- DOT makes double-digit daily gains after a dormant period
- DOT tokens are experiencing a dip in circulating supply
- Polkadot DeFi lending and staking protocol raises $22M
September has kicked off on a high for Polkadot (DOT) as the currency records double-digit gains over the last few days after what seemed like a prolonged stagnant period. These gains have been powered by a rise in trading volume and volatility, showing a rising interest in the digital currency amongst investors and traders.
Through the last week, Polkadot has experienced a rise in trading volume with a sharp spike experienced in the previous session, ultimately boosting the price of the crypto. A notable cause of the bullish run is the current dip in the supply of DOT tokens.
The most significant cause of the sudden rise of the Polkadot demand and price is the recent news about the Decentralized Finance lending and staking protocol on the Polkadot blockchain, Parallel Finance.
The protocol raised $22 million in funding in a Series A round. It gained a valuation of $150M, making it one of the largest DeFi funding rounds in Polkadot’s subsidiary network, Kusama. Parallel Finance will increase Polkadot blockchain’s DeFi offerings with these funds to give users improved access to AMM, auctions loans, staking, and derivatives trading.Kibet Elikana