Polkadot [DOT], a defi protocol that enables arbitrary information, not just tokens to be transferred throughout blockchains has recorded massive gains over the past week. Its native token DOT has risen by over 77% in the previous week even flipping Bitcoin fork BCH to take the 6th spot. The defi token is hardly a year old and yet has a market cap larger than BCH is quite an achievement and another plume in Defi’s cap.
The cost of the token broke-out post Binance listing and ever since the token is on an upward curve currently walking around the $9 mark. The Binance listing in addition to $10 million funding assistance assisted the token peak to brand-new highs.
DeFi Success Story Continues, DOTS Leading the Way
Decentralized Finance (Defi) is the real success story of 2020, while Bitcoin’s massive increase has eliminated the headings from most of the other news, but defi still managed to shine by seeing a multi-fold growth of its market cap and much better trading volume than central exchanges. Defi has actually brought different use cases for the crypto space through making use of clever agreements and looking to broaden its reach even more in 2021.
Polkadot’s successes in such a brief time period reflected Defi’s growing popularity and use cases. The brand-new 6th largest cryptocurrency has taped brand-new all-time-highs as well as trading volumes in the previous week itself.
Polkadot'' s rate and tweet volume are both at an all-time high. $DOT is now the 6th largest cryptocurrency by market cap and quickly surrounding Litecoin and XRP after a 55% rise today. pic.twitter.com/DXjN3NUM1c
—– The TIE (@TheTIEIO) December 31, 2020
Many Are Already Claiming Polkadot [DOT] to be the New Ethereum
Polkadot blockchain and token were introduced just this August however, the co-founder who also happens to be Ethereum co-founder composed the original white paper for the defi procedure back in 2016 itself. Polkadot is popular for using parachains that enables higher deal throughput than the Ethereum network.
Eth 2.0 launch on December 1, 2020, did help the price of the token as the brand-new PoS blockchain guarantees to offer a multi-fold deal throughput with the help of sharding, hence a much better deal processing capability. The total ETH 2,0 rollout would take anywhere around 2-3 years, till then the likes of Polkadot can help companies to get better transactions and processing abilities and hence become a primary option.
van Schreven, a member representing KR1 the firm which has actually invested in Polkadot said,
“We’re going to see a development of economic activity from all these chains since of this cross-chain aspect of the Polkadot environment,” van Schreven included. “Obviously, a few of that will eliminate from Ethereum.”
The post DeFi News: Polkadot [DOT] Surges Over 77% in the Past Week Flips BCH For the 6th Spot appeared first on Coingape.