Polkadot integration sparks rallies in REN, OCEAN and CELR price

Polkadot integration sparks rallies in REN, OCEAN and CELR value


Polkadot (DOT) has emerged as one of many top-choice blockchain networks over the previous yr because of its deal with facilitating interoperability between separate networks, particularly Ethereum (ETH). 

On account of Polkadot’s rise to prominence, initiatives which have embraced the idea of interoperability and joined the Polkadot ecosystem have seen a lift of their token costs over the previous few months.

Ren (REN), Ocean Protocol (OCEAN) and the Celer Community (CELR) are three such initiatives which have led the best way in facilitating cross-chain interoperability between networks, leading to wholesome will increase to the variety of lively token holders and every venture’s buying and selling quantity. 

REN/USDT

Ren is an open blockchain protocol that was particularly designed to supply interoperability and liquidity between numerous 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 deliver 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 value 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 worth of REN increased.

OCEAN/USDT

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 information units and permit third-parties to carry out operations using the info in a safe method.

This allows publishers to monetize their information whereas preserving privateness and management. The community additionally offers customers a better solution to entry beforehand unavailable information.

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 information.

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.

CELR/USDT

Celer Community is a layer 2 scaling platform designed to “deliver interactive, safe and low-cost purposes to each blockchain” in response to the venture’s web site. The aim of the platform is to allow customers to construct, function and use scalable DApps “via improvements in off-chain scaling methods and incentive-aligned crypto-economics.”

CELR’s integration with the Polkadot ecosystem was introduced on Jan. 19 when the venture 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 worth 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 initiatives that provide cross-chain options and enterprise into the realms of decentralized finance and NFTs are well-positioned to see additional adoption and value appreciation.

The views and opinions expressed listed below are solely these of the creator and don’t essentially replicate the views of Cointelegraph.com. Each funding and buying and selling transfer includes threat, you must conduct your individual analysis when making a call.