Polkadot Announces Functional Upgrades as Full Mainnet Launch inches Closer
Polkadot has published a roadmap towards the launch of its parachains and slot auctions. The rollout is expected to mark a milestone for the blockchain.
The Polkadot ecosystem has seen significant growth and stabilization over the past few weeks as developers continue to roll out features and upgrades.
In characteristic fashion, the company’s DOT token has hit new highs as the firm appears to have put out its most significant announcement.
On Monday, the Polkadot project published a release detailing its roadmap for launching slot auctions and pararchains. The launch will mark Polkadot’s transition into a self-sustaining blockchain protocol. Per the announcement, it will be divided into three stages.
Currently, Polkadot is within the testnet environment for its Rococo upgrade. With this upgrade, developers will be able to run tests on mechanisms to allow seamless communication along multiple Polkadot parachains. Thanks to Cross-Chain Message Passing-lite, the platform will enable parachains to easily send generalized messages and tokens through Polkadot’s relay chain.
Developers have been working on the testnet for months, and they hope to complete its rollout soon. Upon launch, the testnet will also feature components like approval voting and dispute resolution.
Following this stage, Polkadot will hold a vote to enable parachains on Kusama – the platform’s “canary network.” Kusama provides a middle ground between a testnet and a mainnet as it offers more accommodations for experimentation. Following stability on Kusama’s parachains, the Polkadot community will conduct an on-chain vote to introduce parachain auctions.
While there is no timeline for these processes, Polkadot is looking to ensure seamless integration before the end of the first quarter. The blockchain firm already has an agreement with Bithumb Global to launch Clover – the latter’s decentralized finance (DeFi) platform.
Clover is set to be a blockchain platform targeted for DeFi. It will be an open platform for DeFi applications, using cross-chain functionalities to connect DeFi with centralized finance. It will feature a native token known as CLV, which will function as both a utility token and a governance token. It will work for staking and consensus, as well as facilitating transactions across several marketplaces.
DOT On the Rise
Following the announcement, Polkadot’s DOT in-house token immediately saw a surge. Data from CoinMarketCap showed that the asset surged by 10 percent on Monday to close at $30 on Tuesday.
The asset has now broken into the top four cryptocurrencies by market cap. DOT began the year trading at $9, and it has been on a tear ever since. It is trading at $30.81 at press time, with a market cap of $27.97 billion (+5%). That has seen it sit comfortably in the fourth position.
Of course, this doesn’t mean things will always be this way. Polkadot’s market cap remains dangerously close to those of ADA ADA 12.62% Cardano / USD ADAUSD $ 2.24
$0.2812.62% Volume 5.11 b Change $0.28 Open $2.24 Circulating 32.03 b Market Cap 71.69 b 2 d JPMorgan says Ether Is Overvalued at Current Prices and DeFi’s Institutional Adoption Is Above 60% 5 d It Isn’t Layer 1 or Layer 2, It’s Time for LayerZero 1 w Polygon to Integrate EY’s Blockchain Solutions Into Its Ecosystem and XRP XRP 13.58% XRP / USD XRPUSD $ 1.00
$0.1413.58% Volume 5.04 b Change $0.14 Open $1.00 Circulating 46.72 b Market Cap 46.53 b 5 h SEC Scores Minor Victory Against Ripple As Court Rejects Employee Trading History Motion 1 w Solana (SOL) Dominating Institutional Interest, Accounting for Over 86% of the Total Inflows 1 w More than 65% of South Korean Crypto Exchanges to Shut Down Once FSC Deadline Hits , which now occupy the two positions underneath it. ADA is trading up 1.73% percent on the day, with a market cap of $27.78 billion.
This month, Input Output Hong Kong – the company behind ADA – announced that it expected to be through with the launch of its new mainnet by the end of February. The announcement also pushed ADA to all-time highs, and a successful launch is set to see the asset jump even more.