Stablecoin issuer Tether has announced that it will discontinue support for Omni, a Bitcoin layer that has been used for USDT transfers since 2014.
DeFi Platform Lido to Cease Staking on Polkadot, Kusama in August
Decentralized finance staking service Lido has passed a governance vote to sunset its staking program with Polkadot and Kusama.
Lido Finance Weighs Sunsetting Liquid Staking on Polkadot, Kusama
The proposal comes as MixBytes, Lido’s partner developer firm for Polkadot and Kusama liquid staking, announced to stop supporting the networks.
Polkadot (DOT) Ecosystem Grew Massively In Q4 2022, What To Expect Next?
Polkadot provides interoperability among several blockchains for users while maintaining high scalability and speed in processing transactions. Also known as a multichain network, Polkadot supports many parachains, enabling developers to build their blockchains seamlessly.
Several blockchain projects exist in the decentralized finance (DeFi) sector. These platforms usually emerge with different products and services related to cryptocurrency and blockchain technology. Subsequently, users became intrigued with the full potential packed in the DeFi space.
However, there was the challenge of how a user could access more than one blockchain and DeFi application through a single platform. This is where the value proposition of the Polkadot became prominent.
The last few months in 2022 were tough in the crypto market as most crypto assets and projects saw a drastic drop in performance. In addition, the unexpected collapse of the FTX crypto exchange brought a devastating condition that created losses in the crypto space.
However, DOT has a positive story to tell. The multichain network reports massive growth in its ecosystem during Q4 2022.
1/ The Polkadot 2022 Roundup is here
Despite the difficult year for the industry, the Polkadot and Kusama community were busy building the largest, & most diverse ecosystem of use case specific layer-1 blockchains in the world, making huge strides toward building a better web. pic.twitter.com/sGZDz0zHIW
— Polkadot (@Polkadot) December 31, 2022
The recent achievement cuts across several landmarks and aspects. Notably, the protocol and its projects progressed technically with many collaborative deals and more technological adoption.
Parachain Migration From Kusama To Polkadot
On Oct 3, 2022, Polkadot recorded its first successful parachain migration from its canary network, Kusama. KILT Protocol completed a full migration from the Kusama Relay Chain to Polkadot Relay Chain.
This milestone showcases Kusama as a suitable platform to stress-test digital applications in a real-life environment. Hence, the developers could curb associated risks before all the relevant upgrades to ensure stability and security.
By using Kusama before its migration, KILT Protocol achieved decentralization. Also, the protocol included new functionalities in its upgrade, spiking its utility and efficiency. Through its collaboration with Polkadot, KILT integrated digital identities through decentralized identifiers (DIDs).
Partnerships And Launch of Pools Distinguished Polkadot (DOT) in Q4 2022
Polkadot’s official Twitter page revealed its success for the last quarter of 2022. The multichain network consists of 74 parachains, over 550 projects, 300 decentralized applications, and more than 2,500 active developers in its ecosystem. The growth for the DOT and Kusama communities has been great since the launch of the parachains.
Polkadot staking system received striking updates through the launch of nomination pools and the staking dashboard. This encouraged native staking holders to stake as low as 1 DOT to receive rewards.
In line with its vision to enhance decentralization, it launched its OpenGov, a new-generation governance system on the Kusama network. The system is the most sophisticated and advanced blockchain governance system. It is proposed to kick off on the mainnet subsequently.
Through Web3 opportunities, the DeFi protocol bagged several partnerships with different companies. These include Astra Network, KILT Protocol, Efinity, T-System MMS, and others.
For over three years, it has been engaging the U.S. Securities and Exchange Commission (SEC) regarding the status of its native token, DOT.
Finally, the Polkadot broke the barrier with its high achievement as DOT ceased to be classified as a security. It was announced on November 2022 that DOT is now considered as software. This is a feat that placed it higher in Web3 adoption.
Also, 2022 marked extensive movement through the Polkadot Ambassador Program. Over 1,600 new ambassadors joined the program signifying more growth for the multichain network.
Cover image from Pixabay, Polkadot chart from Tradingview.
Polkadot hits all-time high in development activity
It’s been almost one year since the start of the ecosystem’s signature parachain auctions.
Polkadot’s founder announces steps toward full decentralization with new governance model
Gavin Wood said that he seeks to transform the Polkadot blockchain into a full technocracy.
Bitfrost releases upgraded SALP 2.0 after protocol helped secure $450M via parachain auctions
The move comes after 18 Polkadot parachain auctions were secured on the original SALP protocol.
Interlay aims to advance Bitcoin’s DeFi potential with new interoperable bridge
Interlay was the recipient of an up-to-$100,000 Web3 Foundation grant in March 2020 to develop the parachain technology implemented.
2 metrics signal traders do not expect $2T crypto market cap anytime soon
Despite only one coin among the top 80 declining over the past week, Tether and futures premiums show a lack of excitement in the market.
Exec at Composable Finance allegedly doxed as convicted fraudster Omar Zaki
Omar Zaki was convicted of fraud by the SEC three years prior and is allegedly behind two other crypto projects which suffered devastating hacks.
Is Polkadot eyeing $100 next? DOT price jumps 25% triggering classic bullish chart pattern
The bullish outlook appears as Polkadot prepares to auction highly anticipated parachain slots on its network.
Polkadot unveils $770M development fund ahead of parachain auctions
Polkadot’s Gavin Wood has announced a more than $770 million development fund just weeks before the network’s parachain auctions are set to go live.
Polkadot to debut parachain auctions after governance vote
The first series of auctions will begin on Nov 11 and run until Dec. 9
Polkadot Web3 wallet Talisman closes $2.35M seed funding round
Talisman plans to release an early version of its Polkadot wallet extension before the end of November.
Karura launches decentralized exchange on Polkadot and Kusama
Karura Swap has opened trading for the Kusama/Karura — KSM/KAR — pair as the platform becomes one of the first DEXs to launch on Polkadot and Kusama.
Shiden secures third parachain slot on Kusama
The canary project of Polkadot-based multi-chain DApp hub Astar Network has won Kusama’s third parachain auction.
DeFi hub Karura emerges as first Kusama parachain slot auction winner
Polkadot’s canary network, Kusama, is set to see decentralized finance hub Karura become the first parachain.
Another first for Polkadot as Kusama council approves first parachain slot auction
The first Kusama parachain slot auction will now commence and is set to run for the next week.
Polkadot price soars 37% after Coinbase Pro DOT listing, first parachain auction
Polkadot emerged as one of the best-performing tokens week-to-date as traders’ focus shifted on DOT’s listing at Coinbase Pro and Kusama’s first-ever parachain auction, set to go live on Tuesday.
Nifty News: Porsche enters NFT sector, Mark Cuban keeps investing, and Chainlink-powered NFTs
Porsche announces NFT subsidiary, Chainlink oracles unlock special NFT content, and Mark Cuban continues to invest millions into companies targeting nonfungibles.