The real reasons behind Polkadot’s [DOT] 11% week are…
Polkadot has been on the up this week on the back of the crypto-market’s changing bullish tides. In fact, the same was underlined by the double-digit gains recorded by DOT. Many considered this market sentiment a result of “biting the Merge news,” but Polkadot has its own reasons.
Developments in the ecosystem seem to have contributed to a growing network too. Despite a 1.3% cutback over the last 24 hours, DOT was valued at $9.46, at press time, with weekly gains of 11.75%.
Pink is the new green
One of the reasons behind Polkadot’s growth is the groundwork for a strong foundation. Right now, Polkadot equips the fifth-largest DAO treasury with a valuation of $440.1 million. According to data from DeepDAO, Polkadot is lagging behind Uniswap ($3.9 billion), BitDAO ($1.6 billion), Gnosis ($1.36 billion) and Lido ($453.9 million).
Polkadot Insider also claims that Polkadot is ranked 3rd among top chains by rate of interest in the last 30 days. At a ROI of over 40%, Polkadot is just behind industry leaders Ethereum (66.16% ) and Avalanche (51.78%).
Source: Polkadot Insider
According to latest data from Messari, Polkadot remains the “greenest” blockchain. It stated,
“Through drastic programming overhauls and funding carbon offset projects, protocols are actively breaking down the stigma that crypto is harming the planet.”
Simply put, Polkadot is leading the latest charge of the crypto-industry into the green energy movement.
Source: Messari
Polkadot has also been active recently after the recent announcements made by its parachain – Bifrost. By 10 August, over 180,000 KSM had been staked on the Bifrost SLP (Staking Liquidity Protocol). The protocol offers ubiquitous liquidity with a redemption period of 7 days. It also offers users a chance to cancel the redemption any time. The TVL of vKSM also hit $14.41 million recently, further enforcing the growth of Bifrost right now.
These developments fueled a surge in social media chatter around Polkadot on 12 August. This became evident on the Social Volume chart, with the same recording a monthly peak of 87.
However, the metric has since fallen down to obscurity, with the social uproar turning its focus to Ethereum’s recent surge.
Source: Santiment
