At this present moment, Polkadot has successfully managed to surpass Litecoin in order to become the 4th biggest futures market due to the reason that the open interest has hit $573 million this week itself.
Polkadot has managed to grab a few eyeballs since the last few months owing to the altcoins that have revealed interoperability which has gained approximately 625% within the last 3 months.
Polkadot Gains Momentum
The guarantee of the fact that the interoperability between the blockchains is going to be an attractive solution for the high gas fees on Ethereum blockchain that has been a worrying factor for the cryptocurrency market led to the growth of parachains on Polkadot viable as well as the projects selecting to create on DOT persistently develop along with the popularity as the staking platform.
The parachains of DOT work on a similar basis to the ETH 2.0 proposal for sharding that makes independent blockchains created for a specific purpose. Several of the projects created on Polkadot including Acala, Equilibrium, and Moonbeam make their parachains through which the tokens of the projects might serve as a natural currency utilized for paying for the transactions.
Staking rewards has reported that more than 63% of DOT coins that are in circulation have been locked up for staking mechanisms. In the meantime, the development of DOT is way better as compared to their competitors. PolkaProject has stated that a site that tracks the growth actions reveal more than 370 ongoing projects being currently built on their platform.
In the last 2 months, the average open interest of DOT futures is $575 million that increased by almost 690% from $73 million, leading to their 4th rank based on the derivatives market right after Bitcoin, Ethereum, and Cardano.