Polkadot’s improvements will boost it over the top and here’s why
- Polkadot became a fully interoperable multichain.
- This is due to the launch of its cross-consensus messaging format.
- This could lead the token’s value to new heights.
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Polkadot DOT/USD is a blockchain network that aims to promote a heterogeneous multichain framework.
It is powered by its native cryptocurrency token, known as DOT, and its ecosystem aims to resolve many of the limitations found within competing blockchain platforms, such as scalability and security.
The launch of the cross-consensus messaging format as a catalyst for growth
Copy link to sectionOn May 4, Polkadot launched its messaging system known as XCM (cross-consensus messaging) as a means of enabling communication across a variety of different parachains, which allows assets, including non-fungible tokens (NFTs), to be transferred from one chain to another chain.
This marked a major milestone within the Polkadot ecosystem, as it fulfills the foundational objective it originally set out to achieve by being a fully interoperable multichain ecosystem.
The project claims that messages across XCM channels will not suffer from any weakest-link issues, as it is secured at the same level as Polkadot’s central hub Relay Chain.
This comes right after we covered how on April 7, Polkadex Crowdloan got back on the Polkadot parachain auctions with increased rewards.
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Should you buy Polkadot (DOT)?
Copy link to sectionOn May 5, 2022, Polkadot (DOT) had a value of $16.05.
In order for us to see what this value represents for the future of the DOT token, we will be going over its all-time high, as well as its performance throughout the previous month.
When we go over the token’s all-time high, Polkadot (DOT) had a value of $54.98 on November 4, 2021. Here we can see that the token was $38.93 higher in value, or by 242%.
When we take a look at the performance of the token throughout the previous month, Polkadot (DOT) had its highest point of value on April 2 at $23.61. Its lowest point of value, however, was on April 30, when the token decreased to a value of $15.52.
This means that the token decreased by $8.09 or by 34%.
However, with the launch of the cross-consensus messaging format, DOT can increase in value to $20 by the end of May.
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