Bifrost FinanceParachin Pioneer in polka dot [DOT]And the Posted tweet day 18 September. The tweet stated that Polkadot’s new staking protocol has seen significant growth with 121,551 vDOTs successfully minted (tokens). And all this within just 30 hours of launching vDOT.
But the question remains: Will the success of this protocol affect DOT rates?
vDot is a Staking Liquidity Protocol (SLP) protocol launched by Bifrost Finance. The goal of the launch was for users to get the benefits. These include input bonuses such as investment income from floating vDOT. In addition, collect raindrops during the promotional period, which bring rewards such as Airdrop hands and being included in the NFT whitelist.
Polkadot “DeFi” odds
Polkadot’s growth in the DeFi space can be seen as quite interesting. And the Bifrost Paved the way for Polkadot’s growth. Bifrost’s Total Closed Total Value (TVL) saw a massive peak from August 26th and TVL’s momentum has continued ever since.
Although TVL saw a 12.32% drop, Bifrost’s DeFI’s momentum appears to remain positive.
But despite Bifrost performing in green, other Polkadot protocols, such as Akala And the staph Didn’t experience the same kind of growth.
Polkadot’s protocol, Stafi, has seen a decline in total TVL since August 11th. Stafi’s TVL slipped and fell 10.07% on Sept.
In addition, Acala did not experience significant growth, going from a high of $1.62 billion to $46.06 million on September 19.
Some other developments
Polkadot developers have been seen owning topped up Chart last week in terms of development activity. In addition, DOT developers outperformed larger competitors. Like Ethereum, Tron, and Solana in this category.
This can be considered a positive sign for investors as this update indicates that the Polkadot team has been constantly trying to upgrade and update the existing technology.
However, Polkadot has failed to positively impact the social media landscape and has seen a sharp decline in social dominance since August. The weighted sentiment was -0.184 at the time of writing. This indicates that the public’s view of the coin was somewhat negative.