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Staking pool company Moonstake and Singapore-based RockX are partnering to support development on the Polkadot network.
A Partnership Built on RockX
The Polkadot partnership sees RockX’s CEO, Alex Lam, appointed as an official advisor to Moonstake.
The partnership intends to “accelerate the spread of Polkadot in the blockchain industry through staking.” This aligns with Moonstake’s mission to become the largest staking pool in Asia.
Earlier this month, the staking company announced support for DOT in its wallet. DOT is the fifth-largest cryptocurrency by market capitalization, according to data from CoinMarketCap.
Polkadot became the ninth cryptocurrency supported by Moonstake after Cosmos, IRISnet, Ontology, Harmony, Tezos, Cardano, and Qtum.
Moonstake launched its staking business in 2020. Its products and services include online and mobile wallets that support staking. Its August launch saw the value of assets staked in its wallets surge to $50 million.
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By the end of the year, this rose to over $100 million. The company currently hosts over $200 million in staked assets.
RockX is a digital assets platform that offers “risk-adjusted crypto investment for the masses.” These investment products include staking and mining services and investments in Decentralized Finance (DeFi) products.
Stake, Stake, Stake It Up
Last year saw an exponential rise in staked crypto-assets as the process soared in popularity.
The world’s largest exchange by volume, Binance, launched Binance Launchpool, a tool that allows its users to stake BUSD and BNB in return for annual rewards.
The summer of 2020 introduced the cryptocurrency world to DeFi products such as SushiSwap and yearn.finance, which simplified the staking process by integrating easy-to-use interfaces.
Even the cryptocurrency industry’s second token, Ethereum, is making the switch from a proof-of-work to a proof-of-stake consensus mechanism.
Total Value Locked (TVL), a measure of the value of crypto-assets staked in various DeFi platforms, rose from $831 million in January last year to over $25 billion at press time.
A Polkadotted future?
Polkadot likely doesn’t want to be left out on the staking front. It is a next-generation blockchain protocol connecting multiple specialized blockchains into a unified network.
To date, 63% of DOT’s supply is staked on the network, with DOT’s price rising more than 40% in just over a month. The token’s market capitalization reached $15 billion a few days ago, unseating XRP to become the fourth-largest cryptocurrency.
As the Polkadot ecosystem continues to grow, more DOT will likely be staked on the network. But will its price also surge in popularity?
