Polkadot, an interoperable blockchain, continues to build. Less than a month after launching Agile Coretime, the first core was bought for 69 DOT over the weekend. This purchase is a significant milestone for the modern blockchain that’s been pushing to attract more users and developers on its rail by making block space accessibility easier and more flexible.
Polkadot Coretime Purchased For 69 DOT
According to on-chain data from the Coretime Hub, one core was bought for 69 DOT out of the five available for sale. The purchased amount was burned, a move that helps reduce inflation in the long term.
Agile Coretime, which went live in September, is a massive boost for Polkadot. Under this framework, Polkadot seeks to allocate network resources more efficiently while offering greater accessibility and flexibility for new startups and developers planning to build.
A core aspect of this framework is introducing a market-driven approach to block space data. In this model, it becomes easier for projects to purchase core, on-demand, or bulk, depending on their needs. Accordingly, projects can prudently use their resources, and the resulting flexibility is empowering.
Polkadot developers also said Agile Coretime will enable developers to optimize for network performance. Beyond these advantages, since coretime can be traded as NFTs, it can create fresh avenues for monetization for smart traders.
Reducing Inflation, Will Prices Recover?
Even with this purchase, whether DOT’s inflation will rapidly fall in the coming months remains to be seen. Currently, the network’s inflation is at around 10%. However, the community has already voted and approved Referendum 1139, which seeks to reduce inflation from 10% to 8%.
Over time, developers will aim to further reduce inflation, even below 5%, depending on network growth, and a big part of Coretime purchases. The more users buy Coretime, the more DOT will be burnt and removed, reducing inflation.
For now, even after the purchase of the first core DOT, it remains under immense selling pressure, mirroring the general performance across the board. Although DOT is still in the top 20, the coin is down nearly 70% from March highs. Any dump below $3.8 could accelerate the sell-off, pushing DOT to fresh 2024 lows.
Feature image from UnSplash, chart from TradingView
