Polkadot (DOT), one of the important names in the altcoin market, is taking important steps in the cross-chain arena, although it remains stagnant in terms of price. But will these latest efforts push the DOT to move in the right direction, contrary to ongoing market sentiment?
Polkadot appeared at the Sub0 developer conference
Polkadot has been looking for its old days for a long time, while its team is busy with new products and developments. At the Sub0 developer conference, the Polkadot team revealed what’s going on behind closed doors. They specifically highlighted its big move towards 1,000 parachains. This vision was well aligned with the altcoin project’s mass adoption goals.
Additionally, bear market conditions have diverted attention away from speculation. Meanwhile, altcoin networks like Polkadot are doubling down on development. At the Sub0 conference, the network had numerous presentations highlighting work being done in secret. More importantly, it illuminated what to expect, especially in moving towards 1,000 parachains. You can check out the details here:
🌞GM diligent #Web3 BUIDLers & #crypto degens!☕️
🔗🌐 #Polkadot is aiming for the stars !🌟!
Announced at #sub0developers are introducing updates to support 1,000 #parachains, a tenfold increase! 🚀
“Asynchronous backing” will halve block time & augment block space, paving the… pic.twitter.com/74YZv8pcwS— Orbiter One (@OrbiterOne) September 22, 2023
Polkadot aims to support 1000 parachains in the future
Core developers at Polkadot aim to increase the ecosystem’s current parachain limit to 100 and onboard 1,000 parachains in the future with the help of software updates. “Asynchronous support” is one of the updates to Polkadot’s parachain consensus protocol. The update will halve the parachain block time from 12 seconds to 6 seconds. Additionally, it will increase the block area by 5-10 times for each block.
In summary, Polkadot is one of several altcoin networks competing for cross-chain dominance. He confirmed this goal once again at the Sub0 conference. But will these developments increase the value of DOT?
Will development efforts provide some relief to the altcoin price?
DOT has been in decline since February. It reached its lowest value of 2023 at $3.91 in September. It is currently trading at $4.02. DOT’s price action reflects low demand and lack of liquidity in recent months. Meanwhile, the altcoin market has been hit by SEC lawsuits. cryptokoin.com As we reported, the tension continues with mutual bickering.
According to on-chain data, DOT’s weighted sentiment has increased slightly in the past three weeks. This shows that investors have more confidence in DOT’s potential. However, this optimism is not yet visible in DOT’s price movement. On the other hand, development activities are at their lowest level in the last four weeks.
If the market turns bullish overall, DOT’s chances may also increase. The new plans announced by Polkadot support a strong bullish scenario for the altcoin price in the long term. This represents a positive turnaround for DOT when market conditions improve. In conclusion, the developments and plans made by Polkadot will produce positive results in the long term. However, in the short term, the general trend and sentiment of the market remain the most important factors that will affect DOT’s performance.
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