A new project building on Polkadot wants to create a comprehensive bridge with Ethereum that would eventually relay direct smart contract instructions. The bridge is being developed by Snowfork, a software development company. The initial implementation is fairly straightforward, only allowing Ether (ETH) and ERC-20 tokens to be transferred over to Polkadot. The bridge is also fully symmetric, as Aidan Musnitzky, Snowfork’s founder, told Cointelegraph. “Anything you can do in one direction, you can do it in the other,” he said. But while moving tokens around is an important part of it, the vision for the bridge is to be …

Spartan Black, a major cryptocurrency fund based in Asia, believes Polkadot (DOT) has more fuel left in the tank and could soar into the top-3 list of biggest cryptocurrencies by market capitalization. Currently, the popular protocol is listed as the sixth-largest cryptocurrency by market capitalization at CoinGecko. Since listing on Binance eight days ago, the price of DOT soared by more than 200% and many analysts believe the price could rise significantly higher. DOT/USDT daily chart. Source: TradingView.com There are several favorable factors buoying the sentiment around DOT. The protocol does not directly compete against the Ethereum Network, it scales …

Having recently set up shop on Polkadot, an EOS-based decentralized finance project called Equilibrium is launching a new governance token called EQ. EQ works like the next generation of Equilibrium’s NUT, the platform’s first governance token specifically for use on EOS. As interoperability is a rising issue for blockchain adoption, the new EQ token will work across other blockchains, including EOS. NUT will remain a valid way to participate in Equilbrium’s decentralized governance, but for EOS only. Those who want to use the EQ token can exchange their NUT for it August 31 to September 29. They can then use …

The billion-dollar cryptocurrency space is no stranger to hype, as it is considered a factor that increases crypto prices. While this may be, hype generated from major centralized crypto exchanges may actually be creating more harm than good for users involved with certain community-based projects. For example, Web3 Foundation’s flagship project Polkadot aims to enable a decentralized web where users, rather than internet monopolies, are in control of applications, services and institutions. The project was started in 2017 by some leading names in the blockchain industry, including Ethereum co-founder Gavin Wood. On July 26, Wood published a Polkadot blog post …

An EOS-based decentralized finance project, Equilibrium, has announced its plans to develop a new interoperable protocol on the Polkadot (DOT) blockchain. The project is set to develop an independent parachain connected with Polkadot, featuring an independent utility token called EQ. It acts both as a token for paying transaction fees and for governing the protocol. Equilibrium began as a MakerDAO analog on EOS, but its CEO, Alex Melikhov, told Cointelegraph that the Polkadot transition will also include an expanded suite of products. In addition to a lending protocol that powers a new interoperable stablecoin, it will also allow generalized lending …

The Polkadot (DOT) project launched a testnet to evaluate its planned sharding implementation based on parachains. The key component that separates shards from being just many independent blockchains is communication. Shards need to be able to communicate with their peers to enable cross-shard token transfers and other forms of interoperability. Called Rococo, the new testnet is designed specifically to test Polkadot’s inter-shard communication protocols. It was released on Aug. 4 and teased by Parity developer Bastian Köcher. At launch, three separate parachains called tick, trick, and track will be available. Developers will also be able to add their own parachains. …

The first token-based vote on the Polkadot network passed in favor of multiplying the DOT supply 100-fold. As announced on Monday, a proposal to give DOTs a “more ergonomic” value was accepted by the community with 86% of the votes cast in favor. Only 4% of the votes were cast against any redenomination, while 10x and 1000x split variants gathered 20% and 24% respectively as tokenholders expressed multiple preferences. The vote lasted two weeks, with 2.86 million out of a total 5.4 million tokens joining in the vote. Parity Technologies and Web3 Foundation, the two main entities developing Polkadot, abstained …

Persistent rumors on Polkadot channels and groups and a series of forms and NDAs to “build with Polkadot” suggest that the project may soon run a new token sale for its token, the DOT. The purported dashboard of the upcoming sale is located at get.polkadot.network. The page appears to return an error as of press time, but screenshots obtained by Cointelegraph suggest that the sale has already begun as community members reported successfully purchasing the token. Prospective “builders” can sign up to build via a “Get Started” page by providing their email. They will then receive a form to fill …

An upcoming decentralized finance project built on Polkadot (DOT) is looking to unlock liquidity that would be tied up in staking as part of its consensus mechanism. Called Stafi, short for Staking Finance, the project wants to implement liquid staking on Polkadot and potentially other blockchains as well. A drawback of staking funds for consensus is that they cannot be used for anything else while locked up. “Liquid staking” as implemented by Stafi would allow users to maintain the ability to transact with their tokens while also participating in consensus and receiving staking rewards on their money. Cointelegraph spoke with …

The Polkadot blockchain is now fully decentralized and permissionless after a decision passed by community governance removed the admin rights enjoyed by the Web3 Foundation. Gavin Wood, the co-founder of Polkadot developer Parity Technologies, tweeted the unshackling as it happened. The governance proposal to remove special admin privileges was enacted around 8 AM UTC on July 21, which signaled the true launch of Polkadot. Polkadot was live since late May, but it began its life as a permissioned "proof-of-authority" network. The Web3 Foundation both validated the network and had special access to intervene on the blockchain if a crisis were …

OKEx has listed the native token of Polkadot (DOT) on its trading platform. According to an announcement shared with Cointelegraph on July 17, DOT spot trading against Tether’s USDT stablecoin on OKEx started at 8:00 AM UTC today. As Cointelegraph recently reported, Pokadot’s technology allows developers to spin up a new blockchain within one hour. Per the announcement, DOT deposits and withdrawals aren’t supported yet, and the tokens can currently only be obtained by claiming them on the mainnet from Ethereum’s blockchain. OKEx also recently published a detailed guide on how to claim the Ethereum-based ERC20 DOT tokens to Polkadot’s …

Blockchain interoperability protocol Polkadot is planning to run another vote in regard to the denomination of its native token, DOT. Following a similar vote conducted on Polkadot’s “wild cousin” network, Kusama, in May 2020, the creator of Polkadot project, the Web3 Foundation, decided to reconduct the vote on Polkadot with real DOT tokens. Announcing the news on July 13, Polkadot invited community members to participate in the poll, which will finally define whether to redenominate DOTs 1:10, 1:100 or 1:1,000 on Polkadot. According to the blog post, the poll is open now and will last for two weeks. All DOT …