Polkadot’s Bridge Hub Referendum Triumphs: Can DOT Price Hit $6?

• Referendum 114 and 115 have gained nearly 100% of votes within the last few days.
• Referendum 114 proposes to onboard a Bridge Hub system parachain to the Polkadot blockchain network.
• Referendum 115 proposes to open three new HRMP channels between Statemint and Bitgreen/Subsocial/Manta.

Polkadot’s Bridge Hub System Parachain Referendum Triumphs

The voting period for the referendums on Polkadot’s blockchain network is coming to an end, with Referendum 114 and 115 having gained 99% of the total votes. The referendums propose to onboard a Bridge Hub system parachain and open three new HRMP channels respectively.

Voting Results

Referendum 114 calls for adding a Bridge Hub (BH) parachain on Polkadot, while referendum 115 seeks approval from stakeholders to launch three new HRMP channels between Statemint and Bitgreen/Subsocial/Manta. Currently, 99% of voters are in favor of both proposals, with only 24 hours left before voting ends.

Bridge Hub System Parachain

Once onboarded, the BH will act as gateway between Polkadot and other networks such as Kusama and Ethereum. Initially, it will contain only basic logic without any bridge-specific pallets; these will be added in future runtime upgrades as bridge teams focus on releasing their bridge logic instead of launching a parachain.

HRMP Channels

The three new HRMP channels proposed by referendum 115 would enable communication between Statemint and various entities such as Bitgreen, Subsocial, Manta etc., which would allow easy transfer of funds across different networks securely through encrypted messaging protocols.

Can DOT Price Hit $6?

With two major referendums gaining nearly 100% acceptance from voters, it remains to be seen whether this could affect DOT prices positively or not in the upcoming weeks or months ahead. If positive developments continue in favor of Polkadot’s blockchain network then it is possible that DOT prices might spike up eventually reaching $6 per token or more depending on market conditions at that time.