Polkadot has been by far the most talked-about crypto in the industry for quite some time, thanks in no small part to its performance when most of the industry is feeling the heat of the market correction.
The DOT is one of the promising blockchains that has garnered attention and rave reviews over the years; Gavin Wood and Robert Hebermeier head Polkadot.
Betting On The DOT
Last year saw Polkadot become the most widely held altcoin in the year’s fourth quarter. By estimate, about 24 out of 57 tracked funds are invested in the DOT. About 42% of venture capital and hedge fund investment in crypto is moving toward staking on the progress of the smart contracts on the Polkadot network.
After DOT, it comes to the Oasis Network and Near Protocol as the most sought-after altcoins, considering that the analysis of the most commonly held assets last year did not include the likes of Bitcoin, Ethereum, and others. It is fair to say most funds have a significant concentration of the two leading cryptocurrencies.
Additionally, the fourth largest market capitalization among over 30 invested assets in circulation is held by Polkadot. A remarkable performance like this, especially coming from a relatively well-known blockchain.
Demand For The DOT Is Sure
Following the auctions of some parachains carried out by the Polkadot team some days ago, Nodle, after about 10 rounds of voting, lands the 11th Polkadot parachain slot by garnering 7,528 contributions, which are equal to 2.48 million DOTs and worth more than $42 million in fiat.
Due to Nodle’s success during the auction, Nodle is set to be onboarded on March 11 along with other winners from the auction.
According to the team at DOT, the Crowdsourced Decentralized Network would see the Nodle’s token operate in tandem with other decentralized applications built on the Polkadot platform. Nodle can also operate even with other blockchains that benefit from Polkadot’s shared security system.
The founder and CEO of Nodle, Micha Benoliel, is optimistic about Nodle’s ability to deliver following the auction success. He noted that operating on the Polkadot network will make Nodle’s tokens instantly usable across other parachains, which, in turn, expands their decentralized wireless network system.
Not only can Nodles’ users benefit from its Cash App’s utility, but they can also be able to interact with the DeFi spaces such as the money market or the decentralized exchange ecosystems.
The Parachain Auctions
Polkadot’s parachain slot auctions were designed to allow interested developers to take advantage of Polkadot’s unique way of creating cryptocurrency assets and other decentralized applications on its blockchain.
Consequently, developers can have a space on the Polkadot blockchain to create and develop a project of their choice and stimulate the DOT’s growth.
According to CoinMarketCap, the DOT recorded an 8% rise in value 24 hours after the updates about the parachain slot auctions. At the time of writing, the 12th biggest token is trading above $18.