February 23, 2024

Polkadot, a heterogeneous multi-chain protocol, has recently undergone major changes. Following a successful referendum, Bridge Hub, a key tool for blockchain interoperability within the Polkadot ecosystem, has been upgraded to runtime v9420.

As the main facilitator of asset, message and data transfer between different blockchains, Bridge Hub greatly enhances Polkadot’s network capabilities.

Runtime upgrade marks major advance in interoperability

Bridge Hub facilitates cross-chain functionality by making transactions and data from other blockchains in the Polkadot ecosystem accessible and usable. It facilitates compatibility and collaboration among various blockchain projects, significantly expanding the scope and potential of the Polkadot network.

However, the impact of these changes on user acquisition remains to be seen. The success of the upcoming referendum will be key in determining the agreement’s continued growth.

Despite the potential uncertainty, Polkadot’s high staking reward ratio may attract users. Blockchain data shows that Polkadot’s native token $DOT is superior to other cryptocurrencies in terms of staking rewards, and the reward rate for staking DOT is 14.54%.

Interestingly, according to Stake Rewards, interest in DOT staking has waned, as evidenced by a 0.35% decrease in the number of stakers on the Polkadot network.

Impact and Implications of Runtime v9420

Dive into the details of the Bridge Hub upgrade, a referendum to transition Bridge Hub from v9382 to v9420. Previous calls to this change failed because Bridge Hub running on v9382 (and thus XCM v3) expects an UnpaidExecution instruction before the Transact instruction, which Polkadot (on v9370 and XCM v2) cannot provide.

Now that Polkadot has moved to XCM v3, proper XCM programming is possible. Calls performed on the relay chain are whitelisted calls.

This call affects the weight parameters of the Transact parameter as follows:

  • Reference time: 229,363,000

  • Proof size: 3,556

These technical developments demonstrate Polkadot’s commitment to continuous improvement and optimization of its multi-chain interoperability. With these changes, we may see an influx of new users, an increase in staking, or an improvement in general market sentiment towards $DOT in the coming weeks.

Disclaimer: This article is for informational purposes only.It does not provide or is intended to be used as legal, tax, investment, financial or other advice.