Polkadot is a project created to combat the interoperability issue of the blockchain industry. While there is an array of similar projects with the same goal, Polkadot stands out as a proven success with an ecosystem of 500+ different projects capable of interacting easily with one other.
Polkadot was launched in May 2020. It is the flagship project of the Web3 Foundation, a Swiss foundation created to fund the development of applications for decentralized web software protocols.
In this story, we will discuss some of the projects in the Polkadot ecosystem with the potential for massive growth in the coming years.
Market Cap: $7 Billion Circulating supply: 1.12 Billion token DOT is the native coin of the Polkadot chain. It powers the network and is used for payment of transaction fees. Holders of DOT are empowered to partake in the network’s governance by voting on certain issues, including any proposed protocol upgrades.
Market Cap: $3 Billion Circulating supply: 491 Billion token Chainlink is a decentralized oracle network that enables the secure interaction of blockchains with data from external sources. With Chainlink, smart contracts on several chains can receive inputs and outputs from real-world sources.
Market Cap: $394 million Circulating Supply: 7 million token Launched in September 2018, Compound is a DeFi lending protocol that runs on the Ethereum blockchain. On Compound, investors deposit assets to earn interest on their balance or take out a crypto loan.
Market Capitalization: $392 million Circulating Supply: 8 million token Known as Polkadot’s Canary network, Kusama was created in 2018 by a cofounder of Polkadot, Dr. Gavin Wood. It is a blockchain platform built to serve as a scalable and interoperable framework to test new blockchains or applications.
Market Cap: $322 million token Circulating supply: 9.66 billion token Ankr is a decentralized blockchain infrastructure provider designed to enable developers and stakers to interact seamlessly with an array of blockchains. It was launched in 2017 on the Ethereum blockchain.
Polkadot is a network protocol that allows arbitrary data—not just tokens—to be transferred across blockchains. This means Polkadot is a true multi-chain application environment where things like cross-chain registries and cross-chain computation are possible.