Acala releases Exodus roadmap update: LDOT protocol DOT pledge amount exceeds 5 million, and 142,000 ACA will be destroyed in 16 days
Acala Network, a DeFi protocol within the Polkadot ecosystem, has released an updated Exodus roadmap. As of now, the ACA token staking rate has reached 13.55%, and the LDOT protocol DOT staking amount has exceeded 5 million. The DOT staked through the liquidity incentive platform Euphrates is about to exceed 5.1 million. In addition, the next ACA token burn will take place in 16 days, and it is expected that over 142,000 ACA tokens will be burned.
Acala update 2.0 roadmap progress: more than 220,000 ACAs have been destroyed, and the ACA-USDC pool is online
Acala, the DeFi protocol of Polkadot's ecosystem, has announced progress updates on Acala 2.0 roadmap, as follows:
1. ACA staking function has been launched;
2. 222,280 ACA tokens have been burned, and the next token burn will take place in 26 days;
3. ACA-USDC pool has been launched;
4. Unilateral DOT and LCDOT staking has been launched on the liquidity incentive platform Euphrates;
5. Currently, 4.2 million DOT have been staked through the Euphrates platform.
The ideal DOT staking rate has increased from 51% to 59%, and DOT staking rewards are expected to decrease by approximately 7%
On October 25th, PolkaWorld announced on the X platform that the ideal staking rate for DOT has increased from 51% to 59%. It is expected that the staking reward for DOT will decrease by about 7% (from 1 DOT to 0.93 DOT).
In addition, PolkaWorld stated that this is to leave enough space for the unlocked DOT for leasing 6-13 crowd loans, ensuring that the reward will not decrease significantly. If the DOT for crowd loans is staked at the previous ideal rate of 51%, the reward will decrease significantly. Setting the ideal rate to 59% provides a buffer for these additional DOT, avoiding a sharp decrease in rewards before the staking rate exceeds 59%.
Parity Technologies, the Polkadot ecosystem development organization, will lay off 30% of its employees, approximately 100 people
According to Bloomberg, Parity Technologies, the blockchain infrastructure company behind the Polkadot platform, will cut 30% of its workforce, affecting around 100 employees, as part of its focus on "transitioning" to its technical plans. Parity CEO Björn Wagner said that the decision, as Parity shifts its focus to supporting Polkadot technology, will impact teams including go-to-market, with approximately 30% of the workforce receiving contract termination notices over the coming months in a transition period, out of a total of less than 400 employees. Earlier this month, the company hinted at the layoffs on social media platform X. According to CoinGecko, the market value of DOT tokens is $5.3 billion, down about 40% from the year's high in February.
Polkadot: Treasury Has Allocated 3.9 Million DOTs This Year, Worth Approximately US$21 Million
Polkadot announced the Treasury expenditure report as of October 18th at the governance forum.
As of October 18th, the Treasury has allocated a total of 3.9 million DOT, worth about 21 million US dollars, which is a significant increase compared to the same period last year (1.7 million DOT, about 13 million US dollars).
In terms of specific expenditures, the proportion of expenditures in the four major areas of development, external publicity, operation, and research is approximately 49.8%, 37.7%, 8.8%, and 2%, respectively.
Web3 Foundation Completes 19th Grant Round
Web3 Foundation has recently completed its 19th round of grants, investing over 1.1 million US dollars in 33 different projects under the Web3 Foundation Grant Program. This wave saw a total of 100 applications submitted, setting a new record in over two years. The foundation highlighted the handling of the 600th grant and the 1000th milestone during this period. The thriving Polkadot developer community currently ranks second globally, only behind Ethereum.
Web3 Foundation Launches $22M Fund to Reward Polkadot Innovators
Web3 Foundation has launched a $20 million fund, along with 5 million DOT tokens, to reward individuals and teams building on Polkadot Network. The initiative, called the DOT Program, aims to drive innovation in the future of Polkadot and will reward projects throughout 2024. <br>
Polkadot Community Halts Operations After Failed Funding Proposal and Criticism of Open Governance Structure
PolkaWorld, a Chinese community with over 50,000 members on the Polkadot network, has suspended operations after its funding proposal was overwhelmingly rejected. The proposal requested 16,842 DOT tokens to cover operational and maintenance costs for the last quarter of 2023, but received 93.3% of votes as "nay". Members of the community have criticized the new open governance structure, OpenGov, implemented on Polkadot in June, which grants every token holder a vote. Some have called for the reinstatement of the previous council system of experts to evaluate proposals.
Diesel Offers NFT Access Passes for Milan Fashion Week
Diesel has released 300 limited-run NFTs in collaboration with Public Pressure, a dedicated NFT music marketplace, for $60 each. The NFTs, held on the Polkadot and Polygon blockchains, offer exclusive access to Diesel's Spring 2024 collection at Milan Fashion Week, as well as music events and virtual experiences.
Polkadot Releases Version 1.1.0 with Significant Updates and Consolidation into Monorepo
Bill Laboon, Head of Education and Grants at the Web3 Foundation, has announced the release of Polkadot Version 1.1.0 with a medium upgrade priority. This version includes significant changes, such as the consolidation of multiple repositories into a single monorepo called "polkadot-sdk," which streamlines the development process and simplifies deployment and maintenance. Additionally, the release is compatible with specific versions of the Rust programming language compiler, ensuring stability and reliability. <br>
Cryptocurrency Custodian Zodia Plans To Provide Custody Services for the Polkadot Ecosystem
Zodia Custody, a subsidiary of Standard Chartered Bank and a cryptocurrency custody institution, will provide custody services for the Polkadot ecosystem through a new partnership with Parity Technologies, providing digital asset storage services for financial institutions. The two companies plan to offer staking for Polkadot's native token DOT to further expand the network's coverage among institutions.
Enjin NFT platform announces the addition of Polkadot to its new mainnet
Enjin NFT platform announced that it will integrate Polkadot into its new mainnet, enabling greater interoperability between different blockchains. Enjin also plans to leverage Polkadot's parachain technology to provide enhanced scalability and faster transaction confirmations.
Polkadot's Bullish Momentum Faces Resistance at Bearish Order Block, Open Interest Indicates Growing Confidence
The writer's opinion is presented and it is not financial, investment, trading, or other types of advice. Despite a bearish order block limiting DOT's bullish advance, open interest has maintained an upward movement. Polkadot's buyers have been persistent in July, resulting in favorable price gains and keeping the altcoin's upward trajectory despite the general market correction led by Bitcoin's decline below $30k. On-chart indicators show bullish intent, but a drop below the $5.23 level would be a sign of a bearish takeover in the short term. Rising open interest highlights growing bullish confidence.
Ethereum Layer-2 Solutions Flourish While Competing Chains Plateau, Says Cumberland's Global Head of Trading
According to Jonah Van Bourg, user counts and wallet addresses have plateaued on alternative layer-1 blockchains such as Solana, NEAR, and Polkadot, making their ecosystems "dead on arrival." Meanwhile, Ethereum layer-2 solutions like Arbitrum and Optimism are flourishing.
Polkadot's DOT Token Sees Uncertain Future Despite Development Activity and Bullish Market Sentiment
Despite an increase in development activity and unique addresses in Q2, the price of Polkadot's native token, DOT, has remained stagnant. However, the blockchain's advancement in interoperability could lead to rapid gains for DOT in Q3. Polkadot offers an ecosystem of custom blockchains called "parachains" that can host decentralized applications and be deployed on Polkadot's central hub, the Relay Chain.
Polkadot Bulls Look to Overcome Potential Market Correction Amidst Bitcoin's Resilience
Polkadot (DOT) has remained strong in the market despite fluctuations, with investors maintaining their bullish position. Ripple's legal victory against the SEC has positively impacted the entire market, including altcoins like DOT.
Crypto Analyst Predicts Short-Lived Rallies for Ethereum Competitors Polkadot, Cardano and Avalanche
Crypto analyst Benjamin Cowen predicts that altcoins such as Polkadot, Cardano, and Avalanche will experience short-lived rallies before crashing back down to fresh lows, following a similar pattern to that of 2018. Cowen believes that the current altcoin rally will stall once Bitcoin's dominance level reestablishes itself.
Polkadot founder proposes Polkadot 2.0 plan to overhaul network's resource allocation
Polkadot founder Gavin Wood has proposed a revamp of the network's resource allocation system, called Polkadot 2.0, which would create a network of sovereign chains connected by "accords." The current system of auctioning off parachain slots has been problematic, but Wood's proposed framework would allocate "core time" via a marketplace, represented by NFTs. Wood's new vision for Polkadot is "application centric, not chain centric," and would address the biggest drawbacks of Polkadot 1.0, allowing for more seamless integration of apps across chains. However, deploying on Polkadot is more challenging than deploying on Ethereum or an L-2 due to its heavy-duty nature.
Polkadot's DOT Price Gains Momentum, Aims Higher Against US Dollar Resistance Levels
Polkadot's DOT has found support at $5.0 against the US Dollar and is slowly increasing in value. The price may experience a surge if it surpasses the resistance levels of $5.30 and $5.40. The DOT/USD pair is trading above the $5.20 zone and the 100 simple moving average (4 hours), with a bullish trend line forming at $5.10.
Polkadot's Ecosystem Sees New Developments, But Market Indicators Remain Bearish on DOT
Polkadot's revenue and active addresses have decreased in the past week, but the blockchain's value has continued to increase. Market indicators suggest that DOT's price may drop further, as it has already declined by over 7% in the last week.
