Nexo

We’re Giving out 10 BTC in Rewards until the Bitcoin Halving

Learn More
Home » Analysis » Polkadot Overtakes Bitcoin Cash in First Year of Activity

Polkadot Overtakes Bitcoin Cash in First Year of Activity

by

This so-called “Ethereum killer” finally surpassed the market capitalization of Bitcoin Cash. 

Polkadot Overtakes Bitcoin Cash in First Year of Activity

Key Takeaways

  • After less than a year of activity, Polkadot has become the 6th largest crypto by market cap.
  • The project's creator released a roadmap outlining Polkadot's 2021 prospects.
  • New milestones revolve primarily around building a larger developer ecosystem to support the network.

Share this article

Polkadot’s DOT token is now the sixth-largest cryptocurrency concerning market capitalization, leaving payment-based cryptocurrency Bitcoin Cash in the dust.

 To mark the occasion, Polkadot’s co-founder Gavin Wood announced a roadmap for next year.

Polkadot Outpaces BCH in First Year

Wood published a network update with renewed goals for 2021. Wood wrote: 

“Polkadot is now the 2nd most active DeFi ecosystem after Ethereum.”

Despite the frequent comparisons to the number two blockchain, Polkadot is rather a complement to Ethereum, improving its scalability. It is an ecosystem that allows for asset transfer across other blockchains. The project’s interoperability efforts are focused around Ethereum, but there are plans to include all future platforms. 

The smart contract capability of Ethereum on Substrate, Polkadot ecosystem’s development platform, is expected to roll out sometime in Q1 or Q2 of 2021.

Gavin wrote that the coming year is important for the development of the protocol. The ecosystem will bring together all the individual features like parachains and lease them to the project developers looking to build applications on these parachains.

The project’s treasury will continue to issue developer grants using nearly 10.4 million DOT (worth $85 million). The network is currently secured by 63% of the DOT holders. 

Polkadot’s native token DOT is gaining momentum alongside the rise in Ethereum’s price. 

https://twitter.com/Trader_XO/status/1344582385426432002

DOT is trading at $8.2 at press time. 

Polkadot price chart. Source: CoinGecko
Polkadot price chart. Source: CoinGecko

DOT surpassed Ethereum competitors like EOS and Cardano in less than a week of its launch. And finally, Polkadot beat Bitcoin Cash, reaching a total market capitalization of $7.7 billion.  

Disclosure: The author held no position in DOT at the time of writing. 

Share this article

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

Crypto Briefing may augment articles with AI-generated content created by Crypto Briefing’s own proprietary AI platform. We use AI as a tool to deliver fast, valuable and actionable information without losing the insight - and oversight - of experienced crypto natives. All AI augmented content is carefully reviewed, including for factural accuracy, by our editors and writers, and always draws from multiple primary and secondary sources when available to create our stories and articles.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.