Polkadot

DOT Price

What is Polkadot?

Polkadot is a Layer-0 open-source blockchain platform and cryptocurrency that allows multiple blockchains to connect and operate within itself. It allows protocols and blockchain to share their unique features while pooling their security. In brief, Polkadot is a scalable heterogeneous multi-chain technology.

Polkadot is heterogeneous because it is entirely flexible and makes no assumption about the nature or structure of the chains in the network. Even non-blockchain systems or data structures can become parachains if they fulfill a set of criteria.

Polkadot may be considered equivalent to a set of independent chains (e.g. a set containing Ethereum, Ethereum Classic, Namecoin, and Bitcoin) except with important additions: pooled security and trust-free interchain transactability.

Who founded Polkadot?

Gavin Wood, Robert Habermeier, and Peter Czaban founded Polkadot, Web3 Foundation's flagship protocol. Wood is a prominent figure in the blockchain industry, having co-founded Ethereum and Solidity. Habermeier was a Thiel Fellow with a background in blockchains and cryptography, while Czaban brings experience in fintech.

How does Polkadot work?

Polkadot’s architecture includes a central Relay Chain with non-native blockchains running on top of the network called Parachains. The Relay Chain handles the network’s security, consensus, and interoperability, secured using a Nominated Proof-of-Stake (NPoS) consensus model. Many parachains are written using the Polkadot Runtime Environment SDK, which allows developers to create their own parachains to operate on the Polkadot network.

There are many types of parachains each specialised for its own uses cases, such as:

• System parachains, which uses Polkadot’s native token, DOT
• Bridge parachains to connect to external network like Kusama, Polkadot’s Canary Network
• Smart contract parachains for hosting EVM dApps.

Polkadot 2.0

In Polkadot 2.0, Polkadot will migrate from a chain-focused ecosystem to an application-focused ecosystem. This means instead of owning an execution core at all times, each parachain will need to reserve and purchase blockspace based on their needs. The coretime marketplace model is expected to lower the entry barriers for developers.

What is the DOT token?

As Polkadot’s native token, DOT holders have governance rights to guide the operations of Polkadot DAO. They can also contribute to the network’s security through staking. New parachains are added by bidding DOT tokens through auctions. In the Polkadot 2.0 update, DOT tokens can be used to buy coretime.

Where can you buy Polkadot?

DOT tokens can be traded on centralized crypto exchanges. The most popular exchange to buy and trade Polkadot is KuCoin, where the most active trading pair DOT/USDT has a trading volume of $29,687,394.03 in the last 24 hours. Other popular options include Gate and Coinbase Exchange.

What is the daily trading volume of Polkadot (DOT)?

The trading volume of Polkadot (DOT) is $196,970,800.34 in the last 24 hours, representing a 1.80% increase from one day ago and signalling a recent rise in market activity. Check out CoinGecko’s list of highest volume cryptocurrencies.

What is the highest and lowest price for Polkadot (DOT)?

Polkadot (DOT) reached an all-time high of $54.98 and an all-time low of $0.7270. It’s now trading -98.00% below that peak and 53.70% above its lowest price.

What is the market cap of Polkadot (DOT)?

Market capitalization of Polkadot (DOT) is $1,901,288,949 and is ranked #50 on CoinGecko today. Market cap is measured by multiplying token price with the circulating supply of DOT tokens (1.7 Billion tokens are tradable on the market today).

What is the fully diluted valuation of Polkadot (DOT)?

The fully diluted valuation (FDV) of Polkadot (DOT) is $1,901,304,894. This is a statistical representation of the maximum market cap, assuming the maximum number of 2.1 Billion DOT tokens are in circulation today. Depending on how the emission schedule of DOT tokens are designed, it might take multiple years before FDV is realized.

How does the price performance of Polkadot compare against its peers?

With a price increase of 9.50% in the last 7 days, Polkadot (DOT) is outperforming the global cryptocurrency market which is up 7.80%, while underperforming when compared to similar Smart Contract Platform cryptocurrencies which are up 10.00%.