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Tag: Polkadot

  • Three Important Polkadot (DOT) Price Predictions to Watch

    Three Important Polkadot (DOT) Price Predictions to Watch

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    TL;DR

    • Polkadot’s native token, DOT, is currently priced at around $7.20, showing a modest 2% weekly increase, despite a booming cryptocurrency market.
    • Analysts, including Michael van de Poppe and Crypto Thanos, predict a potential bull run for DOT, with targets up to $17, driven by fundamental growth, improved use cases, and advancements in AI and gaming.

    DOT’s Next Target

    While the cryptocurrency market has been booming lately, Polkadot’s native token – DOT – has not recorded as substantial gains as most of the leading assets. Its price currently stands at around $7.20 (per CoinGecko’s data), representing a 2% increase on a weekly scale.

    DOT Price
    DOT Price, Source: CoinGecko

    Many well-known analysts, though, remain optimistic that DOT is yet to experience a bull run, praising its merits. One example is the X user Michael van de Poppe, who claimed that the coin “is doing great in fundamental growth.”

    He believes the moment is perfect for investors to enter DOT’s ecosystem, envisioning a 130% rally toward $17. However, he added, the price must first overcome the “crucial resistance” at $9.30.

    Crypto Thanos and il Capo of Crypto also gave their two cents lately. The former assumed that DOT is “still in accumulation range” and “is improving their use cases day by day.” The analyst has high hopes for it based on several fundamentals such as “radical change in the use” of the token, “supersession of the old model of parachain auctions,” reduction of inflation via the burning of fees, and others.

    For their part, il Capo of Crypto argued that DOT is “forming a new bullish trend” and is leading among major blockchains in advancing Artificial Intelligence (AI) and gaming. 

    “It ensures secure data transfers, decentralized processing for AI, and seamless asset integration in gaming, with enhanced security and governance,” the analyst concluded.

    Previous Forecasts

    Other analysts touching upon the matter in the past few weeks include Block Diversity and Altcoin Sherpa. The former predicted a price increase as long as DOT stays above the $6.90 mark. Recall that its value briefly dropped below that level on May 31 before reclaiming it. 

    Altcoin Sherpa envisioned a bull run but claimed that DOT won’t be able to outperform the rest of the market. As such, they think selling holdings during the next pump is the right move.

    One important on-chain indicator that signals that the asset’s price is yet to surge is the Relative Strength Index (RSI). It ranges from 0 to 100 and is typically used to identify overbought or oversold conditions in a market. A ratio above 70 suggests that DOT could be headed for correction. The latest data shows that RSI has been hovering below that level since May 22. 

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    Dimitar Dzhondzhorov

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  • Polkadot (DOT) Ecosystem Recap: The Most Recent Advancements

    Polkadot (DOT) Ecosystem Recap: The Most Recent Advancements

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    TL;DR

    • Polkadot partnered with Founder Institute to launch a Web3 cohort and introduced Asynchronous Backing to enhance scalability.
    • Some of its parachains, such as Acala Network and Moonbeam Network, have also made notable advancements in security, governance, and community engagement initiatives.

    Summary of the Latest Developments

    Polkadot’s ecosystem continues to advance due to frequent improvements in its operations and vital partnerships. Most recently, the blockchain protocol shook hands with Founder Institute (a leading business incubator that turns ideas into fundable startups). 

    The latter described the collaboration as “groundbreaking,” adding that it marks the start of “an exciting chapter” related to the launch of the first Web3 cohort in its Core Program. “Our cooperation is set to revolutionize the landscape of startup acceleration and Web3 technology education,” the team stated. 

    Founder Institute explained that the program’s launch is set for May 28, and it will be guided by top experts from the Polkadot community. 

    Earlier this month, the blockchain protocol enabled Asynchronous Backing on the network. It is a mechanism designed to improve the scalability and efficiency of the entire ecosystem. The Asynchronous Backing also represents “an optimized approach for how parachain blocks are validated” by the central chain – Relay Chain.

    Polkadot’s team revealed that blocks are produced twice as fast, whereas available blockspace was boosted by 6-10 times following that upgrade.

    “Async Backing boosts throughput by 8x, without sacrificing security, paving the way for supporting Web3 applications across verticals such as gaming and DeFi. It brings Web2 scale into the reach of Web3, which is crucial for large-scale platforms like Mythical Games,” they added.

    Another major development that took place as of late is the release of the Join-Accumulate Machine (JAM) Gray Paper. It is a technical upgrade that outlines an innovative approach for improving the performance and scalability of blockchain networks, particularly in the context of Polkadot’s ecosystem. It combines elements of Polkadot and Ethereum and “provides a global singleton permissionless object environment.“

    The blockchain protocol is also looking for external partnerships such as a potential deal with the American soccer club Inter Miami. Last month, Nico Zini – the team’s commercial manager and in charge of TV rights – revealed that both sides may join forces on an $8.8 million sponsorship partnership. 

    For the uninitiated, Inter Miami’s co-founder is David Beckham, while its biggest stars on the pitch include the Argentine legend Lionel Messi and the Uruguayan Luis Suarez.

    Zini previously served as FC Barcelona’s Business Development Manager in North America. The Catalan club was contemplating striking a deal with Polkadot in 2022 but eventually chose Spotify.

    How About the Parachains?

    Some of Polkadot’s parachains – individual blockchains that run in parallel with the Polkadot ecosystem – have also advanced lately. One of the most popular – Acala Network – completed the Sinai Upgrade at the beginning of May. 

    It aims to strengthen security measures, empower the community to participate in governance decisions, improve Acala’s capabilities to interact seamlessly across different blockchains, and simplify the user experience. 

    Moonbeam Network introduced “the Moonbeam Odyssey Program Trials,” which emphasizes community involvement with various events and educational initiatives.

    “Anyone can join! Test your skills, strengths, and abilities to emerge victorious from the Trials and become an Odyssey Trailblazer,” the team stated.

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    Dimitar Dzhondzhorov

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  • Here’s Why Polkadot’s (DOT) Price May Rally to $20-$25 Soon (Analysts)

    Here’s Why Polkadot’s (DOT) Price May Rally to $20-$25 Soon (Analysts)

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    TL;DR

    • Polkadot’s price briefly surpassed $7, with its market cap nearing $10 billion, suggesting that the market might have been revived.
    • DOT could see a rally to $20-$25 or $9-$13 if it overcomes key resistance levels and benefits from recent protocol developments, analysts asserted.

    Where Is DOT Headed?

    Polkadot’s native cryptocurrency is not among the top-performing cryptocurrencies during the most recent market revival but is situated well in the green. Its price briefly surpassed the $7 mark, whereas its market capitalization neared the $10 billion milestone.

    DOT Price
    DOT Price, Source: CoinGecko

    One person who believes the asset is poised for future gains from now on is the X user Michael van de Poppe. He claimed that DOT has already “bottomed,” especially since the introduction of the JAM whitepaper in April.

    Recall that the team behind Polkadot released the Join-Accumulate Machine (JAM) Gray Paper nearly a month ago. The upgrade combines elements of Polkadot and Ethereum and “provides a global singleton permissionless object environment.”

    Another analyst envisioning a bright future for DOT is Block Diversity. They suggested that the token’s valuation could surge to $9, $11, and eventually $13 once it clears the major resistance level of $6.90. DOT’s price has hovered around that line for the past several hours, which has become a major roadblock on its upward trajectory.

    Additional DOT Forecasts

    Other crypto enthusiasts touching upon the asset as of late include FLASH and Crypto Thanos. The former described DOT’s previous price retreat as “a textbook correction” that will eventually be replaced by a resurgence towards the $20 mark. “$5 level during summer hole bleedout could be attractive,” they added.

    Crypto Thanos argued a few days ago that the token’s descending parallel channel was about to break out. DOT’s price has already overcome that level in the last 12 hours or so by climbing above $6.8, so it would be interesting to follow whether their analysis will play out.

    Those willing to check even more DOT price predictions can browse our dedicated section here.

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    Dimitar Dzhondzhorov

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  • Polkadot Unveils Major Upgrade Plan: Relay Chain Replacement And 10M DOT Prize Incentive

    Polkadot Unveils Major Upgrade Plan: Relay Chain Replacement And 10M DOT Prize Incentive

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    Gavin Wood, the founder of the Polkadot protocol, has unveiled a new Gray Paper outlining the forthcoming Join-Accumulate Machine (JAM) upgrade for the network. This announcement occurred during Wood’s presentation on Polkadot’s future at the Token2049 crypto conference in Dubai. 

    Wood introduced the JAM Implementer’s Prize, a 10 Million DOT prize pool, to encourage diverse development of the JAM protocol. 

    Polkadot Unveils JAM Upgrade

    According to the announcement, the JAM upgrade aims to replace the relay chain, which acts as the central data chain in the Polkadot network, with a “more modular and minimalist design” that will allow Polkadot to run generic services and increase network stability. 

    The parachains service within JAM will support existing Substrate-based parachains, enabling developers to continue using Substrate to develop and deploy their blockchains. 

    Notably, these services will have no predefined limits on code, data, or state capacity and can accommodate additional DOT deposits for increased capacity.

    JAM’s design includes several technical improvements. It replaces WebAssembly with the Polkadot Virtual Machine based on the RISC-V ISA, an open-source instruction set architecture (ISA) used to develop custom processors.

    It also introduces SAFROLE, a SNARK-based block production algorithm. These upgrades are reportedly designed to optimize performance and scalability within the Polkadot network.

    On The Path To Decentralization?

    To realize the vision of “a truly decentralized protocol,” Polkadot aims to support multiple client implementations. Furthermore, the JAM Implementer’s prize has been established to incentivize and fund projects contributing to the development of JAM implementations. The announcement further reads on the matter:

    We believe that supporting a range of implementations in various programming languages will strengthen the ecosystem’s foundation. It distributes the power of protocol implementers more widely and reduces the risk of a bug in one implementation taking down the entire network.

    The JAM Implementer’s Prize will collaborate with existing and future funding initiatives that support Polkadot’s ecosystem and technology stack. These initiatives include Decentralized Futures, Grants, and Polkadot’s on-chain treasury. 

    The prize will be activated when JAM is ratified as a Polkadot technology through the network’s on-chain governance mechanism.

    Overall, Gavin Wood’s introduction of the JAM upgrade and the associated 10 Million DOT prize reflects Polkadot’s intention to increase the protocol’s use and adoption. JAM’s modular design and incentives for multi-client implementations are also expected to contribute to ongoing efforts to decentralize the Polkadot network. 

    As JAM development continues, the Polkadot ecosystem welcomes proposals from teams interested in implementing it in various programming environments.

    The daily chart shows that DOT’s price is trending downward. Source: DOTUSD on TradingView.com

    Despite the recent announcement, the network’s native token, DOT, has been unable to break the downtrend witnessed over the past month. Currently trading at $6.75, it reflects a significant 24% decline in price over the last 30 days.

    Featured image from Shutterstock, chart from TradingView.com 

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Ronaldo Marquez

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  • Polkadot Selects Indy 500 Brand Ambassador Via Blockchain

    Polkadot Selects Indy 500 Brand Ambassador Via Blockchain

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    For the first time in history, a cryptocurrency firm has used blockchain technology to select an athlete for a brand ambassador sponsorship deal.

    According to a press release sent to CryptoPotato, the Polkadot community just passed a vote to sponsor IndyCar racing star Conor Daly as Polkadot brand ambassador for the upcoming Indianapolis 500, an annual automobile race held at Indianapolis Motor Speedway.

    Daly as Polkadot’s Indy 500 Ambassador

    The Indy 500 race is slated for May 26, and the tournament will mark the beginning of a year-long collaboration between Polkadot and Daly. The deal will extend beyond the racetrack as Polkadot will host interactive community events and digital initiatives to engage Daly’s fans and introduce them to the cross-chain network.

    The proposal that selected Daly as Polkadot’s brand ambassador passed with a 95.8% vote, representing a shift from traditional sponsorship methods, where negotiations are made behind closed doors. Polkadot said its decentralized approach to the deal is pioneering a new way to engage in sponsorships, prioritizing transparency and community-led decision-making through blockchain technology.

    “This landmark sponsorship proves the transformative power and trust of blockchain technology in making a previously exclusive process open and inclusive. It’s a testament to Polkadot’s forward-thinking innovative community, robust network, and progressive governance model. It’s a blueprint for future collaborations,” said Chris Wade, a Polkadot community member who advocated for the proposal.

    Polkadot Sees High Activity

    A prominent personality in the American professional racing space, Daly is one of the 29 drivers in history who raced in the National Association for Stock Car Auto Racing’s Daytona 500 and the Indy 500 in the same year. In addition to his remarkable racing record, Daly is the co-host of the weekly motorsports podcast Speed Street.

    Commenting on the alliance with Polkadot, Daly said:

    “The fact that thousands of individuals in the Polkadot community – not a corporate marketing team – used their voices to vote and select me as their ambassador is an incredible honor and reflective of the power of what a more free and open internet can look like in the future… We’re bringing power back to people, while making sports history.”

    Polkadot’s announcement comes as the blockchain sees a record-breaking number of addresses in its ecosystem. More than 600,000 addresses are currently active on Polkadot, signaling bustling activity on the network.

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    Mandy Williams

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  • DOT Price (Polkadot) Uptrend To Continue? These Could Be The Factors To Watch

    DOT Price (Polkadot) Uptrend To Continue? These Could Be The Factors To Watch

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    Polkadot (DOT) is gaining pace above the $6.80 resistance against the US Dollar. The price could gain bullish momentum if it clears the $7.28 resistance.

    • DOT is trading in a positive zone from the $6.00 support against the US Dollar.
    • The price is trading near the $7.00 zone and the 100 simple moving average (4 hours).
    • There was a break above a key bearish trend line with resistance near $6.50 on the 4-hour chart of the DOT/USD pair (data source from Kraken).
    • The pair could continue to rise unless the bears are able to defend the $7.28 resistance zone.

    Polkadot Price Restarts Increase

    After a steady decline, DOT price found support near the $6.00 zone. A low was formed at $5.97 and Polkadot recently started a fresh increase. The price was able to clear the $6.20 and $6.50 resistance levels to move into a positive zone, like Bitcoin and Ethereum.

    There was a break above a key bearish trend line with resistance near $6.50 on the 4-hour chart of the DOT/USD pair. The pair even surpassed the 23.6% Fib retracement level of the downward move from the $8.58 swing high to the $5.97 low.

    DOT is now trading near the $7.00 zone and the 100 simple moving average (4 hours). Immediate resistance is near the $7.20 level. The next major resistance is near $7.28 or the 50% Fib retracement level of the downward move from the $8.58 swing high to the $5.97 low.

    Source: DOTUSD on TradingView.com

    A successful break above $7.28 could start another strong rally. In the stated case, the price could easily rally toward $8.00 in the near term. The next major resistance is seen near the $8.50 zone.

    Are Dips Supported in DOT?

    If DOT price fails to start a fresh increase above $7.28, it could start a fresh decline. The first key support is near the $6.60 level.

    The next major support is near the $6.00 level, below which the price might decline to $5.65. Any more losses may perhaps open the doors for a move toward the $5.32 support zone.

    Technical Indicators

    4-Hours MACD – The MACD for DOT/USD is now gaining momentum in the bullish zone.

    4-Hours RSI (Relative Strength Index) – The RSI for DOT/USD is now above the 50 level.

    Major Support Levels – $6.60, $6.00 and $5.65.

    Major Resistance Levels – $7.28, $8.00, and $8.50.

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Aayush Jindal

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  • Will Inscriptions On Polkadot Push DOT Prices Back Above $10?

    Will Inscriptions On Polkadot Push DOT Prices Back Above $10?

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    There has been a notable spike in the number of Polkadot transactions in recent days. The surge also coincides with DOT prices racing to new 2023 highs when writing on December 22.

    Taking to X, asynchronous rob noted that Polkadot is currently processing around 250,000 transactions per hour or 400-450 per block. Polkadot is a modern blockchain that aims to drive blockchain interoperability.

    Based on its design, relying on a Relay Chain and numerous Parachains, the network can process transactions cheaply, considering its high capacity.

    Polkadot Transactions Swelling: Blame Dota and Inscriptions

    The rapid expansion of transactions on Polkadot can be attributed to the recent launch of inscriptions, a new type of cross-chain asset developed by the Dota platform. Uniquely, Dota’s inscriptions aim to simplify the process of deploying and minting assets on Polkadot’s parachains. 

    Though parachains operate independently as “chains” that rely on the Relay Chain for security, this design will eliminate the need for Cross-Chain Message Forma (XCM), which is needed for Polkadot parachains to communicate. 

    Usually, the XCM requires complex coding and can be time-consuming. Therefore, the simplicity of DOT-20 inscriptions by Dota directly explains why there is a surge in the number of transactions.

    According to Dota on X, inscriptions on Polkadot account for 98% of the recent transaction volume.

    Inscriptions on Polkadot | Source: Dota

    Though there has been a change in the number of transactions processed, transaction fees on Polkadot remain low. At the same time, the network hasn’t “skipped a bit,” with capacity being around 10%. 

    By how Polkadot is designed, network fees will increase only once 25% of the total network capacity is changed. To reach this level, each block being confirmed on Polkadot must pack at least 1,250 transactions. 

    This will require even more inscriptions to be created via Dota, meaning despite the observed spike, Polkadot is technically underutilized from a bandwidth perspective.

    Will DOT Continue Rising In 2024?

    While the deluge of transactions also coincides with rising DOT prices, currently at 2023 highs, there have been concerns about inscriptions causing network congestion in a network like Bitcoin facing scaling challenges.

    Critics maintain that inscriptions, though defended by some, serve nothing more than spamming the network and discouraging use due to accompanying increases in transaction fees. 

    Polkadot price trending upward on the daily chart | Source: DOTUSDT on Binance, TradingView
    Polkadot price trending upward on the daily chart | Source: DOTUSDT on Binance, TradingView

    For now, it remains to be seen if inscriptions will be sustainable, helping onboard more users. So far, Polkadot, as mentioned, can handle the uptick in transactions.

    Even so, if there is a 3X rise in transactions exceeding the 1,250 transactions per block threshold, the demand for DOT will rise. Subsequently, DOT will likely trend higher towards $10 and other critical resistance levels.

    Feature image from Canva, chart from TradingView

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Dalmas Ngetich

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  • DOT Price (Polkadot) Holds Strong At $6.6, Signs Point To Fresh Rally Ahead

    DOT Price (Polkadot) Holds Strong At $6.6, Signs Point To Fresh Rally Ahead

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    Polkadot (DOT) is correcting gains from the $7.75 against the US Dollar. The price could start a fresh increase unless there is a close below $6.30.

    • DOT is consolidating gains above the $6.60 support zone against the US Dollar.
    • The price is trading above the $6.65 zone and the 100 simple moving average (4 hours).
    • There is a key bullish trend line forming with support near $6.65 on the 4-hour chart of the DOT/USD pair (data source from Kraken).
    • The pair could start a fresh increase if the bulls protect the $6.65 and $6.30 support levels.

    Polkadot Price Holds Ground

    After forming a base above the $5.50 support, DOT price started a decent increase. The price was able to clear the $5.85 and $6.00 resistance levels to move into a positive zone, like Bitcoin and Ethereum.

    Polkadot even surpassed the $6.65 resistance zone and settled above the 100 simple moving average (4 hours). Finally, the bears appeared near the $7.75 zone. A high was formed near $7.77 and the price is now correcting gains. There was a drop below the $7.20 and $7.00 levels.

    DOT declined below the 61.8% Fib retracement level of the upward move from the $6.31 swing low to the $7.77 high. However, it is still above the $6.65 zone and the 100 simple moving average (4 hours).

    There is also a key bullish trend line forming with support near $6.65 on the 4-hour chart of the DOT/USD pair. The trend line is close to the 76.4% Fib retracement level of the upward move from the $6.31 swing low to the $7.77 high.

    Source: DOTUSD on TradingView.com

    Immediate resistance is near the $7.05 level. The next major resistance is near $7.20. A successful break above $7.20 could start another strong rally. In the stated case, the price could easily rally toward $7.75 in the near term. The next major resistance is seen near the $8.00 zone.

    More Losses in DOT?

    If DOT price fails to start a fresh increase above $7.05, it could continue to move down. The first key support is near the $6.65 level and the trend line.

    The next major support is near the $6.30 level, below which the price might decline to $5.70. Any more losses may perhaps open the doors for a move toward the $5.00 support zone.

    Technical Indicators

    4-Hours MACD – The MACD for DOT/USD is now gaining momentum in the bearish zone.

    4-Hours RSI (Relative Strength Index) – The RSI for DOT/USD is now below the 50 level.

    Major Support Levels – $6.65, $6.30 and $5.70.

    Major Resistance Levels – $7.05, $7.20, and $7.75.

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Aayush Jindal

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  • DOT Price (Polkadot) Spikes 5% and Primed To Surge Toward $6

    DOT Price (Polkadot) Spikes 5% and Primed To Surge Toward $6

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    Polkadot (DOT) is gaining pace above the $5.25 resistance against the US Dollar. The price could surge further toward the $5.85 and $6.00 levels.

    • DOT is gaining pace above the $5.25 resistance zone against the US Dollar.
    • The price is trading above the $5.30 zone and the 100 simple moving average (4 hours).
    • There is a key bearish trend line forming with resistance near $5.55 on the 4-hour chart of the DOT/USD pair (data source from Kraken).
    • The pair could gain bullish momentum if there is a close above $5.55 and $5.60.

    Polkadot Price Regains Strength

    After consolidating above the $5.00 support, DOT price started a decent increase. The price was able to clear the $5.20 and $5.25 resistance levels to move into a positive zone, like Bitcoin and Ethereum.

    Polkadot cleared the 100 simple moving average (4 hours) and tested the $5.60 resistance. A high is formed near $5.58 and the price is now consolidating gains. It is up nearly 5% and shows signs of more gains in the coming sessions.

    DOT price is now trading above the $5.30 zone and the 100 simple moving average (4 hours). Immediate resistance is near the $5.55 level. There is also a key bearish trend line forming with resistance near $5.55 on the 4-hour chart of the DOT/USD pair.

    DOT Price (Polkadot) Chart

    Source: DOTUSD on TradingView.com

    The next major resistance is near $5.60. A successful break above $5.60 could start another strong rally. In the stated case, the price could easily rally toward $5.85 in the near term. The next major resistance is seen near the $6.00 zone.

    Are Dips Supported in DOT?

    If DOT price fails to continue higher above $5.55 or $5.60, it could start a downside correction. The first key support is near the $5.35 level.

    The next major support is near the $5.30 level or the 61.8% Fib retracement level of the upward move from the $5.11 swing low to the $5.58 high, below which the price might decline to $5.10. Any more losses may perhaps open the doors for a move toward the $5.00 support zone.

    Technical Indicators

    4-Hours MACD – The MACD for DOT/USD is now gaining momentum in the bullish zone.

    4-Hours RSI (Relative Strength Index) – The RSI for DOT/USD is now above the 50 level.

    Major Support Levels – $5.30, $5.10 and $5.00.

    Major Resistance Levels – $5.55, $5.60, and $6.00.

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    Aayush Jindal

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  • 10 common crypto scams and how to avoid them – MoneySense

    10 common crypto scams and how to avoid them – MoneySense

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    In just the first half of this year, investment scams conned Canadians out of $161 million—most of it lost to cryptocurrency scams, according to the Canadian Anti-Fraud Centre (CAFC). “Crypto investments are the top type of investment scams reported to CAFC,” says Jeff Horncastle, the organization’s acting client and communications outreach officer. He adds that fewer than 5% of scams are reported, so the actual numbers are likely much higher.

    Scammers often find victims on social media

    Cryptocurrency scams are often intertwined with other types of scams—and the criminals behind them cast a wide net. “Unfortunately, everyone is targeted,” Horncastle says.

    Con artists frequently find potential marks on social media. According to an analysis by TradingPlatforms based on FTC data, nearly one-third of social media crypto fraud happens on Instagram, and one-quarter on Facebook. 

    “In some cases, the scam starts as a romance scam and quickly turns into an ‘investment opportunity,’” says Horncastle. “Because suspects have gained the victim’s trust, it can lead to a high-dollar loss for the victim.”

    10 types of crypto scams

    There are many types of scams to watch out for, and unfortunately, as investors get savvier, the cons evolve and become trickier to spot. To protect yourself, always know where your money is going, understand the crypto advertising rules in Canada, and only use trusted and compliant crypto trading service providers. (As a starting point, see MoneySense’s picks for the top crypto platforms in Canada, which are all registered with Canadian securities regulators.) An exhaustive list of crypto scams is likely impossible, but to protect yourself, here are 10 to watch out for.

    1. Pump-and-dump, or rug pull

    In a “pump and dump” or “rug pull” scheme, promoters of a cryptocurrency hype it up to boost demand, and when the price soars, they sell all their coins for a quick profit. Because they sell in large volumes, other investors get nervous and sell their coins, too. As panic sets in and the selling spreads, the coin’s value plunges. The promoters get rich and small investors are left “holding the bag,” faced with huge losses. 

    A notorious example of an alleged crypto pump-and-dump scheme is a coin called Squid Game. Launched in October 2021, it rode the popularity of the Netflix series of the same name—despite having no affiliation. Less than two weeks later, Squid Game’s crypto developers suddenly sold their holdings when the coin’s price hit $2,800, making themselves $3.3 million richer (all figures in U.S. currency). Today, one Squid coin is worth about a tenth of a penny.

    The pump-and-dump scam is not unique to crypto, of course. It’s what high-flying stockbroker Jordan Belfort—the subject of the Hollywood film The Wolf of Wall Street, starring Leonardo DiCaprio—engaged in during the 1990s. His firm was accused of artificially inflating the price of penny stocks before selling their shares to make lots of fast money—costing investors up to $200 million. In the early 2000s, Belfort served 22 months in federal prison for securities fraud. He’s now marketing himself as an investment guru. 

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    Aditya Nain

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  • Cardano and Polkadot Become Partner Chains: Key Insights

    Cardano and Polkadot Become Partner Chains: Key Insights

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    Cardano and Polkadot have announced a strategic partnership, marking a significant milestone in the evolution of blockchain interoperability and scalability. This collaboration between two of the leading blockchain platforms is set to have far-reaching implications for the Web3 space.

    Polkadot, in a recent tweet, emphasized the scope of this partnership: “Cardano will use Substrate, the foundation of the Polkadot SDK, to build out its ‘partner chain’ project — showcasing Substrate’s potential to expand across Web3, and its ease of use for other chains and ecosystems.”

    Input Output Global (IOG), the driving force behind ADA, expressed high regard for Substrate. In a statement, they referred to it as a “proven open-source modular framework,” and announced their intention to contribute a set of composable pallets to extend its reach. This move not only highlights IOG’s strategy but also underlines the shared ethos and technological admiration between the two entities.

    The Cardano Vision Of A Connected Blockchain World

    In an in-depth blog post, IOG articulated the vision behind the integration of partner chains within the ecosystem: “At this week’s Cardano Summit 2023, IOG founder & CEO Charles Hoskinson outlined a new framework that will offer new ways for developers and validators to utilize Cardano’s core strengths – and some exciting new technologies – to build their own optimized partner chains.”

    Explaining the rationale behind this initiative, Hoskinson said, “Partner chains will revolutionize how new blockchains are launched and operated by combining modular blockchain technology with Cardano’s proven security, liquidity, and reliability. Partner chains will gain these benefits without the lock-in of any network or technology stack.”

    Cardano’s design, which bifurcates the Cardano Settlement Layer (CSL) from the Cardano Computation Layer (CCL), has been a cornerstone of its architecture. “The CSL has proven to be robust and scalable, forming the ultimate cross-chain settlement layer. With partner chains, networks will have the power to build their own computation layer leveraging a modular framework and existing components, yet still leveraging the CSL for settlement across chains,” Hoskinson elaborated.

    Highlighting the synergy between the two platforms, Hoskinson further noted, “Taking this modular approach with Substrate will enable partner chains to implement any consensus protocol, satisfying Minotaur’s requirements to enable partner chains to leverage specific combinations of resources for their consensus. Hence, Substrate’s open-source code is highly complementary to Cardano’s stack and aligned with our common vision for a world of interoperable blockchains.”

    The first blockchain to implement this framework will be Midnight, an IOG data protection-focused blockchain. This approach allows for any consensus protocol’s implementation, in line with the Minotaur project’s requirements, enabling partner chains to customize resource combinations for their consensus protocols.

    The partnership is a strategic alignment of visions between Cardano and Polkadot for an interconnected blockchain world. It addresses key challenges in the blockchain space, including interoperability, security, tokenomics, and vendor lock-in.

    Security will be ensured by the Stake Pool Operators (SPOs), and the Minotaur multi-resource consensus protocol will enable participation from validators across various blockchain ecosystems. Babel fees are expected to resolve tokenomics challenges for new networks, facilitating compensation for SPOs in ADA. Additionally, trustless bridges are anticipated to connect partner chains to Cardano, enabling seamless interoperability.

    At press time, ADA traded at $0.354.

    ADA climbs above the 0.5 Fib, 1-day chart | Source: ADAUSD on TradingView.com

    Featured image from Shutterstock / Zipmex, chart from TradingView.com

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    Jake Simmons

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  • Polkadot (DOT) Market Cap Dips: Q3 Sees 16% Decrease In Value

    Polkadot (DOT) Market Cap Dips: Q3 Sees 16% Decrease In Value

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    Polkadot (DOT), one of the prominent blockchain networks in the crypto space, experienced a 16% decline in market capitalization in the third quarter (Q3) of 2023, according to a recent report from Messari. 

    This decline came after a moderate downturn in the overall cryptocurrency market during Q3, despite favorable court rulings for XRP and Grayscale. The total crypto market capitalization declined by 5.8%, with Bitcoin (BTC) and Ethereum (ETH) falling by 7.5% and 10.0%, respectively.

    Polkadot Closes Q3 With $5.2 Billion Market Cap

    As reported by Messari, Polkadot’s market capitalization closed at $5.2 billion, positioning it as the 13th largest crypto asset by market cap in Q3 2023 (currently 15th). 

    DOT’s Q3 2023 circulating market cap. Source: Messari

    Polkadot’s financial structure is based on a weight-based fee model, which differs from the gas-metering model in other networks, such as Ethereum.

    Transaction fees in Polkadot are determined and charged before execution, with the calculation comprising a weight fee reflecting computational resources, a length fee based on transaction size, and an optional tip to incentivize block authors. 

    In Q3 2023, Polkadot generated revenue amounting to $94,000, representing a 3% decrease compared to the previous quarter. Messari suggests that Polkadot’s revenue tends to be relatively lower compared to its competitors due to the network’s structural design.

    On the other hand, the native token of Polkadot, DOT, serves three primary purposes: governance, staking, and parachain bonding. During Q3 2023, the staking percentage of DOT rose by 12% compared to the previous quarter, reaching 49%. 

    This increase led to reduced staking rewards and a 12% decline in the annualized nominal yield to 15%. According to Messari, the close alignment of Polkadot’s staking rate with the ideal rate demonstrates the effectiveness of its mechanism.

    Polkadot’s OpenGov Milestone

    The Polkadot treasury supported various initiatives in Q3, including software development, bounties, client upgrades, and community events like meetups and hackerspaces. 

    According to Messari, the implementation of OpenGov on June 15 marked a significant milestone, revolutionizing treasury management and enabling concurrent proposals with distinct requirements. At the end of the quarter, the Polkadot treasury held approximately 45 million DOT ($185 million).

    Polkadot
    Polkadot treasury’s DOT holdings as of Q3 2023. Source: Messari

    Furthermore, Polkadot has recently completed the official release of Polkadot 1.0, marking the achievement of a significant milestone outlined in the Polkadot whitepaper. 

    The network’s codebase has been fully transitioned to a repository managed by the community through Polkadot OpenGov and the Technical Fellowship. The roadmap for the next iteration, Polkadot 2.0, will be determined through community discussions and consensus. 

    Founder Gavin Wood has proposed ideas for additional mechanisms to allocate Polkadot’s block space and for creating treaty-like agreements between multiple blockchains called “accords.”

    Polkadot
    DOT’s sustained uptrend on the daily chart. Source: DOTUSDT on TradingView.com

    As of this writing, the DOT token has exhibited a noteworthy upward trend since October 19, closely following Bitcoin’s lead. Presently, the token is trading at $4,839, reflecting a notable increase of over 16% within the past fourteen days.

    Featured image from Shutterstock, chart from TradingView.com 

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    Ronaldo Marquez

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  • Polkadot’s Q3 treasury data shows 61% increase in expenditure

    Polkadot’s Q3 treasury data shows 61% increase in expenditure

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    Polkadot’s Q3 2023 Treasury Report reveals a significant uptick in spending across research and development. 

    Polkadot’s latest Q3 2023 Treasury Report has unveiled a significant, 61 percent increase in its spending, with heavy investments in Research and Development. This increased spending could be the potential reason behind recent layoff rumors that have swept through organizations associated with Polkadot.

    Polkadot elevates spending in selective areas

    Polkadot has shown a notable uptick in spending for 2023, with $21 million compared to $13 million in the previous year. However, this increase is disproportionately focused on Development, which accounts for 50 percent of total spending, and Research, which has seen a 65 percent increase. Operations and Outreach—the areas most directly related to staffing costs—have seen a less than 10 percent and 9 percent allocation, respectively. This skewed focus could hint at why Polkadot-affiliated organizations might be considering scaling down on human resources.

    Strategic shifts and human resources

    The report also outlines a future shift towards bounties for more effective budgeting. This could signify that Polkadot is moving toward task-specific, short-term contracts rather than maintaining a full-time workforce. Further adding to this speculation is the allocation of $350,000 to Messari for research, a job described in the report as something an intern or ChatGPT could do. This raises questions about internal resource allocation and how it might be affecting staffing levels in the future.

    It appears that Polkadot is prioritizing technological advancement and may be looking at automation or outsourcing as cost-effective alternatives. With the decentralized ecosystem continually evolving, Polkadot’s Treasury Report offers a snapshot that could explain the rumored recalibration of its human resources strategy.


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    Mohammad Shahidullah

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