Polkadot led a market rotation into older layer-1 tokens, with DOT gaining between 7% and 20% in a single session. This growth occurred while Bitcoin and Ether experienced downward movement or stagnation. Other layer-1 tokens launched or conceptualized before 2018 also showed gains.
A derivatives short squeeze contributed to the price surge, resulting in over $610K in liquidations for DOT positions. Simultaneously, daily network usage increased by approximately 150%, driven by the launch of a new devnet that attracted developers and users back to the ecosystem.
The token's supply dynamics are being reshaped by governance proposals. Proposals #1909 and #1910 focus on adjusting staking parameters and validator incentives. Referendum 1926 mandates that revenue from JAMKB-related DOT sales be permanently burned, affecting the circulating supply relative to the hard cap of 2.1 billion DOT.