Because of this, Polkadot (DOT) will continue its bull run to a new all-time high

Source: Vladimir Kazakov – Adobe Stock

  • The polkadot ecosystem is experiencing strong development with parachain auctions on the network.
  • These developments by Polkadot bring it closer to the dominance of the DeFi ecosystem.

The multi-chain blockchain platform Polkadot was in the news recently. Polkadot (DOT) crypto has remained resilient to last week’s market correction as it made its way north. At press time, Polkadot (DOT) is trading 1.53 percent higher at $ 36.43 and a market cap of $ 35.9 billion.

Plus, it’s the only cryptocurrency in the top ten list that has made more than 30 percent gains in the past week. Since mid-July, Polkadot has recorded breathtaking growth of over 250 percent. However, this is not the end of the DOt bull run. Several market analysts believe this is just the beginning of the polkadot bull run.

The Polkadot blockchain aims to connect several application-specific parallel chains together. These scalability projects are known as parachains and divide transactions into multiple shards as they are processed in parallel.

This entire ecosystem of Parachains is integrated into a single base platform called a relay chain. All of the network security, consensus and voting logic takes place in the relay chain. Polkadot’s parachain ecosystem has grown tremendously in the past few weeks.

Several parachain auctions have taken place on the Polkadot blockchain in the past two months. To support the Parachain launches, users vote for different projects by locking the DOT tokens. The Polkadot “canary” network has its own auctions for the parachain slots. This parachain auction process will continue over the next few months.

Polkadot derivative data point at the new ATH

Polkadot’s technical charts and derivatives data show strong signs of a big price hike ahead. Overall interest in polkadot (DOT) futures has nearly doubled in the past 30 days from $ 360 million to $ 685 million, according to Bybt data.

Courtesy: Bybt

This is a big plus as it suggests that despite the recent rally, leverage traders are willing to keep their long positions open.

The integration of Polkadot with DeFi is increasing

Another important development at Polkadot is the increasing integration into decentralized finance (DeFi). Last week, September 8th, the decentralized data aggregator SubQuery raised a staggering $ 9 million to build the first layer of aggregation on Polkadot.

By using this integration, the tokens of the Moonbeam Parachain are built on substrates, Polkadot’s development tool. Users can also seamlessly send these tokens to smart contract addresses and Ethereum wallets.

Last week, September 9th, Moonbeam partnered with the decentralized liquid staking derivatives protocol Lido. Another development comes from the Polkadot-based decentralized derivatives exchange dTrade, which raised 22.8 million US dollars as a market-making fund.

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