DOT Price Jumps 8% As Polkadot Reveals Major Update, Rally To Persist?

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The price of Polkadot (DOT) has spiked by 8% after the unveiling of “Agile Coretime,” a crucial element in the Polkadot 2.0 upgrade. This significant overhaul is expected to boost the network’s capabilities, speed, and user-friendliness, rekindling the interest of developers and investors once more.

Agile Coretime Launch Boosts Polkadot 2.0

Polkadot has unveiled a fresh method of resource management called Agile Coretime, which adaptively assigns computational resources according to network activity. Unlike the former system that employed an auction mechanism to grant blockspace in two-year contracts to projects, Agile Coretime offers a flexible model for acquiring blockspace.

This adjustment is intended to reduce expenses and enhance developer-friendly functionality, thereby fostering smoother and more eco-friendly blockchain functioning.

It’s LIVE Agile Coretime—one of the foundations of Polkadot 2.0—is here!

That means:

Increased Flexibility & Scalability
Lower Barrier to Entry for Builders
Predictable Costs

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— Polkadot (@Polkadot) September 19, 2024

The update is a component of Polkadot’s 2.0 development plan, which aims to enhance the network’s capabilities through additions like Asynchronous Backing and Elastic Scaling for the future. This allows Agile Coretime to prevent unnecessary resource overcharging during periods of low activity and alleviate congestion during heavy traffic.

Developers Gain Flexibility and Cost Efficiency

The introduction of the upgrade is a significant shift for developers working on Polkadot. This new model reduces the entry threshold since projects can buy block space as they need without having to pledge large amounts of DOT. As a result, new projects and independent developers can now get on board with Polkadot and leverage the platform’s strong backbone to build their ideas.

Derek Yoo, CEO of Moonsong Labs, highlighted that Agile Coretime tackles a significant issue for developers: it’s about striking a balance between acquiring sufficient scalable resources and avoiding the expense of purchasing an entire block of space.

For newer ventures, an on-demand resource allocation system offers a progressive upgrade of resources over time. On the other hand, for well-established projects, you can secure a larger amount of resources in one go, ensuring consistent costs and results.

Market Indicators Point to Potential Bullish Trend for DOT

Agile Coretime’s debut has boosted Polkadot’s market standing, causing DOT to soar in value as optimistic feelings increase. Technical studies hint that DOT could be approaching its lowest point, with signs like the Moving Average Convergence Divergence (MACD) showing increasing low points. The moving averages are becoming level, suggesting that DOT may soon experience a surge as the market settles down. At the moment of writing, DOT was being traded at $4.34, marking an 8.15% increase from its lowest point for the day.

DOT Price Jumps 8% As Polkadot Reveals Major Update, Rally To Persist?

As a researcher, I’ve noticed an intriguing development: the Chaikin Money Flow indicator reveals a divergence where buying pressure is escalating while price action is trending downwards for DOT. This ‘accumulation’ pattern suggests that buyers may soon drive up the price. Moreover, the current long position standing at 73% implies growing investor optimism, likely fueled by both retail and institutional investors stockpiling in anticipation of rising prices.

With the introduction of Agile Coretime, the Polkadot team is preparing for the rollout of their next major update – Elastic Scaling. This innovative feature will enable chains to tap into multiple processing cores within a single block, thereby enhancing the network structure and reducing congestion during high-traffic periods.

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2024-09-19 21:06