The Polkadot integration leads to price increases at REN, OCEAN and CELR

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Polkadot (DOT) has emerged as one of the best blockchain networks over the past year as it focuses on facilitating interoperability between separate networks, especially Ethereum (ETH).

As a result of the rise of Polkadot, projects that have adopted the concept of interoperability and joined the Polkadot ecosystem have seen their token prices rise in recent months.

Ren (REN), Ocean Protocol (OCEAN), and the Celer Network (CELR) are three such projects that have led the way in facilitating cross-chain interoperability between networks, resulting in a significant increase in the number of active token holders and trading every project resulted has volume.

REN / USDT

Ren is an open blockchain protocol specifically designed to provide interoperability and liquidity between a large number of separate blockchains, including Ethereum, Bitcoin (BTC), and Polkadot.

Working with the Polkadot Network began back in July 2020 when it was announced that Ren will partner with the Acala Network (ACA) to bring Bitcoin to the DOT ecosystem.

REN / USDT 4 hour chart. Source: TradingView

At the time of the announcement, REN was trading at an average price of $ 0.15 and has since climbed to a high of $ 1.80 on Feb.20 as further integrations with other blockchains like Dogecoin and Digibyte have helped drive the price of REN down to drift upwards.

OCEAN / USDT

The Ocean Protocol is a blockchain-based ecosystem that allows users to unlock the value of data and monetize it by creating data tokens that enclose data sets and allow third parties to perform operations using the data in a secure manner.

This allows publishers to monetize their data while maintaining privacy and control. The network also provides consumers with an easier way to access previously unavailable data.

Discussions about building oceans on Polkadot began back in July 2020, and the first confirmed integration took place on January 25, 2021 when Ocean announced it was partnering with the Polkadot-based Moonbeam Network (GLMR) to To enable users of the Polkadot ecosystem to publish, stake out, and purchase data.

OCEAN / USDT 4 hour chart. Source: TradingView

In the months that followed, new partnerships and cross-chain announcements were announced, and OCEAN rose 250% on March 7 to a new all-time high of $ 1.69.

CELR / USDT

Celer Network is a Layer 2 scaling platform that, according to the project’s website, “brings interactive, secure and inexpensive applications to any blockchain”. The aim of the platform is to enable users to create, operate and use scalable DApps “through innovations in off-chain scaling techniques and incentive-oriented crypto-economics”.

The integration of CELR into the Polkadot ecosystem was announced on January 19 when the project released its state channel substrate model, which supports Layer 2 scaling and instant payments on Polkadot.

CELR / USDT 4 hour chart. Source: TradingView

Since then, the price of CELR has risen 240% from a low of $ 0.019 on January 19 to an all-time high of $ 0.067 on March 15 as Layer 2 solutions continue to gain in importance as a means of offering alternatives to high transaction costs on Ethereum .

While the bull market for cryptocurrencies continues to evolve and the Ethereum network struggles with congestion and high fees, projects related to Polkadot that offer cross-chain solutions and venture into decentralized finance and NFTs are well positioned to add another To achieve acceptance and price increases.

The views and opinions expressed are those of the author only and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading step is associated with risks. You should do your own research when making a decision.