Today's Polkadot (DOT) Price Overview
The current Polkadot price is $3.35**, with a 24-hour trading volume of **$142.58M. DOT has shown 0.00% change over the past 24 hours. The circulating supply stands at 1.59B DOT tokens.
What Is Polkadot?
Polkadot is a sharded protocol designed to enable seamless interoperability between blockchains. Founded as an open-source project by the Web3 Foundation, its co-founder Dr. Gavin Wood (who coined the term "Web3") envisioned Polkadot as a solution for trustless data exchange across public/private chains, permissionless networks, oracles, and emerging technologies.
Key features:
- Functions as a layer-0 metaprotocol
- Serves as the foundational network for layer-1 blockchains (parachains)
- Facilitates cross-chain communication and shared security
👉 Discover how Polkadot compares to other top blockchain platforms
Polkadot's Historical Background
- 2016: Founded by Gavin Wood (ex-Ethereum CTO) to address scalability and interoperability gaps in existing blockchains.
- October 2017: Initial token sale raised $145M through a public offering of 50% of DOT's total 10M token supply.
- 2020: Additional $3.3M secured via private token sales.
How Does Polkadot Work?
Polkadot's multichain architecture connects disparate blockchains through four core components:
| Component | Function |
|---|---|
| Relay Chain | Provides consensus and interoperability between chains |
| Parachains | Independent blockchains with custom functionalities |
| Parathreads | Flexible, pay-as-you-go connectivity model |
| Bridges | Links Polkadot to external networks like Ethereum and Bitcoin |
Primary Use Cases of Polkadot (DOT)
- Governance: DOT holders vote on protocol upgrades and treasury management.
- Staking: Users stake DOT to secure the network and earn rewards.
- Bonding: New parachains are added by bonding DOT tokens.
Frequently Asked Questions (FAQ)
What determines Polkadot's price?
DOT's price reflects market demand, adoption of parachains, staking yields, and broader crypto market trends.
How can I buy Polkadot?
DOT is available on major exchanges like 👉 OKX, Binance, and Coinbase. Always verify the exchange's regulatory compliance.
Is Polkadot better than Ethereum?
While Ethereum focuses on smart contracts, Polkadot specializes in cross-chain interoperability. They serve complementary roles in Web3.
Key Takeaways
- Polkadot enables secure cross-chain communication through its relay chain and parachain model.
- DOT serves triple utility: governance, staking, and network participation.
- The ecosystem continues expanding with over 100 live parachains as of 2024.
For real-time DOT price tracking and advanced trading tools, visit 👉 OKX's Polkadot market page.