Polkadot (DOT) Stuns Community With Unexpected Rebrand Update

Polkadot (DOT) has once again triggered the crypto community with a post about rebranding its name. Out of the blue, the official X account of the Polkadot Network posted that with the community’s permission, it will be rebranding to “KOLKADOT.”

Jokes gone too wild

Name rebranding is not uncommon in the digital currency ecosystem. However, the light-hearted reactions that followed the post from Polkadot suggest it was just a ploy to engage the community for fun.

community voted, we’re rebranding to KOLKADOT https://t.co/knmF5CihUl

— Polkadot (@Polkadot) July 3, 2024

Polkadot has been in the news for the wrong reasons lately, which may explain its willingness to diffuse the tension within its community with such rattling claims. Of the numerous challenges the protocol is facing, two stand out, and they hinge on the toxic treatment of core developers in the ecosystem.

According to Victor Ji, the founder of Manta Network, one of the biggest Polkadot applications, Gavin Wood, the founder of Polkadot, does not know the protocol despite its position as the second largest in terms of non-DOT Total Value Locked (TVL).

Besides this, Polkadot has been under fire for its promotional, or marketing, budget. Critics claim that despite spending millions in brand promotion, Polkadot still has limited visibility compared with other competing projects with limited ad budgets.

Polkadot’s sway still strong

Polkadot might have its downsides in relation to its community dealings, but the protocol is by far one of the most innovative in the advancing Web3 world today.

As a transition to a brighter ecosystem, the Polkadot Network has hinted at plans to replace the iconic auction system for its parachains with the JAM Protocol. The JAM Protocol was teased by Wood earlier this year, bringing to life years of developmental work on the futuristic smart contract engine.

Polkadot has immense potential with its incoming products. Overall, the impact might be felt on its price which, at the moment, is down by 3.98%, pegging the spot price to $6.15.

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