THELOGICALINDIAN - Faith in Polkadot hasnt been blah by the hamfisted accomplishments of Binance and Kraken afterwards the cryptocurrency exchanges commenced trading for DOT two canicule afore the badge was due to be redenominated abbreviation its assemblage amount by 100x
Because the CEX listings preceded a appointed badge redenomination, the Polkadot association was, for a abbreviate time, apparent to two altered badge prices. Despite this, Polkadot was ranked as the seventh-largest cryptocurrency by bazaar cap on Aug 25, afterward a 79% billow beneath than one anniversary afterwards trading clearly commenced.
Polkadot Shakes Off Launch Troubles
On July 13, the Polkadot association voted in favor of a angle that would see the DOT badge accumulation added by 100x. This resulted in the badge accumulation alteration from 10 actor to 1 billion, while badge holders saw their bread backing accumulate by 100x. This acquired no change to the dollar amount of the holdings, and was implemented alone to accomplish the amount of DOT tokens added “ergonomic and human-readable.”
A adroitness aeon of three canicule amid August 18 and August 21 was set for all DOT holders to alteration their old tokens into the new DOT tokens. Badge listings for the new DOT badge had already been anchored on abundant above exchanges, with trading set to arise already the adroitness aeon was complete.
But back Binance and Kraken commenced trading for DOT on August 19, it acquired massive amount disparities amid what were briefly two altered DOT tokens. Because Binance and Kraken listed the badge early, the amount on those exchanges anon sank to reflect the amount of the anew minted DOT token, which had been disconnected by 100 during the redenomination.
However, Binance and Kraken bootless to annual for the redenomination, so traders were briefly bamboozled by what was about a bootleg adaptation of DOT. According to the Polkadot community, these exchanges “went adjoin the Polkadot association and created anarchy and abashing amid DOT holders.”
Polkadot Enters Top Ten
Despite this antecedent confusion, Polkadot entered the bazaar cap top ten in the canicule anon afterwards DOT began trading in earnest. Anon slotting into the seventh spot, Polkadot displaced Litecoin, Cardano, and Bitcoin SV in the process.
From a starting amount of $2.74 beforehand in the week, the amount of DOT tokens underwent a 79% increase, aggressive to $5.2 by August 25. Trading aggregate bound rose to $500M per day, as traders pushed up the DOT amount on Binance, OKEx, Kraken, Bitfinex, Kucoin, Bittrex, and more. Curiously, admitting Binance actuality ever hasty apropos the timing of Polkadot’s badge listing, the Binance-owned CoinMarketCap is yet to amend its listings to reflect Polkadot’s new ranking.
Polkadot acts as a blockchain glue, abutting altered blockchain projects beneath its umbrella. Using Polkadot, users can accelerate tokens and assets from one blockchain to another, after sacrificing the aegis of either. Polkadot’s development is decentralized and autonomous and was founded by Gavin Wood, one of the aboriginal co-founders of Ethereum.
