The Polkadot community has approved a proposal to sponsor Inter Miami, the soccer club co-owned by David Beckham and featuring superstar Lionel Messi. The move could be a strategic decision to propel Polkadot, an ethereum-like smart contract platform, into the global spotlight.
Polkadot will sponsor Inter Miami
The proposal, approved by Polkadot's Open Gov community, sought 968,000 DOT (approximately $6.5 million) to secure sponsorship. Under the “sports sponsorship fund,” the goal was to partner with Inter Miami, a team described as one of “the most attractive and followed sports teams in the world.”
While the goal is to “elevate” the global visibility of the Polkadot brand, the plan is to develop another deeper integration, leveraging Inter Miami's global fan base.
For example, the team plans to improve user experience by engaging non-fungible tokens (nfts) and other gamified experiences implemented on Polkadot Parachains. Additionally, the team plans to explore how Polkadot-based solutions can be implemented at Inter Miami, resulting in greater efficiency and better fan engagement initiatives.
While details of the potential deal are confidential, the proposal emphasizes transparency. Consequently, funds will be held in a multi-signature wallet, which can only be accessed with community approval. In addition, ORSEN SA, a Swiss sports marketing agency, will manage the association rights.
Polkadot's plans to scale
As Polkadot improves its global visibility, developers are also working to activate a key update: “Asynchronous Backup.” Last year, Sophia Gold, director of engineering at Parity Technologies, said the technology would be a game-changer.
The asynchronous backup will allow Polkadot to scale the number of Parachains from 100 to 1000 by the end of the year. The network will increase its transaction processing capacity, and Polkadot will support more “independent blockchains” through Parachains.
Additionally, improvements through techniques such as “pipelining” will allow multiple parachains to process data simultaneously, cutting transaction confirmation times in half.
Although Polkadot continues to improve its network and secure more deals, DOT prices remain under pressure. At spot rates, DOT is down 40% from 2024 highs. While CoinMarketCap data shows the coin is up 14% in the last week, the fact that the bulls are not breaking above 7, $5 is cause for concern.
Technically, high volume lifting the coin above this local settlement level would pave the way for an expansion towards $9 and the March 2024 high in the coming sessions.
Featured image from Unsplash, chart from TradingView
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