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Polkadot (DOT) Price Analysis – April 21,2021

Polkadot (DOT), created by the co-founder of Ethereum, Gavin Wood, aims to solve the problem of high gas fees experienced on Ethereum.

The Polkadot network provides a heterogeneous multi-chain interchange and translation architecture to connect private and consortium chains with public and permissionless networks.

Based on the Polkadot network and its “sister” test network Kusama, a new set of products will be launched on the market this month to build a decentralized and affordable DeFi.

Source: StakingRewards

According to data from StakingRewards, Polkadot is currently the second-largest blockchain in terms of the staked value, worth about $24,074,650,618. Polkadot’s pledge ratio is as high as 64.96%.

The largest crypto asset is locked in Cardano at $28,622,444,193, while its average annual staking reward (7.27%) is lower than DOT. Stakeholders of DOT could get a 13.11% reward every year.

Polkadot set a new all-time high of $49.20 on April 17. The bulls failed to sustain their bullish momentum. In the past few days, it suffered a large loss, from $49.20 to $34.33 today.

If the overall virtual currency market remains sluggish, DOT may follow the broader market and continue its current downward trend, falling below the $30 mark.

Polkadot (DOT) Price Analysis

Source: DOT/USD Daily via TradingView

Polkadot (DOT) has suffered huge losses and the massive sell-off caused the price to fall by 21.66% within the past 7 days.

After the massive sell-off last weekend, the DOT rebounded yesterday, and the bulls worked hard to rebound the price from yesterday’s $31.40 area to a daily high of $36.15. However, the bulls were unable to sustain the gains and quickly lost momentum, allowing the bears to control the market.

DOT/USD prices are moving under the Exponential Moving Average (EMA) ribbon. The MACD index is still in a bearish zone, indicating that it may sell further in the next few days. If the current trend continues, DOT may fall towards its 100-day Simple Moving Average of $30.75.

The RSI of DOT is $40.44, which is lower than the equilibrium point indicates that the bears are currently dominating the market. If the DOT fails to defend its support point at $31.40, the cryptocurrency may record further losses.

Contrary to this assumption, if the currency pair rebounds from the current level, it indicates strong buying on dips. DOT will seek to run at the 50-EMA of $36.55 resistance level. If the DOT’s price can stand above the 20-EMA of $38.88, then the bulls will try to push the price to a record high of $49.20.

Polkadot Announces The Launch of Phase Five with Parachain Functionality

Gavin Wood, the creator of Polkadot and Kusama, announced in the official blog today that the Polkadot mainnet is about to start phase five-the final phase of Polkadot where decentralization and permissionless features will be achieved at the end of July 2020.

The core developers will manage the launch of parachain functionality and the auctions and crowd-loans behind them.

The staged launch of Polkadot took 10 months to complete in the first four stages. Polkadot, as a heterogeneous and scalable multi-chain, has so far been in the form of an independent single-chain. With the launch of the fifth-stage parachain function, the final vision of Polkadot’s heterogeneous sharded system will also become a reality.

Last week, Parity Technologies (the core team behind the development of Polkadot’s initial implementation) released version 0.9 of Polkadot running on the Kusama network.

In the official blog, it wrote that:

“Kusama has already been upgraded to the logic contained in this release (v9010) and so is now finally ready to host parachains.”

Wood did not point out the specific release time of the Polkadot’s parachains, but said that the two things need to be done before that. The first is the need to conduct a comprehensive external review of the new versions of the Polkadot and Kusama network; the second is the need to successfully conduct at least one auction involving crowdloans and host at least one functional parachain.

Wood added:

“For the next two months, effort will be directed towards reliability, refactoring and performance. “

According to Coinmarketcap, Polkadot (DOT) ranks as the 8th largest cryptocurrency, with a total market capitalization of $ 38,799,552,557 today.

Polkadot has risen by 5.14% within 24 hours and up to 13.46% within a week. At the time of writing, DOT is trading at $41.47.

Kraken Launches Kusama Parachain Auction Platform,Driving it Surging by 19.07%

Cryptocurrency exchange Kraken official announced launching the Kusama Parachain Auction platform. Kraken will support users of the exchange to bid on the Karura and Shiden projects.

Karura is the Kusama network’s decentralised trading centre and pledged stablecoin platform. While Shiden, as the smart contract layer of the Kusama network, allows developers to design and build new DApps on it.

This latest development in the Kraken exchange fueled Kusama’s KSM token price and regained the momentum that has risen by 19.07% in the past 24 hours during intraday trading. KSM was trading at $431.67, according to Coinmarketcap.

However, the Parachain auction platform is not yet open to customers in the United States, Canada, Australia, and Japan.

According to Kraken’s official Twitter post, the new platform will support qualified users to vote on Kusama-related projects through Kusama’s KSM tokens. The rewards for contributors who support winning bids vary and may include referral bonuses, and Early participants will get some incentive rewards.

Kraken will adopt Parachain slot auctions (or “Parachain auctions” for short) to ensure the fairness of the blockchains using the Kusama or Polkadot relay chain and its distributed computing power per the official Kraken announcement.

Currently, only 100 Parachain slots are available, but it reveals a flexible and subject to change by governance vote over time.

Kraken’s chief product officer Jeremy Welch said in a press statement:

“Parachain auctions open up a whole new vista for cryptocurrency holders, so they can back projects that will likely make substantive changes to various aspects of our lives.”

Last week, the Kusama network became the first fully decentralised and secure heterogeneous sharded sidechain using Polkadot technology, often referred to as Polkadot’s “Canary Network”.

On May 17, Polkadot announced that Kusama was finally ready to launch Parachains.

Gavin Wood, the creator of Polkadot and Kusama, announced in the official blog today that on June 15, there will be the first Kusama Parachain slot auction. The auction begins with an initial bidding period of two days and an end period of five days.

Tether Discontinues Support for Kusama, Bitcoin Cash SLP, and Omni Layer

Tether, the renowned stablecoin issuer, has unveiled a pivotal change in its approach to blockchain support. In a bid to resonate with the evolving demands of the crypto community and uphold a fortified blockchain ecosystem, Tether will cease support for its tokens on the Kusama, Bitcoin Cash SLP, and notably, the Omni Layer platforms.

Historically, the Omni Layer, constructed atop the Bitcoin blockchain, was instrumental for Tether. It marked the company’s initial foray into transport layers in 2014. “The Omni Layer, built on top of Bitcoin, played a crucial role in Tether’s early journey, and we acknowledge the contributions and innovations the team has made to the crypto landscape,” the company stated in its announcement.

However, the Omni Layer encountered hurdles over time, primarily due to the lack of widespread tokens and the surge of USDT availability on alternative blockchains. This trend led to a shift among exchanges, favoring other transport layers and resulting in diminished USDT activity on the Omni Layer.

Despite these challenges, Tether remains optimistic about the Omni Layer’s potential, especially its capabilities in decentralized exchanges and token issuance, encompassing NFTs. The company hinted that a renewed interest in the Omni Layer might prompt them to revisit the idea of issuing USDT on Bitcoin via this layer.

Tether’s commitment to the Bitcoin ecosystem remains unwavering. They are at the forefront of RGB’s development, a state and smart contracts system validated on the client-side, designed for Bitcoin’s Layer 2 and 3. “Upon the activation of USDT on RGB, the global community will experience USDT on an advanced and scalable Bitcoin layer,” Tether’s announcement elaborated.

Starting from the 17th of August 2023, Tether will halt the minting of USDT-Omni, USDT-Kusama, and USDT–BCHSLP. However, they will continue to honor redemptions for these tokens for a minimum of the next 12 months. Additionally, users have the option to exchange these tokens for other chains on compatible platforms.

The crypto realm in 2023 is witnessing a surge in stablecoin competition, with new entrants vying for a share of Tether’s market dominance. Recent launches include PayPal’s stablecoin and First Digital USD. In Q2 2023, Tether reported impressive financial results, earning over $1 billion.

Astar, Kabocha Lead in Polkadot and Kusama Auctions

Bill Laboon, the Head of Education and Grants at Web3 Foundation, has provided critical updates on the ongoing parachain lease auctions for Polkadot ($DOT) and Kusama ($KSM) networks. In a Twitter thread dated August 31, 2023, Laboon shed light on the leading projects and upcoming changes within these ecosystems.

Astar’s Dominance in Polkadot Auctions

With just half a day left in the current Polkadot parachain lease auction, Astar has been in the lead for the majority of the Ending Period. Laboon’s tweet, which has garnered 8,934 views, 12 reposts, and 61 likes, confirms Astar’s strong position.

Astar is Japan’s top smart contract platform and supports EVM and WebAssembly environments, enabling interoperability through a Cross-Virtual Machine. It’s user-friendly, utilizing familiar tools and languages, and part of the Polkadot network, contributing to blockchain ecosystem and driving web3 technology adoption.

Kabocha’s Unwavering Lead in Kusama Auctions

On the Kusama network, Kabocha has maintained its lead throughout the entire Ending Period of the current parachain lease auction. With three and a half days remaining, the project has already attracted significant attention.

The Growing Importance of “Blockspace”

Laboon also touched upon the increasing discussions around “blockspace” within the Polkadot ecosystem. He directed followers to an article by Rob Habermeier, titled “Blockspace over Blockchains,” for an in-depth understanding of the subject.

Educational Opportunities and Grant Programs

For developers interested in the Polkadot and Substrate platforms, Laboon highlighted a free on-demand course offered by the Blockchain Training Alliance. Additionally, the Web3 Foundation’s Grants Program aims to encourage innovation within the Polkadot ecosystem.

Implications and Future Developments

The parachain lease auctions are a pivotal element for both Polkadot and Kusama networks, as they allow projects to secure a slot on the respective blockchains for a specific duration. The strong performance by Astar and Kabocha indicates robust community interest and investment.

The early leads by these projects could set the stage for their increased influence within their respective ecosystems. Moreover, the ongoing discussions about “blockspace” suggest that Polkadot is actively working to optimize its infrastructure, which could have broader implications for the crypto community.