Polkadot back at the top of the bill? Polkadot is one of the most followed projects in the crypto industry. This unique project is regularly talked about. So what's new for this promising blockchain and its ecosystem?
Polkadot attracts users and investors.
Polkadot continues to progress day by day. Recent data from Santiment, a company specializing in crypto data analysis, sheds light on strong activity on the blockchain.
For example, there is a peak in transactions for September 16 on the network. Similarly, the activity of parachains is also sustained. As a reminder, Polkadot is a blockchain solution focusing on interoperability. For this, it consists of the main blockchain, Polkadot, and parachains that can be grafted on top. This is the case of Moonbeam and Acala for example.
Likewise, investor confidence in the project still seems to be present. Polkadot maintains its 11th place in the ranking of the largest market capitalizations according to CoinMarketCap.com.
DOT suffers from market conditions.
The crypto market is experiencing a bright red September. Like the traditional markets, it is suffering from the deteriorated macroeconomic conditions of this year 2022. Inflation figures continue to be bad and the FED has no choice but to raise its key interest rates. For now, this is expected to be the case until at least mid-2023.
In this context, large caps such as Microsoft and Apple lost more than 10% in one month. Also the crypto and bitcoin market is coughing too. At the time of writing, DOT is trading for $6.44. It is down nearly 8.5% over the last month. This represents an 80% drop since its ATH on November 4, 2021, at $55.
The price of DOT over the last 30 days (source: coinmarketcap.com)
Regarding the short-term trend, the major support is around $6. It is essential that the latter resist so as not to see a new DOT dump in the weeks to come!
READ MORE: Crypto Polkadot: Should You Buy DOT?
The parachains are not left out!
The news is also accelerating on the side of the parachains. The best known of them, Moonbeam, recently unveiled several new features. First, the network is now compatible with Phala Network. Because of this, GLMRs (one of Moonbeam's native tokens) and PHAs can flow across blockchains unhindered.
Phala Network allows the creation of confidential smart contracts. Thus, it is possible to obtain anonymous transactions. A central issue in an era where the non-consented sharing or leakage of personal data is commonplace. Phala wishes to combine the power of Web 2 with the confidentiality allowed by the innovations of Web3. A mission in tune with the times!
Moonbeam continues its development and sees its ecosystem develop in an interesting way. After more than 8 months on Polkadot and a year on Kusama (sort of Polkadot's test network), 268 decentralized applications have been identified. A figure in a constant progression that testifies to the interest of the developers for this solution.
To maintain this appeal, Moonbeam has released a series of training workshops for creating dApps. These are accessible directly on YouTube and could arouse the interest of many developers.
On the side of Acala, Polkadot's DeFi-focused parachain, recent news is less encouraging. The parachain was indeed the victim this summer of a hack of major importance.
The team behind Acala quickly took the floor pointing out a technical fault that would have led to the issuance of a significant number of aUSD, the native stablecoin of the ecosystem, as well as their distribution.
The vast majority of these could not be used but this attack tarnishes the image of the parachain. The aUSD stablecoin has still not regained parity with the dollar. It is currently trading around $0.80. In the face of recent scandals related to stablecoins, this attack hurts the Acala network.
Polkadot and its parachains, therefore, continue their development and continue to attract developers and users. In complicated market conditions, these advances are all guarantees of solidity for one of the most interesting projects in the blockchain industry.
READ MORE: Acala (ACA) Saved From Disaster?
0 Comments