This week, Voyager listed Polkadot (DOT), a newly launched project working to deliver the most robust platform for security, scalability, and innovation. The ambitious new token has quickly risen in value, taking the No. 6 spot on CoinGecko. In the past week, DOT's price spiked from $2.85 to a high of $6.63 Thursday. Today, DOT is trading around $5.85, a 98% increase over the last seven days.
Part of the reason Polkadot has taken off is that it offers a unique alternative to Ethereum, which has experienced network congestion and high fees in the wake of the recent DeFi boom. Polkadot is more scalable than Ethereum because it executes transactions using several parallel chains instead of standard blockchain nodes. Also, it's a cross-blockchain protocol that can transfer any kind of data between different blockchains.
On its website, Polkadot explains that this makes it possible to build applications that get permissioned data from a private blockchain and use it on a public blockchain. For example, a school's private, permissioned academic records chain could send a proof to a degree-verification smart contract on a public chain.
In its short existence, Polkadot has gained popularity amongst developers, with nearly 200 projects already in its ecosystem.
Polkadot (DOT) +98%
Celo (CELO) +67%
Cosmos (ATOM) +18%
Compound (COMP) +6%
What Does Rising Inflation Mean for BTC?
Chairman of the Federal Reserve Jerome Powell announced a new policy at the Jackson Hole symposium Thursday that will allow inflation to run higher. For more than 40 years, the Fed has lifted interest rates to keep inflation low. But, this new approach, called "average inflation targeting," will allow inflation to increase "moderately" above its 2% target.
According to Powell, fundamental changes in the economy, demographics, and technology have shifted the Fed's policy on inflation over the years. "Inflation that runs below its desired level can lead to an unwelcome fall in longer-term inflation expectations, which, in turn, can pull actual inflation even lower, resulting in an adverse cycle of ever-lower inflation and inflation expectations," explained Powell Thursday.
The move could be promising for Bitcoin as more "easy money" is pumped into the stock market and alternative markets like crypto. Also, Bitcoin will likely continue to grow in popularity as a hedge because of its low inflation rate and limited quantity. Today, Bitcoin's inflation rate is just 1.78%.
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