Polkadot: Can these new proposals lure in users to the network

• Polkadot’s PolkaSafe proposed new updates for its technology in the future.
• Sentiment around DOT remained negative, price declined.

Polkadot[DOT] has had a difficult time keeping up with the ever-evolving crypto space over the last few months. Despite the large number of parachains and development activity on the network, the protocol hasn’t been able to catch the eye of crypto users at a large scale.

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New developments

However, things could soon change with updates made on PolkaSafe.

PolkaSafe is a practical tool that uses substrate’s multisig pallet. This feature allows multiple parties to collectively manage and control assets in a secure and organized manner within the Polkadot ecosystem.

In essence, it enables safer and more collaborative management of assets on the Polkadot network. It’s inspired from multisig wallets on Ethereum.

PolkaSafe is rolling out some major tech improvements in the future. Their recent updates will include partnering with Onramp.money for smoother On-Off ramp support. The new dashboard will make it easy to manage multiple multisig wallets across various networks.

They’ve also integrated with popular accounting software like Quickbooks, Xero, and Zoho Books, streamlining financial tracking. The addition of analytics dashboards will also give users insights over specific timeframes. Security gets a boost with Polkadot Vault support, offering a hardware solution. NFT support will also be available for multisig accounts.

POLKASAFE 16 UPCOMING FEATURES

🔒Brace yourselves for the upcoming wave of innovation with @PolkaSafe

🚀Get ready for 16 new features that will revolutionize security in the blockchain world

💥These features are in the proposal to propose in the @Polkadot Open Gov

👇Check out… pic.twitter.com/9RWmkZ8THc

— Polkadot Insider (@PolkadotInsider) August 12, 2023

Barely Social

The developments made in the Polkadot ecosystem could result in improving market sentiment towards the network and its token. At press time, however, the sentiment around Polkadot had plummeted.

According to Santiment’s data, the weighted sentiment for Polkadot took a nosedive in the last few days. An extremely negative weighted sentiment implied that the negative comments around Polkadot far outweighed the positive ones on the social front.

Realistic or not, here’s DOT’s market cap in BTC’s terms

Source: Santiment

Along with the weighted sentiment, the interest in DOT remained relatively low. After testing the $5.69 resistance level, the price of DOT fell by 11.21%. The price exhibited both lower lows and lower highs while declining, establishing a bearish trend. At press time, DOT was trading at $5.03.

Its RSI was at 53.52, implying that momentum was with the buyers at the time of writing. The CMF also rose significantly over the last few days, indicating that the money flow was favoring the bulls.

Source: Trading View