25 February, 2024

Polkadot Advances With Rococo Testnet, Coretime Sales, and Crucial Referendums

1 month ago

16 Jan, 2024

  • Polkadot advances with the Rococo testnet, introducing agile coretime allocation for parachains’ optimized resource use and extended leases.
  • Referendums 416 and 414 drive key upgrades and seek approval for runtime enhancements for interoperability.
  • The treasury collects 110,000 DOT from 13 million transactions, maintaining stable fees at 0.02 DOT.

The Polkadot decentralized platform is making significant strides with the introduction of the Rococo testnet, Coretime sales, Runtime Upgrade, and Parachain Advancements

and two crucial referendums, 416 and 414. Along with this, Polkadot saw consistent growth throughout the last quarter, with a significant increase in transactional data in late December. The Head of Education and Grants at the Web3 Foundation, Bill Laboon tweeted this update:

Firstly, talking about the much-anticipated agile coretime allocation, it has gone live on the Rococo testnet, marking a significant step towards optimized resource utilization for parachains. This feature introduces bulk coretime configurations, offering parachains a full week of blockspace for sustained operations. An upcoming slot for purchasing and transferring extended leases further amplifies the flexibility and potential of this model.

Talking about the relay chain which was poised for runtime upgrade, referendum 416 seeks community approval to elevate the Polkadot relay chain to runtime v1’001’000. This upgrade, stemming from the Fellowship v1.1.0 release, brings crucial enhancements and optimizations to the network’s core functionalities.

Polkadot’s interoperability efforts intensify with referendum 414 proposes establishing an HRMP channel between InvArch and the Polkadot Asset Hub. It facilitates resource-intensive communication until XCMP’s integration on Polkadot.

The platform also has released its Q4-2023 update, revealing remarkable growth and heightened activity on the network. In a tweet on December 21, 2023, Polkadot founder Robert Habermeier pointed out an extraordinary milestone—1 million transactions in a single day on the Polkadot relay chain.

Source: Twitter

Polkadot’s Treasury collected a substantial 110,000 DOT from 13 million transactions within a 48-hour window. The network experienced no significant spike in transaction fees, maintaining a steady rate of around 0.02 DOT throughout December.

Source: Twitter

Polkadot’s native cross-consensus messaging format, XCM saw around 17,000 messages sent per month from January to September. However, this number doubled in October, reached 39,162 in November, and soared to an impressive 449,813 in December.

Reportedly, Polkadot secured a strategic integration with Unity, the dominant game engine in the mobile sphere, joining its coveted Verified Solutions Program. This partnership, forged by Parity Technologies and Unity Games, opens doors for Polkadot to power renowned titles like Pokémon Go and Call of Duty Mobile.