Is Polkadot (DOT) cryptocurrency the need of the hour

Since cryptocurrencies’ inception, different projects seem to have entered the scene. Amidst all of them, Polkadot (DOT) supposedly has garnered attention in last couple of years for benefitting decentralised applications (dApps). It’s believed that DOT’s backing of interoperability can also develop Web3.0 features. 

According to Dot Insights, a DOT ecosystem map, DOT witnessed a nearly tenfold increase in its count of daily new accounts, along with a 300% rise in active accounts. Messari, a crypto-based platform, stated that DOT clocked $7.9 billion by the end of Q2, 2022. The platform also stated that during the same period, DOT averaged 145,000 monthly users. “I believe DOT is a blockchain that aims to address scalability, interoperability, and governance challenges the cryptocurrency landscape faces. DOT can play a role in shaping the decentralised finance (DeFi) landscape,” Shrikant Bhalerao, co-founder, Seracle, a Blockchain-as-a-Service (BaaS) platform, told FE Blockchain. 

Market research has shown that DOT’s governance model carries potential to provide a community-backed outlook towards DeFi. Insights from GOBankingRates, a personal finance website, highlighted that DOT is gaining attention from investors due to being synergic in nature. Experts believe that allowing DOT’s infrastructure permits users to connect other blockchains to give birth to completely new blockchains. From what it’s understood, a long-term approach towards DOT can help reap return on investment (ROI), as it’s considered to be at nascent stage. 

“Overall, interoperability is considered a factor in unlocking the potential of Web3.0 technologies, and Polkadot’s multi-chain architecture aims to provide a solution to achieve this goal in various sectors,” Aahan Dogra, co-founder, NoCap Meta, a Web3.0 company, mentioned. 

On the day of writing of this story (12.21 pm, Indian Standard Time), CoinMarketCap, a cryptocurrency tracking website, stated that DOT was trading around $6.80 at a market capitalisation of just over eight billion dollars. As mentioned by changelly blog, a crypto blog, DOT’s maximum price prediction is $9.95 for 2023, $14.68 for 2024, and $20.56 for 2025. Reportedly, companies such as Labrys, Prolitus Technologies, Bloq, Somish Blockchain Labs, Blaize, among others, have entered the framework of providing DOT development services. 

Moreover, future predictions indicate that DOT’s expanding landscape around parachains, dApps, and projects signify that its mainstream adoption is not far away. “Looking ahead, Polkadot’s future as a cryptocurrency looks promising. As use cases and applications are developed for the Polkadot network, its value and importance in the cryptocurrency landscape should grow,” Sathvik Vishwanath, co-founder and CEO, Unocoin, a cryptocurrency exchange, concluded.

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