Industry News

Polkadot token now the 6th largest by market cap

TL;DR Breakdown

  • Polkadot token price is rising
  • Gavin Wood posits that 2021 would be a massive year for the protocol.

One of the revelations of the crypto world this year has been the Polkadot ecosystem. Many have labeled the platform as “Ethereum’s killer.” Instead, it has proven to be a reliable complement to Ethereum as it has rapidly improved the scalability of the network.

Within the last one year, Polkadot token, DOT, has grown to become the sixth-largest cryptocurrency by market cap overtaking the more popular crypto asset, Bitcoin Cash, in its wake.

The Polkadot token currently has a market capitalization of over $7 billion, beating other competitors like EOS and Cardano.

In a recent post, Gavin Wood, the co-founder of Polkadot, said that only Ethereum is ahead of Polkadot as the most active ecosystem in the DeFi system.

According to the post, Polkadot has operated as an ecosystem that allows for the transfer of digital assets across various blockchains. Currently, the focus of the project has been on interoperability geared towards Ethereum. However, there are plans to integrate other platforms in the future.

The co-founder added that 2021 would be a very pivotal year for the development of the platform. He posited that the ecosystem would bring features like parachain together and lease them to project developers who might be looking to build more applications on such parachains.

It is also expected that Ethereum’s smart contract ability on Substrate would be available in the first or second quarter of next year.

Polkadot Token Price is Rising

In recent times, the price of crypto assets has been appreciated massively. Bitcoin, Ethereum, and other digital assets have risen as more adoption and acceptance of these assets are generally accepted.

The Polkadot token is also not left out. The token has also garnered momentum alongside other cryptocurrencies. Currently, the asset sells for $8.2.

The protocol’s network is currently secured by 63% of the token holders.

This post was last modified on January 8, 2021 2:36 am

Kamsi King

King Kamsi is a fintech and digital currency writer and enthusiast. He is keenly interested in blockchain and cryptocurrency and their global adoption. When not busy with writing, he can be found hobnobbing in forums with the best minds in crypto, both developers and startup founders.

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