Polkadot (DOT) has emerged as one of many top-choice blockchain networks over the previous 12 months due to its give attention to facilitating interoperability between separate networks, particularly Ethereum (ETH).
Because of Polkadot’s rise to prominence, initiatives which have embraced the idea of interoperability and joined the Polkadot ecosystem have seen a lift of their token costs over the previous few months.
Ren (REN), Ocean Protocol (OCEAN) and the Celer Community (CELR) are three such initiatives which have led the best way in facilitating cross-chain interoperability between networks, leading to wholesome will increase to the variety of lively token holders and every venture’s buying and selling quantity.
Ren is an open blockchain protocol that was particularly designed to offer interoperability and liquidity between numerous separate blockchains, together with Ethereum, Bitcoin (BTC) and Polkadot.
Collaboration with the Polkadot community started again in July 2020, when it was announced that Ren would accomplice with the Acala community (ACA) to assist convey Bitcoin to the DOT ecosystem.
On the time of the announcement, REN was buying and selling at a median value of $0.15 and has since surged to a excessive of $1.80 on Feb. 20 as additional integrations with different blockchains like Dogecoin and Digibyte have helped propel the value of REN larger.
Ocean protocol is a blockchain-based ecosystem that helps customers unlock the worth of information and monetize it by means of the creation of information tokens, which wrap information units and permit third-parties to carry out operations using the info in a safe method.
This permits publishers to monetize their information whereas preserving privateness and management. The community additionally provides customers a better technique to entry beforehand unavailable information.
Discussions of Ocean constructing on prime of Polkadot started again in July of 2020 and the primary confirmed integration got here on Jan. 25, 2021, when Ocean introduced that it was partnering with the Polkadot-based Moonbeam community (GLMR) to permit customers of the Polkadot ecosystem to publish, stake, and purchase information.
Over the next months, new partnerships and cross-chain bulletins had been revealed and OCEAN proceeded to rally 250% to a brand new all-time excessive at $1.69 on March 7.
Celer Community is a layer 2 scaling platform designed to “convey interactive, safe and low-cost functions to each blockchain” in line with the venture’s web site. The objective of the platform is to allow customers to construct, function and use scalable DApps “by means of improvements in off-chain scaling strategies and incentive-aligned crypto-economics.”
CELR’s integration with the Polkadot ecosystem was announced on Jan. 19 when the venture launched its state channel substrate mannequin which helps layer-2 scaling and prompt funds on Polkadot.
Since that point, the value of CELR has elevated 240% from a low of $0.019 on Jan. 19 to an all-time excessive of $0.067 on March 15 as layer-2 options proceed to achieve traction for providing alternate options to excessive transaction prices on Ethereum.
Because the cryptocurrency bull market continues to develop and the Ethereum community struggles with congestion and excessive charges, Polkadot-related initiatives that provide cross-chain options and enterprise into the realms of decentralized finance and NFTs are well-positioned to see additional adoption and value appreciation.
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