HomeNewsPolkadot's Impressive Milestones Boost DOT Price, But Referendum Faces Resistance

Polkadot’s Impressive Milestones Boost DOT Price, But Referendum Faces Resistance

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  • Polkadot’s (DOT) price performance is closely correlated with its current ecosystem milestones.
  • The world’s 11th largest crypto by market cap is paring off the minor losses it accrued over the past week.

Polkadot’s (DOT) price performance is closely correlated with its current ecosystem milestones. As per CoinMarketCap’s data, Polkadot is changing hands at a spot price of $6.42, up by 3.77% over the past 24 hours. The crypto is paring off minor losses from the past week. The market outlook for Polkadot is looking good as the world’s 11th largest crypto by market cap continues to roll out impressive milestones across the board.

Impressive Milestones for Polkadot

In a recent ecosystem update, the duo of Bill Laboon and the Polkadot protocol shared some impressive milestones to watch. Laboon highlighted the release of Kagome 0.9.0, a Polkadot Host implementation written in C++. The update also showcased the steady embrace of new systems to support core protocol users. Several parachains within the Polkadot network also recorded impressive integration over the past few weeks.

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Astar Network made history as the first parachain to support the EVM and WASM VM Smart Contracts, which is a significant milestone for the Polkadot network. Meanwhile, Acala Network recently released cross-chain token library xtokens for cross-chain token transfer functionalities. These developments are expected to enhance the overall use case for the Polkadot protocol.

Setback in the Works for Polkadot

However, one key governance protocol proposed for Polkadot, Referendum 112, is currently facing resistance and may fail to pass. The proposal aims to immediately increase the number of validators in the active set from 297 to 500. While it is generally known that the higher the number of validators, the more secure the protocol is, ecosystem members appear to be seeing friction ahead and thus account for the current lack of support being granted to the proposal.

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Should the referendum fail to pass, nothing will change, but it will highlight the powers of the Polkadot governance ecosystem. The Polkadot governance ecosystem has been designed to ensure the platform’s security, scalability, and interoperability. The governance model includes stakeholders, council members, and technical committee members. The stakeholders, who hold DOT tokens, can vote on referenda, such as Referendum 112.

Overall, Polkadot’s ecosystem is expanding, and the platform is achieving impressive milestones. While Referendum 112 may face resistance, it highlights the importance of the governance model in ensuring the network’s security and scalability. Polkadot’s recent achievements show its potential to become a leader in the blockchain space, and investors are watching closely for its next developments.

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Jack Williams
Jack Williams
As a Blockchain Analyst, I specialize in analyzing the performance of decentralized systems and optimizing their efficiency. Through data analysis, I provide insights on blockchain technology, smart contracts, and cryptocurrencies to help businesses make informed decisions and improve their operations.
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