Polkadot (DOT) has emerged as one of many top-choice blockchain networks over the previous 12 months because of its give attention to facilitating interoperability between separate networks, particularly Ethereum (ETH).
On account of Polkadot’s rise to prominence, tasks which have embraced the idea of interoperability and joined the Polkadot ecosystem have seen a lift in their token costs over the previous few months.
Ren (REN), Ocean Protocol (OCEAN) and the Celer Community (CELR) are three such tasks which have led the way in which in facilitating cross-chain interoperability between networks, ensuing in wholesome will increase to the variety of lively token holders and every challenge’s buying and selling quantity.
Ren is an open blockchain protocol that was particularly designed to offer interoperability and liquidity between a lot of separate blockchains, together with Ethereum, Bitcoin (BTC) and Polkadot.
Collaboration with the Polkadot community started again in July 2020, when it was introduced that Ren would accomplice with the Acala community (ACA) to assist carry Bitcoin to the DOT ecosystem.
REN/USDT 4-hour chart. Supply: TradingView
On the time of the announcement, REN was buying and selling at a mean price of $0.15 and has since surged to a excessive of $1.80 on Feb. 20 as additional integrations with different blockchains like Dogecoin and Digibyte have helped propel the price of REN larger.
Ocean protocol is a blockchain-based ecosystem that helps customers unlock the worth of knowledge and monetize it via the creation of knowledge tokens, which wrap knowledge units and enable third-parties to carry out operations using the info in a safe method.
This permits publishers to monetize their knowledge whereas preserving privateness and management. The community additionally offers shoppers a neater strategy to entry beforehand unavailable knowledge.
Discussions of Ocean constructing on prime of Polkadot started again in July of 2020 and the primary confirmed integration got here on Jan. 25, 2021, when Ocean introduced that it was partnering with the Polkadot-based Moonbeam community (GLMR) to permit customers of the Polkadot ecosystem to publish, stake, and purchase knowledge.
OCEAN/USDT 4-hour chart. Supply: TradingView
Over the next months, new partnerships and cross-chain bulletins have been revealed and OCEAN proceeded to rally 250% to a brand new all-time excessive at $1.69 on March 7.
Celer Community is a layer 2 scaling platform designed to “bring interactive, secure and low-cost applications to every blockchain” based on the challenge’s web site. The aim of the platform is to allow customers to construct, function and use scalable DApps “through innovations in off-chain scaling techniques and incentive-aligned crypto-economics.”
CELR’s integration with the Polkadot ecosystem was introduced on Jan. 19 when the challenge launched its state channel substrate mannequin which helps layer-2 scaling and instantaneous funds on Polkadot.
CELR/USDT 4-hour chart. Supply: TradingView
Since that point, the price of CELR has elevated 240% from a low of $0.019 on Jan. 19 to an all-time excessive of $0.067 on March 15 as layer-2 options proceed to achieve traction for providing alternate options to excessive transaction prices on Ethereum.
Because the cryptocurrency bull market continues to develop and the Ethereum community struggles with congestion and excessive charges, Polkadot-related tasks that supply cross-chain options and enterprise into the realms of decentralized finance and NFTs are well-positioned to see additional adoption and price appreciation.
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