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- 1 Parity Technologies, a firm behind the launch of Polkadot, is planning to expand Polkadot’s market presence.
- 2 Considering the developer’s experience, Parity is all set to decentralize Polkadot’s growth.
To remain competitive in the crypto market, it is crucial for the business and blockchain platforms to continuously engage with the arriving technologies. Parity Technologies, a firm behind the development of Polkadot and other open-source software, came up with big news on October 13, 2023. It was related to the advancement and expansion of Polkadot’s market presence.
Chitchats of Staff Layoffs
An X (formerly Twitter) post by the Parity Technologies account on October 13, filled the Polkadot supporters with joy. The post announces Polkadot’s future includes growth amid chitchats of staff layoffs. Polkadot is an open-source shared multichain protocol.
“Parity is a passionate advocate for decentralization and it is our responsibility to identify and mitigate the risks that affect the smooth functioning of the platform, mainly Polkadot’s growth”, stated Parity Technologies in the post.
The discussion of staff layoffs played a key role in the decisions, seeking the attention of Parity Technologies towards Polkadot.
While announcing the evolution of Polkadot’s growth, Parity also thanked the staff for their work on Polkadot and assured an immersive experience to the developers.
Chainyoda, an active crypto community user, proclaimed to his 17,500 followers that Polkadot had a string of layoffs, terminating the employment of 300 individuals.
The comment simply sought the attention of Parity towards Polkadot and decided to take a big move. The purpose is to create a strong developer community and upsurge the developer’s experience with Polkadot’s next-gen technology.
The New Look of Polkadot
DOT is the native token of Polkadot and is standing at a current price of $3.69, a decline of 0.71% in the past 1 day with a market cap of $4 Billion and trading volume of $79 Million.
Despite all these rumors, recent research uncovered the actual facts associated with the Polkadot. The platform actually holds the highest level of crypto developer actions. On July 6, 2023, the platform Santiment registered a 30-day developer action metric of 546 for Polkadot.
Focusing on BeInCrypto’s report published on October 11, DOT price hit a yearly low value. Web3 Foundation on October 10 announced a new program to contribute to the success of Polkadot, targeted to deploy 20 Million Swiss Francs and around 5 Million DOT tokens. Despite the funds and support, DOT’s price reached a 3-year low.
Keeping all these scenarios in mind, Parity Technologies decided to strengthen Polkadot’s future.
On the other hand, Binance, one of the largest crypto exchanges, underwent staff layoffs due to regulatory changes. The platform reportedly terminated around 100 of its staff members amid legal action initiated by the US Securities and Exchange Commission (SEC).
Conclusion
The rumors of staff layoff brought a positive change in Polkadot’s current and future appearances. Parity Technologies, a firm behind the introduction of Polkadot planned to revamp Polkadot’s growth to boost its market presence. This time, Parity is all set to upsurge the developer’s experience with the platform.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
