With 2021 less than 24 hours away, Polkadot creator Gavin Wood said the project had built a steam head for the new year. In a 2020 recap published Wednesday, Wood Polkadots (DOT) highlighted the rise to number one crypto for staking based on the volume of tokens staked.
According to Staking Rewards, over 63% of the 1.02 billion DOT token offering is enclosed in stake folders. That percentage is approximately $ 5.2 billion in staked DOT coins based on the current token price.
In fact, Polkadot is one of the top 10 performing top 10 altcoins in December. Since the beginning of the month, the DOT token price has risen by over 56% and is now the sixth-placed cryptocurrency in terms of market capitalization. Wood also highlighted the project’s achievements in the area of full decentralization, adding:
“With 274 validators operated by around 200 independent operators and supported by over 7,000 individual nomination accounts, Polkadot is arguably the most decentralized, high-quality (and therefore secure) network there is.”
As a multichain interoperability protocol, bridging and connectivity remain an important measure of the success of the project. According to Wood, projects like Acala and Moonbeam emerged in 2020 aimed at enabling compatibility with Ethereum.
Acala is Polkadot’s foray into decentralized finance (DeFi), while Moonbeam is an Ethereum-compatible toolkit for smart contract delivery.
Polkadot’s blockchain framework, Substrate, showed integration options at the protocol level as early as 2020. Substrate 2.0 was launched in August with features such as “off-chain workers” that allow developers to access information from outside the blockchain without the need for external oracles.
According to Wood, the development of polkadot has grown significantly in 2020. The community has more than 100 teams and projects working on various use cases. “In China alone there are over 30 teams building systems, projects and components for the Polkadot ecosystem,” Wood added in the 2020 summary.
China’s blockchain-based service network added Polkadot to its list of supported public blockchains back in November.
Regarding the New Year’s plans, Wood identified ongoing work on cross-chain interoperability as the main focus for 2021. According to the Polkadot founder, Substrate 3.0, which will bring compatibility with Ethereum, could launch before the end of the first half of next year.