Polkadot has proposed new initiatives that could change the operation of the blockchain. Referendum 335 suggests a new open auction program for the year 2024 and has currently been approved with 98.1% in favor. This proposal also includes the option to cancel the remaining open auctions.
Referendum 340 proposes the opening of an HRMP channel between Asset Hub and Polimec, which at the time of writing has been accepted with more than 99% approval. The opening of this channel is significant for projects wanting to raise funds on Polimec, as this will be done with USDT, USDC, or other tokens determined by the project.
Although the new proposals do not have a direct impact on the price, they can indirectly influence the token’s price by increasing market sensitivity. According to analyses, DOT’s overall popularity decreased last week, and a drop in social volume was observed.
Nevertheless, the weekly price chart appears to be on the rise. According to CoinMarketCap, DOT’s price has increased by more than 22% in the last seven days, trading at $6.89 at the time of writing.
Investor interest in DOT was high last week due to the high trading volume. The demand for DOT in the derivatives market was also high, which can be inferred from the increased Binance funding rate.