Ethereum blockchain’s major competitor Polkadot (DOT) is registering huge gains following the support from cryptocurrency exchange Binance. In the last week, DOT has rallied from a low of $4.77 to $7.65 as per data provided by CoinMarketCap. The rally reflects a gain of 60% over past six days.
Polkadot’s rise has come at a time when Binance has set aside $10 million in finance for ventures revolving around the Polkadot ecosystem. The investment amount set aside by the cryptocurrency exchange in an attempt to create decentralized finance facility for its advocates.
Interestingly, Polkadot has substituted ETH on the homepage of Binance and that is offering more exposure and base to likely contend the number one altcoin.
ETH is replaced by $DOT @Polkadot and is displayed on the homepage of @binance pic.twitter.com/d7Jx3b8mgE
— PolkaWorld (@polkaworld_org) December 28, 2020
Polkadot, which continues to grow at an amazing rate, paves way for transfer of all kinds of info, instead of just digital tokens between blockchains.
The covenant’s native crypto, DOT, serves three objectives. It functions as a governance token, providing token holders total control of the covenant. It also permits staking of tokens by holders to ensure safety of network. Furthermore, DOT makes it possible for holders to combine tokens to build fresh parachains.
As per Binance, Polkadot presently backs hundreds of ventures.
“Polkadot is a fast-growing blockchain ecosystem supporting over 300 ecosystem projects to-date, including the recently launched Reef Finance. As a multi-chain operating environment, Polkadot supports cross-chain registries, computation, assets and data transfer.”
