Polkadot price is rising ahead of its rivalries in a bearish-ridden market. The DOT price is $35.68, while the 24-hour trading volume is up by 101.40%. And the coin has hit its 24-hour high of $37.93. DOT price now ranks 8th position in terms of market cap. However, by the current stats, Polkadot can surpass Solana in near future in terms of market cap.
Polkadot is readying for the Polkadot 1.0 release, as the final release completes with parachains draws close. As per the official website, the XCM or the “Cross-consensus messaging format” is approaching its first production-ready release.
What is XCM? Will Polkadot(DOT) Price Get A Boosts?
As mentioned earlier, XCM is short for “Cross-consensus messaging format”. It is just a messaging format, and not a messaging protocol by any terms. It cannot be used to send any message between systems however, it can be used to express what should be done by the receiver.
The ecosystem comes with 3 distinct systems for actually communicating XCM between its constituent chains, which are:
UMP stands for “Upper Message Passing” which allows the parachains to send messages to their relay chain. DMP stands for “Downward Message Passing” which allows the relay chain to pass messages down to one of its parachains. While XCMP allows parachains to send messages between themselves.
XCM can be used to express the meaning of the messages over each of the above-mentioned communication channels. It is also useful in other contexts, for transacting with a chain whose transaction format is not known to the user well in advance. The aim of XCM is to be flexible and future-proof and address practical needs including transfer of tokens and optional payment of fees, empowering De-Fi.
Moreover, Polkadot will be conducting a Sub0 online developer conference, on the 13th and 14th of October. The conference aims to bring together substrate developers and learners of all experience levels, which will include in-depth talks and workshops on the blockchain framework for building custom compatible blockchains.
In conclusion, Polkadot price can surge to greater heights if the existing situation persists. Analysts predict the coin to hit $40 to $42 probably by next week, consequently, we can expect the ALT coin to hit $80 to $100 by the end of the year. Provided the circumstances fall into place and the underlying abilities of the platform.