Sunday, April 14, 2024

Polkadot Network Continues to Grow Rapidly, Focus on Nomination Pools.

The Polkadot network, despite the bearish price action, continues to grow rapidly with the staking dashboard seeing some exciting updates since its launch. The platform revealed in a tweet that there has been a big focus on nomination pools in the past month. It said nomination pools are fully supported in the staking dashboard and users can test-drive the feature on Westend and Kusama Network.

Polkadot will enable the pools soon, as such the staking dashboard will be ready for users to create, join and manage polls. The nomination pools are indigenously hosted on-chain and are part of the Polkadot runtime. They are upgraded, secure, and fully embedded as part of the Relay Chain. Users, with nomination pools, can claim rewards that are generated per era. Polkadot explained that once a pool receives a payout, it becomes claimable instantly by all the pool members. They can either withdraw funds to their accounts or rebond them back into the pool.

Moreover, pool owners can also rename the pool. Doing so will set the pool’s metadata on-chain and work as the display name. Owners can channel their creativity with special characters and emojis. They can manage pool states between locked or destroyed. It should be noted that new members cannot join when the pool is locked; the owner can permissionlessly unbound and withdraw other pool members. Destroying happens when the pool is closed down. This allows members to permissionlessly unbound and withdraw.

Meanwhile, Polkadot is up by 1.15% in the last 24 hours. It’s trading at $6.48. DOT has been on a downtrend ever since it reached an all-time high at $55 on November 4, 2021, an 89% plunge.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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