Polkadot XCM V3 Upgrade Launches, DOT Token Gains 22% in 7 Days

• Polkadot recently launched an upgrade to its Cross-Consensus Messaging (XCM) infrastructure.
• This launch, dubbed XCM V3, is expected to foster cross-chain interoperability, frictionless cryptoasset transfers, NFT support, and more.
• The DOT token has seen decent price growth in the past seven days, up by more than 22 percent.

Polkadot recently announced the go-live of an upgrade to its Cross-Consensus Messaging (XCM) infrastructure, XCM V3. This launch is expected to bring a vast array of essential improvements to the Polkadot ecosystem, including seamless cryptoasset transfers, enhanced cross-chain interoperability, non-fungible token (NFT) support, and more.

Gavin Wood, the co-founder of Polkadot and former CTO of the Ethereum Foundation, revealed the news via Twitter, describing the launch of XCM V3 as the culmination of exactly 15 months in development. The upgrade is expected to make bridges, cross-chain locking, exchanges, NFTs, conditionals, and context-tracking much more efficient and user-friendly.

The Polkadot native DOT token has seen a decent price growth in the past seven days, up by more than 22 percent. At press time, DOT is exchanging hands for $5.95, with a market cap of $6.58 billion, making it the world’s 12th-largest cryptocurrency.

The Web3 Foundation has recently made it clear to the Securities and Exchange Commission (SEC) that the DOT token is not a security. The foundation is making efforts to bring regulatory clarity to the blockchain space by properly classifying digital assets.

The Polkadot XCM V3 upgrade is expected to increase the efficiency and usability of both Polkadot’s blockchain network and DOT token. With the integration of bridges, cross-chain locking, exchanges, NFTs, conditionals, and context-tracking, this upgrade is expected to bring a whole new level of usability and reliability to the Polkadot ecosystem. We look forward to seeing how this upgrade will affect the price and market cap of the DOT token in the future.

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