Polkadot To Increase Parachains By 10X, Will This Support Free-Falling DOT?

Polkadot, a platform aiming to drive blockchain interoperability, wants to increase the number of parachains from 100 to 1,000 in a planned upgrade. The network, which remains one of the most valuable by market cap, has, like most layer 1 networks, suffered from dropping user activity over the past months.

Timeline of Polkadot-new

Circle, the issuer of USDC, the second-largest stablecoin by market capitalization, has made a significant move by launching USDC natively on Polkadot, a Layer 0 network created by Ethereum co-founder

PolkaWorld, the Chinese community for Polkadot, has halted operations for the first time in four years due to the rejection of its proposal for its #OpenGov initiative. The decentralization of Polkadot's governance and treasury management have led to long-term contributors and organizations leaving the ecosystem.

Polkadot (DOT) is on a mild bullish rampage today as the broader market is in recovery mode. Polkadot is changing hands at a price of $4.57, up by more than 2.54% in the past 24 hours and by more than 5% in the trailing seven-day period, according to data from CoinMarketCap.

In a dynamic twist of events, the Polkadot community has found itself at a crossroads, with proposals and performance converging to shape the blockchain's trajectory. With the recent submission of a treasury proposal by Polkadot for its dedicated PolkaWorld community, the landscape reflects both ambition and challenges ahead.

The concept of the “blockchain of blockchains,” Polkadot ($DOT), has surged ahead to claim the top spot in terms of cryptocurrency network development activity, as revealed by data from on-chain analytics firm Santiment. This distinction places Polkadot ahead of Kusama ($KSM), its public pre-production environment, and Cardano ($ADA), a smart contract platform.

PolkaSafe on the Polkadot network proposes to make new changes and hints at collaboration with various firms. Despite new developments, Polkadot fails to see growth on the social front.

Although Polkadot showed some recovery on the price front, its social metrics didn't exactly paint an all-bullish picture. To add to the misery, DOT's price indicators also needed some recovery.

Interoperability blockchain Polkadot (DOT) and its canary test network Kusama (KSM) continue to outrun the rest of the crypto space in terms of development activity, according to the crypto analytics firm Santiment. Santiment notes that Polkadot and Kusama both registered 527.7 notable GitHub commits in the past 30 days, leading all other crypto projects.

The Polkadot (DOT) price failed to break out from a key diagonal resistance line for the fourth time. It trades close to the convergence of important support and the aforementioned diagonal resistance.

The relay chain has a protocol that is designed to evaluate the shared network security, cross-chain interoperability, and consensus mechanism. It ensures that the participants stay in touch normally as well as performing transactions properly.