Polkadot [DOT] has released a new network update, bringing changes to the network. Thanks to the launch, DOT’s development activity remained higher than others. Apart from that, Polkadot also proposed some new referendums, which are currently up for a vote. In the midst of all this, DOT investors were having a good time as market conditions turned favorable.
Major updates to the Polkadot ecosystem
The blockchain released its latest network update, called Polkadot v0.9.43, on June 20. As per the official release, this was a medium priority release and users should update in a timely manner.
The update also introduced two new features: database migrations and runtime migrations. The former are operations that update the database to the latest support, while the latter are operations that are executed once during a runtime update.
Thanks to the network upgrade, Polkadot’s development activity remained higher than other blockchains. This was evident from the Santiment data, as Kusama and Polkadot topped the crypto list in terms of GitHub commits.
New proposals are under vote!
Apart from these, quite a few new referendums have also been proposed lately. To be precise, Referendums 18, 9 and 3 were up for a vote.
He referendum 18 it’s about updating Polkadot network to v9430. referendum 9,on the other hand, it revolves around redoing the failed Bridge Hub parachain upgrade to the v9420 runtime. While referendum 3 proposes to set the maximum code size to 3 MiB.
Polkadot investors are celebrating
Amidst all these developments, DOT investors were having a good time, thanks to changing market conditions. The bull market helped DOT increase its value by more than 3% in the last 24 hours.
At the time of writing this article, DOT was trade at $4.70 with a market capitalization of over $5 billion, making it the 13th largest crypto.
The good news was that the price rise was accompanied by a 36% increase in trading volume, which acted as the basis for the price rise. Data from Coinglass revealed another possible reason for the rise. According to the chart, DOT open interest has declined sharply, which usually initiates a trend reversal in the market.
Market sentiment around DOT also changed
The bull market not only caused prices to rise, but also helped change market sentiment around DOT, as evidenced by the increase in its weighted sentiment. On top of that, Polkadot’s social volume also increased, reflecting its popularity in the crypto space.
