Polkadot Price Set to Explode Once OpenGov Launches, Propelling DOT to $10 by Year’s End

The Polkadot (DOT) eco, a growing community of interconnected blockchains through Parachains, has significantly grown over the years to provide the best cross-chain transfer of data and value. Furthermore, the adoption of the Polkadot network has been fine-tuned by the Kusama (KSM) eco, which is used to filter only the next projects with a vibrant community to launch on the main relay chain

According to Polkadot’s Q1 2023 market update, about 42 Parachain slots were migrated from Kusama to the mainnet. Some of the notable protocols include Zeitgeist and Subsocial which successfully migrated their projects from Kusama to the Polkadot Relay Chain, following the path pioneered by KILT in October 2022.

However, it is the upcoming launches that have kept the Polkadot eco optimistic about a bullish market outlook. Some of the Polkadot features in the pipeline include XCM V3, OpenGov, parachains, asynchronous backing, and parathreads.

Closer Look at Polkadot and OpenGov

As the Polkadot network grows to global adoption through mainstream use cases, the need for open community governance on major upgrades has been on the rise. As a result, the Polkadot core developers including former Ethereum co-founder Dr. Gavin Wood. During last year’s Polkadot Decoded event, Wood noted that a decision-making process is crucial for the ultimate growth of the underlying technology

Furthermore, the DOT staking program is expected to delegate key network updates including funding. The official website reads;

A proper organization does not only decide on software upgrades but also allocates funding. With Polkadot’s on-chain treasury, DOT holders can request tokens to support projects that benefit Polkadot,

Through the Polkadot DAO, the DOT holders are automatically charged with the collective decision-making process for the network. Already, OpenGov is live on the Kusama network where aspiring Web3 projects have tested it out before launch on the Polkadot mainnet. With a proposal set to take a given amount of time before it is approved, OpenGov is expected to provide a much tamper-proof governance process for the Polkadot eco.

Market Outlook

The Polkadot eco has a total market capitalization of approximately $6.53 billion and a 24-hour trading volume of around $87 million. With a total market supply of about 1,318,401,832.46 DOT, the Polkadot community, however, seems concerned by the inflationary pressures. Moreover, the Polkadot network has an infinite supply of DOT tokens similar to the Ethereum network and ETH coin

Gm ☕️

By the end of the year the value proposition of $DOT will be much clearer than any other token other than maybe #Bitcoin

1. As OpenGov goes live on @Polkadot, the community will truly be in control. DOT will be actively used to vote on the activities of the network at… pic.twitter.com/fZWSTvCs8M

— Csaint02 👑 (@csaint02) May 29, 2023

Perhaps the Polkadot community would much like the DOT supply to be similar to the Kusama network which has a total and maximum supply of 10M KSM

Price Action

Having been in a falling trend since the end of 2021, the DOT price seems to have bottomed out. From a technical standpoint, the DOT price has been slowing down at the rate of decline and the weekly RSI shows a rising divergence on possible triple bottoms.