Older Layer-1 Tokens Outperform as Polkadot Stablecoin Vote Advances
Layer-1 tokens launched before 2018 rallied while Bitcoin and Ether fell, with Polkadot's stablecoin proposal receiving 97.5% support in an OpenGov vote.
Why it matters
The correlation among older layer-1 tokens without individual catalysts suggests a possible sector rotation, though only one outlet has reported on this pattern so far. Polkadot's stablecoin proposal, if approved, would mark a notable governance milestone for the network.
Key facts
Polkadot holders are voting on a proposal to give the network its own stablecoin.
Reported by The Defiant
The Polkadot stablecoin proposal was submitted to OpenGov on Monday and is running 97.5% in favor.
97.5 %Reported by The Defiant
Ether was at $2,484.83, down 0.29% on the day and up 2.8% on the week.
2,484.83 USDReported by The Defiant
Total crypto market value stood at $2.70 trillion on $91.54 billion of volume, with bitcoin dominance at 58.36%.
2,700,000,000,000 USDReported by The Defiant
Cosmos Hub, Decred, and Ethereum Classic produced no filing, release, or governance action in the period yet moved in tandem with Polkadot.
Reported by The Defiant
Traders extended their bet that the Federal Reserve raises rates next week.
Reported by The Defiant
What happened
A group of pre-2018 layer-1 tokens led crypto gains on Tuesday while Bitcoin and Ether posted losses, according to The Defiant. Polkadot holders are voting on a proposal submitted to OpenGov on Monday that would introduce a network-native stablecoin, with the vote running 97.5% in favor. Cosmos Hub, Decred, and Ethereum Classic moved in tandem with Polkadot despite having no corresponding filing, release, or governance action in the period, the outlet reported. Bitcoin traded between $77,666 and $79,432, peaking Monday evening before selling off through the European session. The total crypto market stood at $2.70 trillion on $91.54 billion of volume.
How the story developed
- Update
Polkadot stablecoin proposal submitted to OpenGov
A proposal to give Polkadot its own stablecoin was submitted on Monday.
- Update
Older layer-1 tokens outperform while Bitcoin and Ether decline
Pre-2018 layer-1 tokens led gains on Tuesday while BTC and ETH finished lower, per The Defiant.
- First report
First report by The Defiant
Polkadot Leads A Rotation Into Old Layer-1s As Hike Odds Widen
Affected entities
Also mentioned: Binance, Solana, Tether USDt, XRP, BNB, Japan, TRON
Original sources
| Publisher | Report | Role | Published |
|---|---|---|---|
| The Defiant Crypto media | Polkadot Leads A Rotation Into Old Layer-1s As Hike Odds Widen | Original |
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