Polkadot Price (DOT)

Polkadot (DOT) is an open-source multichain protocol that seeks to connect a network of specialized blockchains. It aims to facilitate the cross-chain transfer of any data or asset types, not just tokens, striving to make blockchains interoperable with each other. Polkadot is known as a layer-0 metaprotocol because it underlies and describes a format for a network of layer 1 blockchains known as parachains. As a metaprotocol, Polkadot has the ability to update its own codebase via on-chain governance according to the will of its token holder community. The Polkadot protocol seeks to connect public and private chains, permissionless networks, oracles, and future technologies, allowing these independent blockchains to share information and transactions through the Polkadot Relay Chain.

Polkadot operates through four core components: the Relay Chain, Parachains, Parathreads, and Bridges. The Relay Chain is the heart of Polkadot, helping to create consensus, interoperability, and shared standards across the network of different chains. Parachains are independent chains that can have their own tokens and be optimized for specific use cases. Parathreads are similar to parachains but with flexible connectivity based on an economical pay-as-you-go model. Bridges allow parachains and parathreads to connect and communicate with external blockchains. Polkadot's native DOT token has three main functions: staking for operations (proof-of-stake), facilitating network governance, and bonding tokens to connect parachains.

Polkadot seeks to provide a foundation to support a decentralized web, controlled by its users, and to simplify the creation of new applications, institutions, and services. It can connect public and private chains, permissionless networks, oracles, and future technologies, allowing these independent blockchains to trustlessly share information and transactions. This makes it possible to build applications that get permissioned data from a private blockchain and use it on a public blockchain. For instance, a school’s private, permissioned academic records chain could send a proof to a degree-verification smart contract on a public chain.

Polkadot is the flagship protocol of Web3 Foundation, a Swiss Foundation with a mission to facilitate an open-source, fully functional, and easier to use decentralized web. Polkadot’s founders are Dr. Gavin Wood, Robert Habermeier, and Peter Czaban. Wood, Web3 Foundation’s president, is recognized in the industry as Ethereum co-founder, Parity Technologies founder, and the creator of the smart contract coding language Solidity. Wood is also credited with coining the term Web3. Polkadot concluded its first Parachain auctions at the end of 2021, assigning the first five slots to the following auction winners: Acala, Moonbeam, Astar, Parallel, and Clover. These projects will have their parachain slots locked in for 96 weeks, guaranteed by the DOT bidders committed as collateral.

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The current market cap of Polkadot is £8.59B. A high market cap implies that the asset is highly valued by the market.

The all-time high of Polkadot is £43.87. This all-time high is highest price paid for Polkadot since it was launched.

Over the last 24 hours, the trading volume of Polkadot is £380.83M.

Assets that have a similar market cap to Polkadot include USDC, Cardano, Avalanche, and many others. To see a full list, see our comparable market cap assets.

The current circulating supply of Polkadot is 1.5 billion.

The median time that Coinbase customers hold Polkadot before selling it or sending it to another account or address is 115 days.

Polkadot ranks 23 among tradable assets on Coinbase. Popularity is currently based on relative market cap.

Currently, 98% of Coinbase users are buying Polkadot. In other words, 98% of Coinbase customers have increased their net position in Polkadot over the past 24 hours through trading.

Yes, Polkadot is currently available on Coinbase’s centralized exchange. For more detailed instructions, check out our helpful how to buy Polkadot guide.