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DOT’s demand is sky-rocketing in hedge fund portfolios thanks to its…

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Source: Unsplash

Polkadot is currently the talk of the crypto town. The promising blockchain network, headed by Gavin Wood and Robert Hebermeier, garnered significant traction over the years.

Betting on YOU

Polkadot was the most commonly held altcoin in Q4 last year. Around 24 out of 57 tracked funds invested in it. Meanwhile, 42% of venture capital and hedge funds investing in crypto were betting on the success of Polkadot’s smart contracts platform.

Source: Twitter| Messari 

Oasis Network (ROSE) and Near Protocol (NEAR)  followed after DOT as the most commonly held assets. Although, one should note that the analysis did not include Bitcoin or Ethereum. As it is fair to assume that most funds hold the two leading cryptocurrencies.

In addition to this, DOT held the fourth-largest circulating market cap amongst 30 invested assets.

The demand is real

Post successful 10 rounds, Nodle secured the 11th Polkadot parachain slot with 7,528 contributions equaling 2.48 million DOTs—worth over $42 million.

 

The Crowdsourced Decentralized Network’s win would allow Nodle’s token ($NODL) to interoperate with other decentralized applications built on top of Polkadot. Even with other Blockchains that benefitted from Polkadot’s shared security principles.

Nodle CEO and Founder Micha Benoliel in an 11 March blog post reiterated optimism following this impressive victory. He claimed,

“This makes NODL tokens instantly liquid and usable across all other parachains, dramatically expanding our decentralized wireless network vision. Now, our users not only benefit from Nodle Cash App’s utility, but can interact with DeFi ecosystems. Such as decentralized exchanges, or money markets, and other DeFi ecosystems.”

This was the last auction for the second batch of Polkadot. The second batch had a total of six auctions. Winners were Efinity, Centrifuge, Composable Finance, HydraDX, Interlay, and Nodle.

Source: Polkadot.js

Parachain slot auctions take advantage of Polkadot’s ability to give developers ways to create new crypto assets and decentralized applications (dapps) on top of its blockchain.

The #12 largest token reacted positively to this update. As per CoinMarketCap, DOT recorded a fresh 8% surge in 24 hours. At press time, it was trading above the $18 mark.

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Shubham is a full-time journalist at AMBCrypto. A Master's graduate in Accounting and Finance, Shubham's writings mainly focus on crypto-regulations across the United States and Europe. Also, a die-hard Chelsea fan #KTBFFH.

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