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Polkadot announces $21 million Pioneers Prize

 


The first parachains have long since started on Polkadot and slowly but surely the ecosystem is blossoming. But in addition to strong projects that are gradually starting up, there is still a lot of work to be done in terms of the development of Polkadot.


Polkadot is pursuing the ambitious goal of forming the basis for Web3, so it's not surprising that the recently announced Pioneers Prize primarily wants to reward ideas and solutions to problems relating to Web3. To this end, several competitions are to be launched in the course of the year on various subject areas. Details will follow in the coming months.


Whoever develops the best solutions and wins the respective challenge can look forward to hefty prize money. A total of 993,286.08 DOT are offered on-chain from the Polkadot Treasury, which translates to just over $21 million if you take a DOT rate of $21.25 as the basis for calculation.


DOT course can recover

After Bitcoin surpassed the $40,000 mark, the rest of the market could breathe a sigh of relief. This also applies to the native token of the Polkadot blockchain. Provided the DOT price continues its recovery, there are two obvious resistances on the way up at $25 and $31. However, should the market suddenly turn around again, there is support at 16 US dollars, which was last able to hold at the end of January.


Away from DOT's performance, however, all eyes are once again on Bitcoin and whether the bulls can sustain the $40,000 to $42,000 area. That should also depend on whether investors still see Bitcoin as a safe haven. Recently, BTC has had a strong correlation with the stock market and has suffered massive losses in recent weeks after the Fed announced a change in direction.


It would be a big surprise if Polkadot could break away from these relationships and decouple the price from the development of the rest of the market. It is therefore to be expected that the DOT price will share the fate of Bitcoin, at least in the short to medium term.


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