Blockchain
DOT flip: Polkadot overtakes XRP to become the fourth largest cryptocurrency


There have been some big movers as the crypto market rally resumes and Polkadot’s DOT token is among them.
According to figures from leading analytics portal Coingecko, DOT has flipped Ripple’s XRP in terms of market capitalization following a massive gain of 26% over the past 24 hours. This makes it the new fourth largest cryptocurrency by market cap.
The Polkadot token has surged from an intraday low of just below $11 to top out at an all-time high of $14.80 before retreating slightly to $14.45 at the time of writing. The big price move has pushed its market cap to $13.7 billion as reported by Coingecko.
XRP, conversely, has only managed a gain of 3.7% over the past 24 hours which has not been enough to take the cross-border transfer token above $0.30. Its market cap is currently just below DOT’s at $13.5 billion.
Stats from Polkadot’s own platform estimate it has an even higher market cap of $14.8 billion using a circulation figure of just over one billion tokens. Messari crypto stats are very similar to this and they also show DOT having flipped XRP with a $3 billion difference in market cap.
The Binance owned Coinmarketcap is the only site in disagreement as it reports the DOT supply as ten percent lower. CMC was late to list Polkadot, which is an Ethereum and Binance Smart Chain competitor.
Polkadot is essentially a multi-chain protocol which has a number of ‘parachains’ (called shards in Ethereum) and works on its own technology called ‘Substrate’, which is a blockchain framework. The platform is fully interoperable, allowing other blockchains to connect to the network as a sidechain and the blockchain protocol has the ability to process thousands of transactions per second, leading it to be dubbed the latest ‘Ethereum killer’.
The most recent update, which may be driving momentum, was the launch of its Rococo parachain testnet which went live in late December. It is now gaining more partners according to the Polkadot community;
Rococo V1 Update: 1:51 pm (UTC) Jan 14, 2021
4 parachains + 19 proposalsInclude:@PhalaNetwork @ZenlinkPro @chainx_org @AcalaNetwork @CrustNetwork @Kiltprotocol @bifrost_finance @polkaBTC @encointer @LaminarProtocol @clover_finance @DarwiniaNetwork #PolkaWarriors #Polkadot pic.twitter.com/1OMPEKbnZJ
— Polka Warriors (@polkawarriors) January 14, 2021
Other factors driving momentum include the issues with DeFi on Ethereum as demand for scaling intensifies, along with a strong technical market structure.
Blockchain
Kraken Daily Market Report for February 24 2021

Overview
- Total spot trading volume at $2.43 billion, up 18% from the 30-day average of $2.06 billion.
- Total futures notional at $742.6 million.
- The top five traded coins were, respectively, Bitcoin, Ethereum, Tether, Cardano, and Polkadot.
- Strong returns from Augur (+22%), Icon (+20%), Lisk (18%), and Compound (18%).
February 24, 2021 $2.43B traded across all markets today Crypto, EUR, USD, JPY, CAD, GBP, CHF, AUD |
||||
---|---|---|---|---|
XBT $50855. ↑4.0% $927.5M |
ETH $1694.5 ↑7.3% $442.0M |
USDT $1.0009 ↑0.06% $308.7M |
ADA $1.0666 ↑11% $140.5M |
DOT $36.359 ↑5.2% $112.8M |
USDC $1.0002 ↑0.01% $58.0M |
XDG $0.0552 ↑16% $46.8M |
XRP $0.4888 ↑2.7% $45.1M |
LTC $187.16 ↑5.4% $44.2M |
LINK $28.266 ↑8.8% $43.1M |
BCH $546.64 ↑5.9% $19.9M |
ATOM $20.971 ↑4.1% $17.4M |
XLM $0.4278 ↑11% $17.0M |
FLOW $22.203 ↑3.6% $14.8M |
UNI $26.741 ↑7.6% $13.7M |
GRT $1.9695 ↑16% $13.2M |
AAVE $398.38 ↑9.2% $9.83M |
ALGO $1.1312 ↑12% $9.67M |
KSM $259.95 ↑8.0% $9.22M |
XMR $218.18 ↓1.3% $9.14M |
DASH $253.84 ↑9.8% $8.88M |
EOS $4.0463 ↑5.0% $8.57M |
XTZ $3.8502 ↑8.5% $8.23M |
TRX $0.0492 ↑9.5% $4.84M |
DAI $1.0012 ↓0.01% $4.78M |
ICX $1.7515 ↑20% $4.63M |
QTUM $5.5107 ↑7.1% $4.55M |
SNX $20.534 ↑13% $4.44M |
OMG $5.0897 ↑8.7% $4.29M |
BAT $0.5229 ↑9.5% $4.29M |
SC $0.0113 ↑3.3% $3.78M |
WAVES $10.304 ↑10% $3.76M |
NANO $6.0203 ↑16% $3.59M |
YFI $36385. ↑8.8% $3.55M |
ZEC $131.65 ↑3.6% $3.33M |
FIL $37.762 ↑6.3% $3.21M |
COMP $452.55 ↑18% $2.38M |
OXT $0.5371 ↑8.4% $2.12M |
ETC $12.339 ↑8.4% $2.07M |
LSK $3.1380 ↑18% $1.93M |
KAVA $3.7965 ↑17% $1.57M |
MANA $0.2622 ↑13% $1.53M |
REP $35.637 ↑22% $1.49M |
CRV $2.2995 ↑7.7% $1.45M |
KNC $1.7123 ↑6.8% $982K |
MLN $41.951 ↑12% $834K |
PAXG $1804.9 ↓0.2% $778K |
KEEP $0.3739 ↑10% $710K |
STORJ $0.6370 ↑12% $670K |
ANT $4.7319 ↑10.0% $576K |
BAL $40.659 ↑16% $568K |
GNO $141.23 ↑11% $508K |
REPV2 $26.630 ↑8.9% $274K |
TBTC $54060. ↑9.8% $244K |
#####################. Trading Volume by Asset. ##########################################
Trading Volume by Asset
The figures below break down the trading volume of the largest, mid-size, and smallest assets. Cryptos are in purple, fiats are in blue. For each asset, the chart contains the daily trading volume in USD, and the percentage of the total trading volume. The percentages for fiats and cryptos are treated separately, so that they both add up to 100%.
Figure 1: Largest trading assets: trading volume (measured in USD) and its percentage of the total trading volume (February 24 2021)
Figure 2: Mid-size trading assets: (measured in USD) (February 24 2021)
Figure 3: Smallest trading assets: (measured in USD) (February 24 2021)
#####################. Spread %. ##########################################
Spread %
Spread percentage is the width of the bid/ask spread divided by the bid/ask midpoint. The values are generated by taking the median spread percentage over each minute, then the average of the medians over the day.
Figure 4: Average spread % by pair (February 24 2021)
.
#########. Returns and Volume ############################################
Returns and Volume
Figure 5: Returns of the four highest volume pairs (February 24 2021)
Figure 6: Volume of the major currencies and an average line that fits the data to a sinusoidal curve to show the daily volume highs and lows (February 24 2021)
###########. Daily Returns. #################################################
Daily Returns %
Figure 7: Returns over USD and XBT. Relative volume and return size is indicated by the size of the font. (February 24 2021)
###########. Disclaimer #################################################
The values generated in this report are from public market data distributed from Kraken WebSockets api. The total volumes and returns are calculated over the reporting day using UTC time.
Source: https://blog.kraken.com/post/8041/kraken-daily-market-report-for-february-24-2021/
Blockchain
India’s largest crypto exchange adopts decentralized Unstoppable Domains


India’s largest cryptocurrency exchange, Unocoin, has adopted the blockchain-based Unstoppable Domains, which simplifies crypto transactions by turning blockchain addresses into human-readable web URLs.
Announced on Wednesday, the partnership between Unocoin and Unstoppable Domains — both funded by Silicon Valley investor Tim Draper — is expected to reduce remittance costs and simplify the transaction process for the exchange’s 1.2 million users.
Unstoppable Domains turns crypto addresses into decentralized websites on the Ethereum and Zilliqa blockchains. Instead of sending coins to a 42-character blockchain address, Unstoppable Domains allows users to create simple URLs ending in “.crypto” and “.zil” extensions. Domain names need only be purchased once, and then exist forever on the blockchain without requiring any renewal or maintenance fees.
The decentralized aspect of Unstoppable Domains should be of particular interest to Indian crypto users, especially amid the furor created by the Finance Ministry’s decision to ban the use of Bitcoin (BTC) and other cryptocurrencies.
Pushback against the country’s plan to outlaw cryptocurrency has emerged on social media in the form of the #IndiaWantsBitcoin campaign. Despite regulatory uncertainty, the co-founder and CEO of Unocoin, Sathvik Vishwanath, sees the adoption of Unstoppable Domains as being in line with the maturation of the crypto industry in India. Vishwanath said:
“The cryptocurrency space is maturing. In line with the growth of the industry, Unocoin aims to offer its users the best possible experience. Integrating the .crypto domain is a significant step not only for Unocoin users, but also for additional exchanges in the country exploring simpler and more user-friendly options for their users.”
Unstoppable Domains co-founder Brad Kam referenced the reluctance of the Indian government to allow the spread of cryptocurrency within its borders:
“India’s population has been historically scorned from cryptocurrency. Unstoppable Domains is excited to deliver the seamless sending and receiving of cryptocurrency to Unocoin’s users. Our aim is to simplify cryptocurrency addresses, and establish human readable names as the domain standard across wallets and exchanges.”
On Wednesday, Reserve Bank of India Governor Shaktikanta Das reiterated the central bank’s intention to create its own centrally issued currency, the digital rupee. This follows a common trend that has emerged in recent years as national governments attempt to reign-in the spread of decentralized cryptocurrencies and replace them with digital versions of existing fiat currencies.
As reported by Cointelegraph, Unstoppable Domains was recently integrated into Cloudflare’s Distributed Web Resolver, meaning any web browser can now access the .crypto URL extensions.
A spokesperson for Unstoppable Domains confirmed to Cointelegraph that even if Unocoin were to be shut down in the near future, the addresses and URLs created through the platform would remain unaffected.
Blockchain
DEX volumes have already surpassed $120b in 2021

Ethereum-powered decentralized exchanges, or DEXes, continue to surge despite high transaction fees — with DEXes processing more than $120 billion in 2021 so far.
According to Ethereum market analytics platform Dune Analytics, combined DEX volumes posted a new record of $63 billion in January. February’s volume currently sits at $59 billion and is on track to hit $67 billion at the month’s end.
DEXes have already processed more volume in the first two months of 2021 than during all previous years combined.

The Ethereum-powered DEX sector is still dominated by Uniswap and Sushiswap, who account for 65% of February’s trade combined. Uniswap currently represents more than double Sushi’s volume, controlling almost 50% of DEX market share.
However, looking at the weekly number of active traders on each platform shows that Uniswap represents more than three-quarters of Ethereum DEX users. Over the last seven days, nearly 142,000 unique wallets traded on Uniswap, followed by decentralized exchange aggregator 1inch with roughly 18,450 traders, and SushiSwap with 8,911.
However, not all DEX trading activity is occurring on Etheruem, with Binance Chain’s Pancake Swap surging to report a daily trading volume behind of more than $1.1 billion.
Despite some users migrating away from Ethereum-based DEXes, confidence in the sector as a whole is at an all-time high, with the total value locked in these exchanges sitting above $40 billion for the first time during recent weeks.
Source: https://cointelegraph.com/news/dex-volumes-have-already-surpassed-120b-in-2021
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