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FireProtocol Chooses to Scale Up

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FireProtocol, a next-generation protocol known for being the first infrastructure to use Huobi Eco Chain, has decided to migrate its DeFi products over to Polkadot to allow for better scalability and long-term growth.

The decision comes as FireProtocol has already enjoyed a great year in terms of market adoption and continues to grow its user base. As quoted by the FireProtocol team, “we made this decision out of serious considerations for the long-term development and sustainable growth of the FireProtocol ecosystem.”

Breaking Through Limitations

After a successful token sale in December, FireProtocol got off to a good start using Huobi Eco Chain, which does have some advantages according to the FireProtocol team. However, after weighing the advantages and the disadvantages, the team decided that it was best to migrate over to a more scalable and sustainable solution.

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For starters, the FireProtocol team felt that Huobi’s platform does not yet have sufficient ecosystem support, and this would likely lead to a low level of adoption. Further, they cited limits on developer tools and functionality, performance limitations, as well as a lack of governance guarantees and sustainable upgradability.

Polkadot, on the other hand, offers much higher throughput, cross-chain functionality with the ability to integrate outside protocols, more development freedom, and easier upgrades. All these benefits were too much for the FireProtocol team to ignore, and with their community in mind, they decided to migrate to help ensure the best experience possible.

Built Around Versatility

FileProtocol is quite diverse as it establishes bridging services, includes an AMM-style decentralized exchange, and a lending platform for digital assets. The Loan Platform supports a variety of assets, giving traders the ability to access a wide range of credit types easily and efficiently, and the decentralized exchange provides fast and secure trading of digital assets.

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FireProtocol’s governance token, FIRE, is used to power economic incentive mechanisms and help support community proposals and voting.  Users benefit from low fees and massive flexibility as the token can be used for liquidity farming on Uniswap, for example, cross-chain wrapping, and for lending and borrowing among other things.

FireProtocol’s Long-Term Vision

With a community of strong supporters, credible backers including x21 Digital, and a highly strong team with experience working for successful DeFi projects like Celcius and others, FireProtocol’s future looks extremely bright.

The platform was developed to sit at the cutting edge of innovation, and their roadmap is proof of that. Starting in Q1 the project has offered a loan platform, followed by the listing of the FIRE token, and a Uniswap liquidity mining program. Q2 follows with a brand new staking platform, where users can stake a range of assets and earn passive income, and also easily navigate between all of FireProtocol’s services.

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The second half of 2021 will bring in exciting products like cross-chain loans and derivatives trading among other features users will appreciate. All things considered, the move to Polkadot appears to be a judicious one that will strengthen FireProtocol’s core value proposition, placing it amidst the burgeoning DeFi scene that’s forming around Gavin Wood’s blockchain of blockchains.

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Polkadot

This Is How Polkadot(DOT) Price May React After Hitting $50!

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The crypto space is consolidating heavily for the consecutive second day showcasing a bearish trend. Most of the major assets are forming constant lower lows after a steep plunge. However, some altcoins like Polkadot is undergoing a reverse trend and attempting to reach the current highs. As the DOT price ranges above $50, the path towards a three-digit figure may get feasible. 

After the recent reversal, the asset managed to trend within a rising wedge since the beginning of the current trading month. Initially, the asset hit the strong resistance levels at $38 and successfully sliced through these levels after a slight pullback. However, the price is currently an inch close to forming a new ATH.

dotprice
Source: Tradingview

Despite the price is surging and forming more higher highs, yet the fear of a bearish divergence still hovers the rally. The appears to be trending within a rising wedge which usually ends up in a slight pullback. The correction could either end with a notable rebound from the immediate trend line, else it could hit the strong support levels at $40. 

However, the Polkadot price tends to reverse the trend in order to flip the bearish divergence soon. One of the popular analysts, FieryTrading, DOT price after forming a new ATH may not stop surging. The price currently resides at 1 Fib level and 2 Fib levels from beyond $100 at $120. And hence the target for Q4 maybe somewhere around $100.

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Polkadot

This Is How Polkadot(DOT) Price May React After Hitting $50!

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The crypto space is consolidating heavily for the consecutive second day showcasing a bearish trend. Most of the major assets are forming constant lower lows after a steep plunge. However, some altcoins like Polkadot is undergoing a reverse trend and attempting to reach the current highs. As the DOT price ranges above $50, the path towards a three-digit figure may get feasible. 

After the recent reversal, the asset managed to trend within a rising wedge since the beginning of the current trading month. Initially, the asset hit the strong resistance levels at $38 and successfully sliced through these levels after a slight pullback. However, the price is currently an inch close to forming a new ATH.

dotprice

Despite the price is surging and forming more higher highs, yet the fear of a bearish divergence still hovers the rally. The appears to be trending within a rising wedge which usually ends up in a slight pullback. The correction could either end with a notable rebound from the immediate trend line, else it could hit the strong support levels at $40. 

However, the Polkadot price tends to reverse the trend in order to flip the bearish divergence soon. One of the popular analysts, FieryTrading, DOT price after forming a new ATH may not stop surging. The price currently resides at 1 Fib level and 2 Fib levels from beyond $100 at $120. And hence the target for Q4 maybe somewhere around $100.

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Polkadot (DOT) Price Ready To Ignite, Aims 67% Upswing By End Of October 2021

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The crypto space is slowly on the verge to become the fastest growing and flourishing space as the market cap is heading towards $3 trillion at lighting speed. Bitcoin price and Ethereum price are heading towards their respective highs yet again gearing up other altcoins. And hence Polkadot (DOT) price following the trend may also gear up substantially. 

The price since the start of October 2021, maintained a considerable uptrend within a pattern. The asset was maintaining a silent trend with small dumps yet considerable large pumps until huge liquidity propelled the price from $34 to $42 a couple of days before. Since then DOT price repeated the same pattern in order to march towards its ATH.

polkadotchart
Source: Tradingview

As mentioned before, the price repeatedly formed a bull flag a couple of times and successfully ranged high. The asset has formed a similar pattern yet another time and could range above $50 with a successful breakout. Interestingly, the asset discovered a new support zone around $40 and bounced each time it visited these zones. 

However, the Polkadot price is on the verge to form yet another bull flag pattern for the third time in a row. And a breakout from these levels may lead the DOT price to trade within the discovery phase soon

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