Polkadot (DOT) Wormhole Integration Bullish Reversal Opportunity for New Buyers
The Wormhole integration with Polkadot (DOT) will bridge Acala and Karura to Ethereum, Solana, Terra, Avalanche, Polygon, Oasis, Fantom and Binance’s BNB chain. Acala and Karura serve as DeFi hubs for the Polkadot and Kusama Ecosystem. Cross-chain interoperability makes it possible for users to access more than US$200 billion in liquidity. After the Wormhole integration, Kusama’s kUSD stablecoin will merge with Acala’s aUSD to improve liquidity in Polkadot and Kusama. Kusama works like Polkadot’s canary network, facilitating an experimental environment for developers before implementation on Polkadot.
Wormhole expressed: “You probably know about Polkadot: the network of interconnected blockchains (parachains) with local variation and global security.
Maybe you’ve heard of AcalaNetwork — the first official parachain on Polkadot, with a decentralized stablecoin (aUSD) and rich suite of DeFi applications — or Acala’s sister KaruraNetwork on Polkadot’s sister kusamanetwork.
And then there’s Wormhole, the cross-chain messaging platform that bridges assets across multiple chains. Today, we’re excited to announce that Wormhole is integrating with Acala on the Polkadot network and Karura on the Kusama network.
We believe that Acala — whether its stablecoin or its user base — can benefit tremendously from accessing collateral, tokens, protocols, and users on other networks, and they can benefit from accessing Acala too.”
On the price side, it looks like Polkadot is all set to complete its first clear bullish reversal in more than 5 months. DOT is lagging in the set of major market cap cryptocurrencies. On the technical chart, Polkadot is seen to have done extreme and overdone movements. However, the risk of downside continues probably up to the 2022 lows.
This kind of trend reversal provide opportunity for investors who are looking for an entry price to take advantage of bullish moves at a later point in time.
The price of Polkadot has been trending at 21.94 and the price over the past 24 hours has been trending downside.
For those who are new, “The parachain model was created with the belief that the future of Web3 will involve many different types of blockchains working together. Just as the current version of the internet caters to different needs, blockchains need to be able to provide a variety of services. Parachains solve this.” – Polkadot founder Gavin Wood
Polkadot’s first 11 parachains are already live. The first 11 parachains bonded 126 million DOT, which is 11% of the total supply; worth $2.1 billion for the two-year lease periods. Every parachain brings with it some unique functionality and use-cases to the ecosystem. The next major technical task in the ecosystem is about the buildout of the Cross-Consensus Message Format (XCM).