Polkadot's Futures Market Open Interest Breats $573 M

by in DeFi News

DOT open interest  Breats $573 M

Blockchain-based decentralized platform Polkadot (DOT) has been making progress during the previous months as the multi-chain internetworking tokens have increased 625% since December.

Related: Dogecoin outdid Bitcoin in popularity on Twitter in February

Its open interest surpassed $573 M. Many believe interoperability among blockchains to be an effective answer to the costly Ethereum gas prices. Polkadot is a popular staking network. Now the protocol is developing parachains and a lot of undertakings prefer to operate on the Protocol.

Parachains will make it possible for Polkadot to exploit its scalable multi-chain design. There are three stages before the launch of data structures: testing, extension, and auditing. After these steps, parachains can be allowed via on-chain management. Afterwards, the community will vote on which new features and updates should be attached eventually.

Various projects evolving on Polkadot, expand their own parachains in which the network's tokens would function as a native asset for payments. Currently, Polkadot's built-in token DOT trades at above $32 with a market cap surpassing $29 B.