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Polkadot ($DOT) price is on the rise. It marked an upsurge of more than 17% in the last one week. At press time, DOT is trading at a price of $7.41 with an increase of almost 2.35%. Its 24 hour trading volume is at $447.173 million. In one month, it marked an upsurge of almost 27%, while its year-to-date growth is approximately 71%.
Polkadot Web3 projects
Polkadot’s price surge is due to the recent upgrades in its platform. Leading firms are experimenting with web3. Recently, Sony Network Communications launched a unique web3 incubation program with Astar Network. This program is designed to help develop top-tier web3 projects. In this projects the successful applicants will work closely with the leaders of Web3, including Polkadot and Web3 foundation.
Polkadot’s key role in this web3 program explains the increase in price of Polkadot. After the announcement of this program on February 17th, a little price surge can be seen in Polkadot. Since then DOT noted a high at $7.53.
Polkadot’s native staking feature
Polkadot is improving its native staking experience for users. This will allow its users for as little as 1 DOT token to be staked for earning rewards. It must be noted that Polkadot has introduced on-chain pooling of staked DOT that promotes native staking over centralized third-party platforms. This eventually increases decentralization so the user can control and access as little as 1 DOT for staking.
After the latest update users will be allowed to maintain control and ownership over their assets. These improvements add a real countdown timer showing the time remaining in the current era, and also indicate when rewards will be paid out.
The staking process is simpler now. It accommodates global users with app-wide localization and translation into English and Chinese. More languages will be included eventually.
Other updates include the services like finding the most trustworthy validators, that verify transactions in the Polkadot network. And stakers can make informed decisions in their selection process and take main actions. The Polkadot team has planned future improvements. This is already available on Kusama and projected for Polkadot. Now the users have an option for pool-switching and changing nomination pools without a wait.
The stakers on Polkadot fuelled a bullish narrative for DOT. It has yielded almost 8% gains over the past week and continued its uptrend. One of the primary projects of Web3 Foundation, Polkadot, was to implement on-chain pooling of staked DOT. With this new upgrade, the price of Polkadot has seen a significant uptick with a good number of tokens that are getting staked into the system.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
