• 29 May, 2024
Markets News

Polkadot Update Unleashes UI Fixes, New dApp, and Governance Shifts: Report

In the latest development from the Polkadot network, a recent runtime upgrade, which introduced an API change, has inadvertently led to user interface (UI) issues across several cryptocurrency wallets. According to crypto analyst Bill Laboon, this anomaly presents as a lack of active nominations within some wallets. However, it is strictly a UI glitch and not reflective of underlying staking problems. The transition to paged reward payouts in the network’s version 1.2.0 upgrade last Saturday is the root cause of this confusion.

Further enhancing the network’s capabilities, developer Josep from Parity has introduced a new decentralized application (dApp) for teleporting DOT and KSM tokens between the Polkadot and Kusama networks. This tool is constructed using PAPI and Smoldot, promising smoother cross-chain transactions for users.

Polkadot governance is also active with ongoing referendums. Referendum 380 aims to upgrade the Kusama network to runtime version 1.2.2 and is currently available for community voting. Meanwhile, Referendum 379 proposes the deprecation of staking controller accounts, suggesting a shift in the operational dynamics of staking within the network. If passed, stashes will act as controller accounts, and users desiring controller account functionalities would need to employ a staking proxy.

On the financial side, the Polkadot token (DOT) is demonstrating clear signs of a potential recovery following an extended period of decline in its market value. The token found strong support at the $6.40 level and has struggled to overcome resistance near the $7.58 mark. Over the past week, DOT’s price fluctuated notably, sinking to a low of $6.40 before rebounding to $6.86. The token’s recovery was momentarily hindered by the 200-day simple moving average (SMA), signaling strong resistance.

Source: TradingView

Looking at the broader price trends, DOT is currently trading between $7.30 and $7.47, suggesting a consolidation phase that could lead to significant price movements depending on investor sentiment over the coming days. Technical indicators reveal a mixed sentiment; the Moving Average Convergence Divergence (MACD) has turned bullish, hinting at potential upward momentum, while the Parabolic SAR indicates ongoing bearish trends, which might flip if buying pressure continues.

Investors and users are closely monitoring these developments, as the outcomes of these referendums and technical adjustments could significantly impact both the network’s usability and DOT’s valuation. As Polkadot continues to evolve, stakeholders remain vigilant, ready to adapt to the cryptocurrency world’s dynamic and rapidly changing landscape.

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