Polkadot (DOT) based Altcoins Explode Amidst rapid ecosystem development

Polkadot (DOT) based Altcoins Explode Amidst rapid ecosystem development

PolkaDot was formed to serve as the foundation for Web3, a decentralized internet of blockchains. As the Polkadot (DOT) cross-chain interconnection protocol gains momentum, numerous projects built on its foundation see significant price increase.

Firstly is Moonbeam. Moonbeam (GLMR) is a Polkadot para chain smart contract platform linked with the Ethereum Virtual Machine (EVM).

The GLMR project goes beyond Ethereum’s core functionalities by offering Staking, on-chain governance, and cross-chain integrations as part of its services. Also, Moonbeam raised almost $900 million in DOT tokens during a crowd loan campaign in January.

Moonbeam’s price has risen by nearly 100% in the previous few days, from $2.97 to $5.94. After correcting, GLMR is now trading at $5.22, up 12.26 percent on the day.
Another such project is MoonRiver.

Moonriver (MOVR) is a smart contract framework fully compatible with Ethereum. The project seeks to simplify utilizing popular developer tools to construct or relaunch Solidity-based projects using the Ethereum Virtual Machine (EVM), allowing developers to transfer their products to Moonriver quickly.

Moonriver first soared 36.1 percent from $64.17 to $87.36 but has since adjusted and is currently trading at $78.23, down 4.34 percent.

With all these altcoin projects, DOT is presently the most widely owned token among crypto investment funds, according to crypto analytics firm Messari. Polkadot just finished their 13th para chain auction.

Users bid crypto assets for a limited time in these highly selective auctions to see which network will acquire a para chain slot, a specialized blockchain that certifies transactional accuracy.

Polkadot is currently trading at $22.05. It is down 4.54 percent at the time of writing.