Leading cryptocurrency exchange Binance announced the launch of four DOT high-yield products, and “Top Up to Share 50,000 DOT” activity on the 21st of October. The period of the aforementioned activity is from the date of roll-out to the 24th of October. During this, users who have a total deposit of at least 100 DOT tokens from external platforms can receive 1% of the net deposit DOT as a reward.
According to the official release, the maximum reward for an individual account is 500 DOT token. In addition, there is a total of 50,000 DOT in the prize pool, and prizes will be distributed on a “first-come, first-served’ basis.
— Binance (@binance) October 21, 2020
Impressive quarter of Polkadot ecosystem
Polkadot’s native DOT token’s performance, with respect to its price, has been nothing short of spectacular. It has managed to score a position among the top 10 on the crypto ladder in terms of market cap. After falling from its all-time high price of $6.39, the token was consolidating in a tight rangebound and found crucial support at $2.90. Despite severe pullbacks, the token has not shown any frantic price movements so far.
At the time of writing, DOT was positioned as the eighth largest coin, valued at $4.07.
New Ethereum Killer in Town
Ethereum has become the network of choice for many, especially with the recent DeFi boom. However, the next-generation network is working towards capturing the attention of app developers. 2020 has seen several alternative smart contract platforms to have gained traction. Polkadot is one such blockchain platform that has also been touted as a potential “Ethereum killer” by many in the community.
While the developer interest in the largest cryptocurrencies such as Bitcoin and Ethereum has taken a plunge, the number of monthly active developers building on Polkadot, on the other hand, has increased significantly. This was according to a recent report by Outlier Ventures, which revealed that Polkadot witnessed the biggest spike in terms of developer activity, as it noted an increase of 44%, compared to any other platform. Tp top that, the percentage change in code commits for Polkadot protocol over the past year has also been fairly optimistic.