Source: Vladimir Kazakov – Adobe Stock
- As the Polkadot ecosystem prepares for its largest event this year, more Web3 developers continue to integrate for a scalable future.
- Despite the consolidation since February, DOT price has gained more than 23 percent YTD to trade around $5.4.
The Polkadot (DOT) network, a layer 0 blockchain with more than 1.1 million users, remains one of the most valuable chains offering secure and scalable multi-chain capabilities. Since its inception, Polkadot has enabled Web3 developers to transfer any data or assets across different chains.
As a result, the Polkadot ecosystem has significantly benefited from the rise of Ethereum, Bitcoin, and other networks since it is interoperable through specialized smart contracts parachain’s. Notably, decentralized application developers can focus on developing user-friendly interfaces as Polkadot helps them scale to multichain users.
The Polkadot ecosystem has experienced astronomical adoption with more than 45 percent of the total DOT’s circulating supply, or about 594 million, already staked. Currently, the DOT ecosystem has an inflation rate of about 6.75 percent with an infinite supply.
Web3 Protocols on Polkadot Network
The Polkadot ecosystem is preparing for its largest event this year dubbed Polkadot Decoded scheduled for June 28 and 29. The event is expected to be made available to both onsite and online users from Copenhagen, Denmark. The two-day Polkadot event is expected to highlight Web3 development and the need for interoperability for scalability.
1/ With just over a month to go before @PolkadotDecoded it’s time to see what the ecosystem teams have been working on lately.
Read on to learn about the major updates, announcements & integrations from the parachains & others 🧵⬇️https://t.co/fvRqz6oZpa pic.twitter.com/2nhkdT3oxq
— Polkadot (@Polkadot) May 22, 2023
The Polkadot ecosystem takes pride in dozens of Web3 protocols including Talisman, a user-friendly crypto wallet developed for Polkadot and Ethereum users. Notably, the Talisman Web3 protocol recently integrated Polkadot Vault, a mobile application that allows users to turn their old smartphone into an air-gapped wallet.
The integration of Polkadot Vault and Talisman comes amid the controversy involving Ledger with its software upgrade that could compromise users’ assets.
In another Polkadot development, Novasama Technologies announced its first Wallet on the Polkadot ecosystem dubbed the Nova Wallet to integrate with Wallet Connect V2. As a result, Nova Wallet users can interact with liquidity from other chains and protocols at ease with utmost security.
Another notable Polkadot development is the introduction of Astar’s XCM v3 on Shiden. Through the use of XCM, developers can build cross-chain dApps that can be duplicated in other environments.
4/ @AstarNetwork has announced XCM v3 is live on Shiden, Astar’s @kusamanetwork chain. Check this thread to learn about how XCM v3 enhances multichain interoperability, enables asset exchanges & cross-chain NFT functionality, and more: https://t.co/j9EAY9WVFp
— Polkadot (@Polkadot) May 22, 2023
In the list of notable developments on the Polkadot ecosystem, the Moonbeam network recently announced the Bear Necessities Hackathon, featuring 7 challenges and more than $70K in bounty prizes.
Meanwhile, serious developments have been taking place on the Kusama network, the stage 1 development chain before protocols launch on Polkadot. For instance, Subsocial recently announced the launch of the OpenComm proposal on the Kusama network. Through Grill.chat as a proof of concept for OpenComm, Polkadot users are set to have on-chain secure communications.
These features are not specific to our https://t.co/EM4zb1GKi2 application; they are part of the OpenComm layer 🌐
Multiple projects are interested in integrating OpenComm features:@AstarNetwork@KodaDot@MoonsamaNFT@ZeitgeistPM@polk_gov@RmrkApp@Ternoa_@ImbueNetwork
— Subsocial (@SubsocialChain) May 18, 2023
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Price Action
As a top-traded altcoin with a 24-hour trading volume of about $95 million, the DOT price is well positioned to rally beyond in the coming years. Furthermore, DOT price joined other top digital assets like Bitcoin and Ethereum that outperformed market equities, having jumped more than 23 percent YTD to trade around $5.378 on Tuesday.
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