According to CryptoPotato, Polkadot has launched the Join-Accumulate Machine (JAM) upgrade, replacing the Relay Chain, and has initiated a 10 million DOT prize to stimulate development. The protocol has enhanced block validation efficiency following a significant upgrade and has formed a strategic alliance with the Founder Institute to initiate its first Web3 cohort.
Polkadot continues to be in the limelight due to the developments within its ecosystem and several strategic partnerships. Recently, founder Gavin Wood announced that the community has approved the Join-Accumulate Machine (JAM) Gray Paper as 'its next major protocol evolution with a near-unanimous governance vote.' This technical upgrade is intended to replace the existing Relay Chain, the network's central chain, with a more modular and minimalistic architecture. It merges elements of Polkadot and Ethereum, supports existing parachains, and aims to improve network stability and scalability.
In the previous month, the team announced the JAM Implementer’s Prize, a 10 million DOT reward pool to encourage diverse development efforts and foster innovation within the ecosystem. The upgrade of Enabling Asynchronous Backing on the Polkadot network is also noteworthy. The team revealed that blocks are produced twice as fast, and available block space was increased by 6-10 times following this advancement.
Polkadot has also signed a significant agreement with the Founder Institute, a leading business incubator that transforms ideas into fundable startups. The latter described the partnership as 'strategic,' stating that it signifies the start of 'an exciting chapter' related to the launch of the first Web3 cohort in its Core Program. The initiative was scheduled to begin on May 28 and will be led by leading experts from the Polkadot community.
Polkadot’s native cryptocurrency, DOT, saw an increase in the past few days, peaking at $7.70 on May 27. However, it could not maintain the momentum, dropping to its current level of approximately $7.06. Despite the recent decline, many analysts are optimistic that DOT can reach new highs in the near future. The X user Block Diversity suggested that the asset’s latest pullback resulted from following BTC’s footsteps. The analyst maintained that DOT remains in a bullish mode as long as it trades above the critical resistance level of $6.90. Altcoin Sherpa also predicted a possible price pump for the token, but they don’t believe it will outperform the rest of the market.