Polkadot’s native token, DOT, struggles to move past its resistant level, leaving investors and traders wondering as the rest of the market continues to flirt with new highs. However, this altcoin made headlines with the launch of a new investment trust and as parachain auctions were about to hit the market. Moreover, Polkadot projects continue making developments to add value to its ecosystem.
Let’s go through what has happened so far last week for Polkadot.
Polkadot Got Its First Staking Derivative
The Polkadot community has long been waiting to receive its first staking derivative to solve the liquidity problems. The wait is now over as StaFi protocol introduces rDOT to remove the inconveniences linked to the Polkadot chain. DOT holders, who earlier had to claim rewards manually before the system destroyed them, can now stake through StaFi rDOT to automatically claim the rewards.
Osprey to Launch Polkadot Investment Trust
After DFG, another crypto-asset investment firm will soon begin offering a way for investors to gain from their Polkadot investment. On April 28, Osprey Funds, a digital asset solution for investors, announced the launch of the Osprey Polkadot Trust to offer investors access to gains from Polkadot. The fund will shortly list on the OTCQX market and be available to authorized investors with a $25k minimum.
Kraken Eyes a Launch for Its Parachain Auction Service
Kraken, which already allows its users to earn rewards on Polkadot and Kusama via staking, is now looking to integrate auction functionality. This will help customers of the exchange to contribute to the crowdloans and support a project. Reportedly, users will be able to add their KSM tokens in the Kraken wallet to parachains with just a click. This news also suggests Kraken’s positive stance in regard to Polkadot and Kusama.
Polkadot to Be Insured by Nexus Mutual
Nexus Mutual, a DeFi insurance service provider, is now extending its network to cover more blockchains to its portfolio. DeFi users will now be covered against mishaps and smart contract risks on Polkadot, in addition to Binance Smart Chain and Cosmos. Additionally, Nexus Mutual will offer protection against attacks on oracles, governance failings, severe economic attacks, and more.
Standard Protocol Partners With DEXTools
After joining hands with Litentry, Standard Protocol has now partnered with DEXTools – a DeFi Suite on BSC and Ethereum – to build a new standard for managing cryptocurrencies. The collaboration expects to drive liquidity to Standard Protocol as it connects with the millions of DEXTools’ monthly users. This Polkadot-powered project also went through an IDO round on Polkastarter that began on the 27th. Its partnership with DEXTools will allow new investors and traders access to a plethora of DEXTools’ DeFi tools, insights, and data analytics.
Another Polkadot-Based Protocol’s IDO Goes Live on PolkaStarter
UnoRe is building the first decentralized reinsurance platform on Polkadot to offer digitized reinsurance. The project launched its IDO on Polkastarter on April 28. Users who are whitelisted by the network can participate in the IDO, including a standard pool and $POLS holders.
DOT Price Analysis
The DOT token is currently sitting below the resistance level, which could further invoke a downswing. For the past week, the token is fluctuating between the $30-$37 price range.
Image source: TradingView
To provide symmetry, DOT needs to break the resistance at $37.71 along with 100 twelve-hour SMA (Simple Moving Average) at $36.93. The new Osprey Polkadot Trust might bring some influence over DOT’s future price. However, we are yet to see the token shrug off its resistance.