Polkadot has recounted its gains in 2020, identifying its dominance of
the crypto staking scene among other notable milestones for the year.
With 2021 less than 24 hours away, Polkadot creator Gavin Wood says the project has built up a head of steam heading into the new year. In a 2020 roundup
published on Wednesday, Wood highlighted Polkadot’s rise to becoming
the number crypto for staking based on the volume of staked tokens.
According
to Stakingrewards.com, over 63% of the 1.02 billion DOT token supply is
locked in staking wallets. This percentage amounts to about $5.2
billion in staked DOT “coins” based on the current token price.
Indeed, Polkadot is one of the best performing top-10 altcoins in December.
Since the start of the month, the DOT token price has gained over 56%
and is now the sixth-ranked cryptocurrency by market
capitalization. Wood also highlighted the project’s achievements in the
area of attaining full decentralization, adding:
“With
274 validators, run by around 200 independent operators and backed by
over 7,000 individual nominating accounts, Polkadot is arguably the most
decentralized high-value (and therefore secure) network in existence.”
As
a multichain interoperability protocol, bridging and connectivity
remain a major yardstick for determining the project’s successes.
According to Wood, 2020 saw the emergence of projects like Acala and Moonbeam geared towards enabling Ethereum compatibility.
Acala is Polkadot’s foray into the decentralized finance, or DeFi, space while Moonbeam is an Ethereum-compatible toolkit for smart contract deployment.
Polkadot's blockchain building framework, Substrate, already showed protocol-level integration capabilities in 2020. Substrate 2.0 launched in August with features like "off-chain worker" allowing developers to access information from outside the blockchain without needing external oracles.
According
to Wood, Polkadot's development in 2020 grew significantly with the
community boasting over 100 teams and projects working on diverse use
cases. “China alone has over 30 teams that are building systems,
projects, and components for the Polkadot ecosystem,” Wood added in the
2020 roundup.
Back in November, China’s Blockchain Service Network added Polkadot to its list of supported public blockchains.
Addressing
plans for the new year, Wood identified ongoing work on the cross-chain
interoperability front as a major focus for 2021. According to the
Polkadot founder, Substrate 3.0 which will bring Ethereum compatibility
could launch before the end of the first half of next year.
source link : https://cointelegraph.com/news/polkadot-s-founder-looks-back-on-the-year-teases-substrate-3-0-in-early-2021
