October 3, 2022

Polkadot Overtakes Bitcoin Cash in First Year of Activity

2 min read

Polkadot’s DOT token is now the sixth-largest cryptocurrency concerning market capitalization, leaving payment-based cryptocurrency Bitcoin Cash in the dust.

To mark the occasion, Polkadot’s co-founder Gavin Wood revealed a roadmap for next year.

Polkadot Outpaces BCH in First Year

Wood released a network update with renewed goals for 2021. Wood composed:

“& ldquo; Polkadot is now the 2nd most active DeFi environment after Ethereum.”

& rdquo; Despite the frequent comparisons to the number two blockchain, Polkadot is rather a complement to Ethereum, enhancing its scalability. It is an ecosystem that allows for property transfer across other blockchains. The task’s interoperability efforts are focused around Ethereum, but there are plans to consist of all future platforms.

The smart contract ability of Ethereum on Substrate, Polkadot ecosystem’s advancement platform, is expected to present sometime in Q1 or Q2 of 2021.

Gavin composed that the coming year is necessary for the development of the protocol. The ecosystem will unite all the individual features like parachains and rent them to the project developers seeking to build applications on these parachains.

The job’s treasury will continue to release developer grants using nearly 10.4 million DOT (worth $85 million). The network is presently secured by 63% of the DOT holders.

Polkadot’s native token DOT is getting momentum alongside the rise in Ethereum’s cost.

DOT is trading at $8.2 at press time.

Polkadot price chart. Source: CoinGecko
Polkadot cost chart. Source: CoinGecko DOT surpassed Ethereum competitors like EOS and Cardano in less than a week of its launch. And finally, Polkadot beat Bitcoin Cash, reaching an overall market capitalization of $7.7 billion.

Disclosure: The author held no position in DOT at the time of writing.