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Polkadot (DOT) Ecosystem Recap: The Latest Developments

TL;DR

  • Polkadot has introduced the Join-Accumulate Machine (JAM) upgrade to replace the Relay Chain and launched a 10 million DOT prize to encourage development.
  • The protocol improved block validation efficiency after a vital upgrade and formed a strategic partnership with the Founder Institute to launch its first Web3 cohort.

The Recent Advancements

Polkadot keeps holding center stage thanks to the developments surrounding its ecosystem and some strategic partnerships. Most recently, founder Gavin Wood revealed that the community has ratified the Join-Accumulate Machine (JAM) Gray Paper as “its next major protocol evolution with a near-unanimous governance vote.”

This technical upgrade is designed to replace the existing Relay Chain (the central chain of the network) with a more modular and minimalistic architecture. It combines elements of Polkadot and Ethereum, supports existing parachains, and aims to enhance network stability and scalability​. 

Last month, the team announced the JAM Implementer’s Prize, a 10 million DOT reward pool to encourage diverse development efforts and foster innovation within the ecosystem.

Enabling Asynchronous Backing on the Polkadot network is also worth mentioning. The upgrade represents “an optimized approach for how parachain blocks are validated by the Relay Chain.” 

The team disclosed that blocks are produced twice as fast, while available blockspace was increased by 6-10 times following that advancement.

Last but not least, Polkadot inked an important deal with Founder Institute (a leading business incubator that turns ideas into fundable startups). The latter described the collaboration as “strategic,” explaining that it marks the beginning of “an exciting chapter” related to the launch of the first Web3 cohort in its Core Program.

The start of the initiative was scheduled for May 28 and it will be guided by leading experts from the Polkadot community.

DOT Price Outlook

Polkadot’s native cryptocurrency witnessed an uptick in the past few days, rising to as high as $7.70 on May 27. However, it could not keep the momentum, plunging to its current level of approximately $7.06 (per CoinGecko’s data).

DOT Price
DOT Price, Source: CoinGecko

Despite the recent drop, though, many analysts are optimistic that DOT can reach new peaks in the near future. The X user Block Diversity claimed that the asset’s latest pullback resulted from following BTC’s footsteps. Recall that the primary cryptocurrency briefly dipped to nearly $67,000 today (May 30). The analyst maintained that DOT remains in a bullish mode as long as it trades above the critical resistance level of $6.90.

Altcoin Sherpa chipped in, too, predicting a possible price pump for the token. However, they don’t think it will outperform the rest of the market, advising investors to cash out their DOT holdings during the next resurgence.

The post Polkadot (DOT) Ecosystem Recap: The Latest Developments appeared first on CryptoPotato.

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