Polkadot ($DOT)

Updates since March 2022:

• Polkadot released the Rococo v0.4.22 testnet, which included a number of new features, such as the XCM cross-chain messaging protocol. XCM is a universal protocol for inter-blockchain communication, adaptable for usage within and beyond the Polkadot ecosystem. It operates in conjunction with XCMP-Lite (also known as HRMP) or any other potential transport protocols to facilitate secure, trustless communication between parachains.

• The Polkadot ecosystem utilizes XCM. The introduction of XCMv3 provides added advantages to parachains and the contracts and applications they host, such as bolstered bridging capacities that connect to external networks, enhanced fee transactions for operations, NFTs, and APIs that allow for the querying and utilization of pallets on other blockchains.

• Polkadot released the Relay Chain v0.9.23, which included a number of bug fixes and performance improvements.

  Polkadot ($DOT)

  Updates since March 2022:

  • Polkadot released the Rococo v0.4.22 testnet, which included a number of new features, such as the XCM cross-chain messaging protocol. XCM is a universal protocol for inter-blockchain communication, adaptable for usage within and beyond the Polkadot ecosystem. It operates in conjunction with XCMP-Lite (also known as HRMP) or any other potential transport protocols to facilitate secure, trustless communication between parachains.

  • The Polkadot ecosystem utilizes XCM. The introduction of XCMv3 provides added advantages to parachains and the contracts and applications they host, such as bolstered bridging capacities that connect to external networks, enhanced fee transactions for operations,

• By the end of 2022, Polkadot had onboarded 74 parachain winners; notable parachains are Clover Finance, Moonbeam, Acala, Unique Network, Centrifuge, Plasm Network, Astar Network, Equilibrium, Litentry, HydraDX, Parallel Finance, and Statemine.

• In 2022, Polkadot introduced its innovative governance system, OpenGov, initially commencing its deployment in Kusama. Self-proclaimed as the most advanced and comprehensive blockchain governance system to date, OpenGov shifts away from the slightly more centralized Polkadot Council, decentralizing the entire governance process to a community-driven voting system. This change guarantees that decision-making and implementation can always proceed in an unstoppable and completely autonomous way.

• According to the annual Electric Capital developer report, Polkadot remains one of the most expansive developer ecosystems in the cryptocurrency industry. Boasting a community of more than 2,000 developers, including over 750 full-time professionals, Polkadot's full-time developer numbers have skyrocketed by more than 16-fold since 2018.

• Revolut, the worldwide financial platform catering to over 27 million customers, has introduced a second Learn & Earn program in collaboration with Polkadot. This course enlightens users about the intricacies of staking and the advantages of multichain interoperability. Customers of Revolut in Europe can earn DOT tokens by completing the courses. Moreover, they can opt to stake these tokens directly within the app, thereby receiving equivalent rewards to other staking participants who contribute to the security of the Polkadot network.

• In February, the developers working on ink!, Polkadot's native smart contract language, released a significant upgrade featuring an end-to-end testing framework. According to data from Dotinsights, the ecosystem witnessed the deployment of 2,577 WASM smart contracts by the end of the quarter.

• A Polkadot parathread is a type of blockchain that can connect to the Polkadot network. Parathreads are similar to parachains but do not have a dedicated slot on the Relay Chain. Instead, parathreads share slots with other parathreads and only produce blocks when needed. This makes parathreads a more cost-effective way to connect to the Polkadot network and allows more projects to participate in the ecosystem.

• The openga launch of Polkadot has granted dot holders greater opportunities, while the establishment of the core technical Fellowship has fostered on-chain governance. Additionally, the Polkadot treasury is preparing to accommodate multiple assets and sub-treasuries in the near future. Despite encountering challenges, Polkadot has experienced substantial growth in its community and developer adoption.

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