Polkadot looks to 10x transaction speed in new updates (2024)

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Polkadot looks to 10x transaction speed in new updates (1) Polkadot looks to 10x transaction speed in new updates Oluwapelumi Adejumo · 7 months ago · 2 min read

The asynchronous backing update will be ready for deployment on Kusama by the end of 2022.

Polkadot looks to 10x transaction speed in new updates (2)

Oluwapelumi Adejumo

Sep. 27, 2022 at 1:00 pm UTC

2 min read

Updated: September 27, 2022 at 12:55 pm

Polkadot looks to 10x transaction speed in new updates (3)

Cover art/illustration via CryptoSlate

Polkadot (DOT)announced new updates to its roadmap, including the asynchronous backing optimization that will increase its transaction speed by at least 10x.

In a Sept. 26 blog post, Polkadot stated that it has been working to improve the network’s parachain scalability, relay-chain governance, cross-chain communication, and parachain development.

Asynchronous backing

The asynchronous backing will be the first significant upgrade to the Polkadot parachain consensus algorithm since it launched in December 2021. It would increase performance on the network to between 100,000 and 1,000,000 transactions per second (TPS) from the current 1,000 TPS.

The network plans to achieve this by shortening the parachains block time to 6 seconds and increasing each block’s block space by a factor of 5 – 10.

It will also make parachain blocks reusable if they fail to reach the relay chain in the first attempt. According to the post, this update will be ready for deployment on Kusama by the end of 2022.


Another development in the roadmap is Parathreads which will improve the ease of building on Polkadot. It will allow developers to build on the network without winning a parachain auction.

Described as “pay-as-you-go parachains,” they are “simple, easy, and accessible entry points for launching an L1 chain on top of Polkadot and Kusama.” The Parathreads are scheduled to be ready within the first half of 2023.

Nomination pools

The blog post revealed the Polkadot ecosystem was working towards a “Nomination Pool and Fast Unstake” upgrade.

According to the post, the Nomination pool would be a major upgrade to Polkadot’s staking system, allowing users to create staking pools that others can join. In the end, the new update would allow smaller nominators to partake in the staking system.

The pools have been live on Kusama since June.

Other developments

Other planned developments include XCMv3, an improvement on XCM universal language for cross-chain communication.

Beyond the infrastructural improvement, Polkadot plans to update its governance to make it as decentralized as possible with the Polkadot Fellowships –it is scheduled for deployment on Kusama before the end of this year.

Other improvements are targeted at staking, bridges, and community building.

Posted In: Polkadot, Technology

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Polkadot looks to 10x transaction speed in new updates (18)

Polkadot looks to 10x transaction speed in new updates (2024)


What is the speed of Polkadot transactions? ›

The Polkadot network's speed is 1,000 tps.

What is the maximum TPS for Polkadot? ›

While Polkadot can reach around 1,000 transactions per second (TPS), Solana has a maximum speed of 65,000 TPS, making it one of the fastest blockchains on the market.

What is the problem solved by Polkadot? ›

Polkadot is solving the isolated blockchain obstacle by providing a secure, interoperable platform in which independent blockchains can seamlessly transfer arbitrary data between one another. This applies to all blockchain networks as current blockchain iterations only function within their native blockchain by design.

Is Polkadot better than Cardano? ›

As you see, Cardano is the most eco-friendly coin based on how much electricity it uses. So, in terms of ecology, the winner of the “Cardano vs. Polkadot” battle is Cardano, which uses 48,851 kilowatt-hours per year, which puts it at the top of the list.

Is Polkadot fast? ›

Polkadot is a protocol that connects blockchains — allowing value and data to be sent across previously incompatible networks (Bitcoin and Ethereum, for example). It's also designed to be fast and scalable.

What crypto has the fastest transaction speed? ›

Ripple's rapid transaction speed is one of its key characteristics. The XRP Ledger settles transactions in 3-5 seconds, as stated on the Ripple website. Compared to other cryptocurrencies like Bitcoin and Ethereum, which can take several minutes or even hours to process transactions, this is significantly quicker.

Can Polkadot reach $1000 dollars? ›

To reach $1000, Polkadot crypto needs to grow by 174 times of its current market price. Considering the price of Polkadot crypto rises 25% every year from now, it will take 24 years to reach $1000.

Is Polkadot infinite supply? ›

Polkadot does not have a fixed maximum supply.

Why does Polkadot not have a max supply? ›

DOT is inflationary with a fixed annual inflation of 10% and it doesn't have a maximum supply. This fixed inflation can be changed through a referendum.

How many people hold Polkadot? ›

According to CoinCarp data, as of 21 October, there were 10,52,857 Polkadot holders. A more comprehensive analysis revealed that the top 10 holders held more than 28.09% of the DOT supply, while the top 100 holders controlled 76.23% of the DOT supply, making the token susceptible to pump-and-dump schemes.

Why did Polkadot fall so much? ›

On 23 May 2021, however, the token dipped by over 60% to $18.03 as Polkadot nodes failed with an 'out of memory' error while trying to build a block. While the nodes themselves did not crash, their runtime did. DOT remained on a bearish trend throughout the summer months, falling as low as $10.42 by mid-July.

How risky is Polkadot? ›

InvestorsObserver is giving Polkadot a medium Risk/Reward Score.

How many times has Polkadot been hacked? ›

Polkadot crypto projects lost $52 million in only two hacking incidents.

Is there any hope for Polkadot? ›

There is some hope for Polkadot (DOT) investors who have been burnt by its 2022 performance. Many crypto experts are predicting it may struggle to rise and cross the $10 barrier this year with a 67% growth, but this is the best-case scenario.

Can Polkadot reach $500? ›

These are some of the most common questions flooding our email, and the simple answer is, YES, it is highly likely that Polkadot tokens will eventually reach $500. In fact, at the height of the early 2021 crypto market rally, most analysts had predicted that DOT tokens would reach $500 within the next 5 years.

Why is Polkadot doing so well? ›

Polkadot (DOT) price movement in 2021

Due to Polkadot's introduction of numerous advanced technology and trading tools to the crypto market, it has indeed achieved massive growth and was one of the best-performing crypto assets in 2021.

Is Polkadot a long term hold? ›

Is Polkadot a Good Investment? Polkadot is still very young. If you like taking risks, your investment could pay off big in the long run. But it could also go bust if a newer, better technology comes along and overtakes Polkadot.

Will Polkadot ever hit $100? ›

For instance, the constantly updated Polkadot price prediction by Gov. Capital indicates that DOT may breach the $100 target price as early as September 2022.

Will Polkadot Skyrocket? ›

Polkadot (DOT) Price Prediction 2028

In the year 2028, Polkadot adoption will continue to rise, with regulators starting to accept that crypto is here to stay. Investors could see DOT reaching a maximum price of $38.91 by 2028 followed by a minimum price of $35.47. The average price for 2028 is expected to be $37.19.

What is the newest fastest crypto? ›

Fastest growing cryptocurrency in the market
  • Cardano: eco-friendly future blockchain.
  • SushiSwap: Community-driven decentralized exchange.
  • Ethereum: The OG smart contract platform.
  • Solana.
  • RobotEra.
  • Polygon.
  • Polkadot.
  • Avalanche.
Feb 17, 2023

Which crypto will boom in 2023? ›

5 top cryptos to buy in 2023
  • DeeLance - Decentralized freelancer marketplace with upcoming Metaverse.
  • Love Hate Inu - Exciting new meme coin with vote-to-earn rewards.
  • Ecoterra - Sustainable crypto project that pays users to recycle.
  • RobotEra - Virtual sandbox to build and earn.
Apr 5, 2023

What coin sends the fastest? ›

What Are the Fastest Blockchains? What Is the Fastest Cryptocurrency?
CryptocurrencyTransactions Per Second (TPS)Transaction Finality
Bitcoin (BTC)730 to 60 minutes
Ethereum* (ETH)3030 minutes
Bitcoin Cash (BCH)20030 to 60 minutes
Litecoin (LTC)5630 minutes
12 more rows
Dec 15, 2022

Can Polkadot reach $3,000? ›

Polkadot's governance is split into DOT holders, the Council, and the Technical Committee. Whether Polkadot is a good investment depends on its growth potential and its comparison to Ethereum. It is possible to 100x DOT but it would need to reach $3000, which is unlikely in the near future.

Can Polkadot beat Ethereum? ›

Polkadot beats Ethereum, Solana and Bitcoin in terms of development activity. Polkadot beat Near, Ethereum, Solana, Avalanche and Bitcoin with the highest development activity according to Santiment.

Where will Polkadot be in 10 years? ›

1 Polkadot = $5.76

05/04/2023, Thursday, 2:15 am CT. According to the latest long-term forecast, Polkadot price will hit $6 by the middle of 2023 and then $7 by the middle of 2024. Polkadot will rise to $8 within the year of 2026, $10 in 2027, $12 in 2028 and $15 in 2030.

Does Polkadot have a long term future? ›

Despite its impressive potential for interoperability, which could attract many projects, only a select few have made their way onto the network thus far. Despite this, Polkadot remains optimistic about the future, as its impressive efficiency and scalability could draw in larger projects.

Are dot tokens burned? ›

Tokens in the treasury are periodically burned, or destroyed, if they are not used, creating deflationary pressure and incentivizing the community to spend the funds. Currently the burn rate is set at 1%.

Who are the competitors of Polkadot? ›

Polkadot Network's competitors and similar companies include Coinbase, Blockchain, Cosmos Network, Wanchain and SKALE Labs.

Can Solana reach $1000? ›

The prospect of Solana reaching the $1,000 milestone remains uncertain, but its strong developer community and ongoing innovations suggest that it has the potential to achieve significant growth in the ever-evolving crypto market.

Who are the biggest investors in Polkadot? ›

  • Polychain Capital.
  • Nirvana Capital.
  • KR1.
  • Zk Capital.
  • Distributed Global.
  • Andreas Schwartz.

Which company is behind Polkadot? ›

Who's building Polkadot? Polkadot is the flagship project by Web3 Foundation , a Swiss Foundation founded to facilitate a fully functional and user-friendly decentralized web.

Can DOT reach $10 000? ›

No, Polkadot cannot reach $10000, read on to know more.
Competitor Analysis: Polkadot Vs Cosmos.
Supported platformSaaSSaaS
2 more rows

How low could Polkadot go? ›

According to our Polkadot price prediction, DOT price is expected to have a 1.59% decrease and drop as low as by May 04, 2023. Our technical indicators signal about the Bearish Bullish 10% market sentiment on Polkadot, while the Fear & Greed Index is displaying a score of 55 (Greed).

Is Polkadot burning coins? ›

If it goes unused, it slowly gets burned,” Wood explained on his Twitter thread. As per the founder, Polkadot usually burns 239,988 DOT tokens every month that amounts to over $10 million (roughly Rs.

Is it worth to keep Polkadot? ›

The protocol makes it possible to communicate for free between public and private networks and between private and public networks. Due to Polkadot's increasing value, it is a wise investment as more users sign up.

Why not buy Polkadot? ›

Potential Risks of Investing In Polkadot

Other risks include: Prices can be highly volatile. Coins aren't backed by a tangible asset. Government regulation could impose limits on how cryptocurrency can be used.

Is Polkadot a good investment 2023? ›

DigitalCoinPrice reported that Polkadot might reach $26.02 before the end of 2023. Gov Capital also believes that Polkadot will hit $111 before the end of the year. Hence, it is a great project to consider.

Will Polkadot survive? ›

Our Polkadot prediction suggests that the median price may trade above $40 within the first six months and can reach $52 by the end of the year 2023. According to experts' price predictions, the average DOT price will stay above $140 in 2025 and the Polkadot cryptocurrency may rise to a maximum of $370 in 2030.

Is Polkadot successful? ›

Among them is Polkadot (DOT), arguably one of the most successful projects working to improve the fundamental technology that powers decentralized applications (dApps). Learn what Polkadot is, how it works, and why it's important to blockchain and cryptocurrency advancements.

How much will Polkadot cost in 2040? ›

Polkadot (DOT) Price Prediction 2040

According to our extensive technical analysis of DOT's historical price data, Polkadot may reach $467.88 in 2040. The Polkadot pricing value can go as high as $480.97, with an average price of $470.88.

What is the price prediction for DOT in 2050? ›

Polkadot (DOT) Price Prediction
YearMinimum PriceMaximum Price
6 more rows

How many transactions per second on Polkadot? ›

Polkadot said the technology will allow the speed of the network to increase to 100,000 and 1,000,000 transactions per second (TPS), compared with the current network speed of 1,000 TPS, according to Coinbase.

What is the all-time low for Polkadot crypto? ›

Polkadot Price Summaries

Polkadot's price today is US$6.19, with a 24-hour trading volume of $118.65 M. DOT is -1.56% in the last 24 hours. It is currently -5.88% from its 7-day all-time high of $6.58, and 2.82% from its 7-day all-time low of $6.02. DOT has a circulating supply of 1.17 B DOT.

How long does it take to withdraw Polkadot? ›

Withdraw Unbonded

ℹ️ GOOD TO KNOW It takes 7 days (28 eras) to unbond on Kusama, 28 days (28 eras) on Polkadot, and 12 hours (2 eras) on Westend. Once this period is complete, you can select the "unlock" icon to redeem your tokens back to transferable in your account.

Does Polkadot have unlimited supply? ›

DOT is the native token of the Polkadot network. The project, a sharded multichain network, works slightly differently from Ethereum and Bitcoin, because it is secured by what is called a "nominated proof-of-stake" mechanism (NPoS). The polkadot coin also has no maximum supply.

Should I buy Polkadot or Ethereum? ›

So, What's Better: Polkadot or Ethereum? Each token is unique in its own respect. Polkadot aims to connect chains, and Ethereum aims to provide a secure public blockchain for high value transactions. Ethereum is stronger in terms of adoption.

How many Polkadot coins are left? ›

How many Polkadot are there? The current circulating supply of Polkadot is 1.23B. This is the total amount of DOT that is available.

Why is Polkadot the best crypto? ›

Having multiple lanes to complete transactions leaves less chance for network overload. Additionally, Polkadot created protocols that allow its network to interact with other blockchains. Since its blockchain network is flexible, it has an increased ability to pivot and serve more specific needs.

Can I lose Polkadot staking? ›

Yes. If you nominate DOT tokens to a validator that fails to properly verify transactions on the blockchain, the validator will be penalized by slashing. Slashing will cause DOT tokens bonded to that validator to be forfeit, so you can lose DOT by staking.

Does Polkadot burn coins? ›

Tokens in the treasury are periodically burned, or destroyed, if they are not used, creating deflationary pressure and incentivizing the community to spend the funds. Currently the burn rate is set at 1%. If playback doesn't begin shortly, try restarting your device.

When should I sell my Polkadot? ›

You might sell DOT if you want to: Adjust your long-term crypto strategy. Avoid losses in times of sudden price movement. Capture gains from validating transactions on the network.

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