A chink in the armor of cryptocurrencies appeared last week as the result of Elon Musk passing on Bitcoin for Tesla. While this news was a headwind for most digital assets, Polkadot remained unaffected and broke its all-time high price on May 15.
The upcoming parachains auction on Kusama is largely responsible for this massive price rally of DOT tokens. However, the new updates on Polkadot-based projects are equally responsible for driving the network’s growth. Let’s explore what all has happened in the Polkadot ecosystem in the previous week.
Kusama Broke All-Time High Over Upcoming Parachains Auction
Despite the bearish week in the crypto market, Kusama continues its bullish rally, with prices touching a new all-time high of $594.4. The price rally is due to the news of its upcoming parachain auctions. It will enable projects to bid an offer to join Kusama’s network.
The latest upgrade, v0.9.1, will bring the code for parachains, crowdloans, and auctions, which also aims to cut down fees and vested transfer significantly. The demand for KSM tokens surged following the news of the upcoming update.
Parachain Auctions and Crowdloans Added to Kusama and Westend
In the past week, Polkadot has made major updates on its “alpha-tester” network Kusama and Westend to improve their scalability and connectivity. With this upgrade, these Polkadot-powered networks will now act as an additional testing ground for parachains. Additionally, Kusama and Westend will enable users to participate in crowdloans for raising funds for their network.
DTrade Raises $6.4m in Seed Funding
Polkadot-centric derivative exchange, DTrade aims to bring derivative trading to the Polkadot ecosystem. In a private investment round, the platform raised over $6.4 million from top industry names. The list includes PolyChain Capital, Three Arrows Capital, Huobi, DeFiance, Bixin Ventures, Fenbushi Capital, and more.
DTrade also received support for liquidity from companies like CMS Holdings, Alameda Research, Kronos, Wintermute, and MGNR. This funding round will help the exchange to further improve its ecosystem, which provides functionalities like swap trading, on-chain settlement, and options trading.
PARSIQ to Offer Compatibility for Smart Triggers with Polkadot Relay Chain
PARSIQ, a blockchain-based platform that monitors data and automation across different networks, announced that it is integrating into the Polkadot network for smart triggers across the central chain of Polkadot, the Relay Chain. This integration will allow triggers from external blockchains like Ethereum, BSC, Solana, Dash, Polkadot, Celo, and Algorand, to be passed to off-chain systems.
Polkadot-Based Projects Partners to Boost an eNFT Project
Pinknode, an infrastructure-as-a-service project, has entered into a strategic partnership with Splyt, an e-commerce supply chain platform, to bring transparency to the e-commerce system. Pinknode will provide key nodes to Splyt, which will offer infrastructure support to the Splyt users. The goal is to enable Splyt’s e-commerce operators to use Pinknode’s architecture and cohesiveness.
Raze Network Announces the Launch of Its Testnet
The Polkadot ecosystem achieved another remarkable feat as Raze Network shared the details of its upcoming testnet. The network has long been in the development stage, and this launch news has put the project back on track. Users have been invited by the team to test its technology and help select the best UI design. The feedback will also help Raze to generate crucial data to analyze future developments.
DOT Price Analysis
In the last few days, the DOT token broke out its resistance level of $37. It also closed above the overhead resistance at $44 after touching an all-time high of $49.78 on May 15. The pullback in price is caused by profit-booking by most investors.
If the bulls continue to buy the dip, the altcoin could then try to break the $50 mark. However, if DOT doesn’t start the next leg of the uptrend, the pair could drop to the moving averages.
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