Journalist
Posted:
- Polkadot will announce its plans during the Sub0 developer conference.
- Those plans include the goal of launching more than 1,000 parachains.
Polkadot has been flying under the radar for quite some time, but this should not be confused with inactivity. The developers and executives just revealed what’s going on at the Sub0 developer conference.
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Bearish market conditions have shifted attention away from speculation and networks like Polkadot are doubling down on their development. The network had several presentations that highlighted the work under the hood. More importantly, it revealed what we could expect in the future, especially the push for 1,000 parachains.
GM diligently #Web3 BUIDLers & #crypto swords!
#Dot aim for the stars!
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Announced on #sub0developers are introducing updates to support 1,000 #parachains, a tenfold increase!
“Asynchronous backing” will halve the block time and increase block space, making… pic.twitter.com/74YZv8pcwS— Orbiter One (@OrbiterOne) September 22, 2023
With so many parachains, the Polkadot layer would enable a 0 network to achieve its goal of mass adoption. This would also translate into a healthy level of utility not only for the network, but also for the native cryptocurrency DOT.
The pursuit of exponential growth of parachains also aligns with Polkadot’s cross-chain efforts. Multiple networks have aggressively pursued cross-chain dominance due to the potential opportunities in the segment. Polkadot is one of those networks and reiterated this at the Sub0 developer conference.
Will Polkadot’s development efforts bring any relief to DOT?
Polkadot’s plans and ongoing developments underline the likelihood of long-term success, especially in the medium to long term. But is this enough to enable a sentiment shift? DOT’s price action has been on a downward trajectory since February. It hit a new 2023 low of $3.91 on September 11, exchanging hands at $4.02 at the time of writing.
Source: TradingView
DOT’s recent low range allowed for a decent amount of accumulation, but this was arguably not enough to support a proper bullish recovery. DOT’s current monthly lows represent prices previously observed in November 2020. This highlighted the extent of its bearish prevalence.
On-chain data showed that DOT’s weighted sentiment improved slightly over the past three weeks. This indicated that more traders seemed confident in the potential uptrend. However, this was yet to be reflected in the cryptocurrency’s price action. Meanwhile, development activity was at its lowest level in the past four weeks.
Source: Santiment
DOT’s latest performance was also in line with the rest of the crypto market. In other words, performance reflected the low demand and declining liquidity of recent months.
Realistic or not, here is Polkadot’s market cap in BTC terms
Thus, DOT’s prospects could improve if the market shifts to a bullish outlook and performance. The recently unveiled plans will further strengthen the bullish case for the DOT cryptocurrency, especially in the long term. This means there is a chance of a strong bullish case for DOT once market conditions improve.
