Bifrost finance, the leading parachain on Polkadot [DOT], posted a tweet on September 18th. The tweet stated that the new Polkadot staking protocol has seen significant growth with 121,551 vDOTs (tokens) successfully minted. And all this within just 30 hours of vDOT launch.
But the question remains: Will the success of this protocol affect DOT prices?
vDot is a Staking Liquidity Protocol (SLP) launched by Bifrost Finance. The intention of the launch was for users to enjoy the benefits. These include staking rewards as investment income from liquid vDOT. Additionally, accumulate raindrops during the campaign period to bring rewards such as airdrop dividends and NFT whitelisting.
Polkadot "DeFi's" chance
Polkadot's growth in the DeFi space can be seen as interesting. And Bifrost is paving the way for Polkadot to grow. Bifrost's Total Value Locked (TVL) has seen a massive increase since August 26, and TVL momentum has remained unchanged since then.
Although TVL saw a depreciation of 12.32%, the momentum of DeFI Bifrost seems to continue to be positive.
However, despite Bifrost's performance in green, other Polkadot protocols such as Acala and Stafi have not seen the same kind of growth.
Source: DeFiLlama
Polkadot's protocol, Stafi, has seen its total TVL depreciate since August 11th. Stafi's TVL continued its downward trajectory and by the 19th September decreased by 10.07%.
Additionally, Acala didn't see much growth either, falling from a high of $1.62 billion to $46.06 million as of September 19.
Some further developments
Polkadot developers were seen dominating the charts in terms of development activity last week. In addition, DOT developers have surpassed the main competitors. like Ethereum, Tron and Solana in this category.
This could be considered a positive sign for investors, as this update meant that the Polkadot team is constantly trying to upgrade and update their current technology.
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