OCEAN available with up to 125% APY
To earn, *stake* into Ocean Market pools.
– More data consume volume → earn more
– Stake more → earn more
— Ocean Protocol (@oceanprotocol) June 9, 2022
- Moonriver announced its partnership with Litmus, which is a Web3 cross-chain identity, which will aim to offer liquidity, interoperability, and consistency to the process of querying data across blockchains.
Litmus’ token LIT can be deposited on Moonriver and used as xcLIT.https://t.co/In9ZVFhuyd
— Polkadot News ☮️ (@polkadotnews) August 9, 2022
- The platform has introduced a new feature intending to improve cross-chain connectivity within Polkadot. The new functionality includes the first ever Proof-of-Concept for EVM access through XCM which is Polkadot’s cross-consensus messaging format.
- Spielworks, a leading blockchain start-up that specializes in gaming & DeFi solutions, launched the $WOMBAT token on the Polkastarter launchpad.
- Polkastarter recently hosted a Mecha Morphing (MAPE) Initial DEX Offering (IDO) offering.
On the whole, the Polkadot Tokens & ecosystem is building to strengthen the DeFi space aiming to be the leader in the Smart Contract platform in the near future. With the constant updates and developments, the ecosystem may gain significant dominance very soon.
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Additional Read: Top Cryptos to Watch this Week