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- The $2.1 million sponsorship of Conor Dally by Polkadot ecosystem in the 108th Indy 500 event exposed DOT to a lot of potential investors.
- DOT Price has been forming a bullish reversal pattern that could lead to a major uproar in the near term.
The Polkadot (DOT) network, a top-tier layer zero blockchain supporting dozens of web3 protocols, was part of this year’s Indianapolis 500-Mile Race at the Indianapolis Motor Speedway. The Polkadot ecosystem participated in the Indy 500 through a direct sponsorship of Conor Daly, a legendary and well-decorated race driver.
The collaboration between Polkadot and Daly was a huge success as the event achieved 13.3 million total viewership in addition to 59 million social media impressions. Amid the mainstream adoption of digital assets and web3 projects in the United States, fueled by clear crypto regulations, the Polkadot network received immense exposure during the Indy 500 event.
Polkadot Network and Daly’s Collaboration
The Polkadot ecosystem held a community voting, through OpenGov referendum #514, to secure support for Daly’s sponsorship. With a huge treasury of 41 million DOT, worth over $400 million, the Polkadot community overwhelmingly supported the $2.1 million Daly’s sponsorship.
“When you’re trying to get a community to vote on and pass a proposal to sponsor something that is sports-related, you have to do a lot of education around it, and you just can’t assume that people will know. It’s a different conversation than just a straight-up corporate sponsorship,” Chrissy Hill, the interim COO for Parity Technologies, noted.
Forward, Daly intends to closely participate in the Polkadot network wellness including plans to attend the upcoming Polkadot Decoded Conference in Brussels as a speaker. Interestingly, Daly; ‘s father, Derek Daly, who is a well-decorated F1 driver, holds DOT in his crypto portfolio.
“I’m not a tech leader, but I love to understand what is going on. When I first heard about Bitcoin, I was fascinated. Web3 is a huge interest to me and I love following the really smart people in this space. This is the future of the internet,” Daly noted.
Growing Ecosystem
The Polkadot network has been working to enhance secure blockchain interoperability amid the mainstream adoption of digital assets and web3 projects. The proof-of-stake blockchain has attracted more than 3.4 million holders, who have already staked over 845 million DOT, accounting for around 58% of the total circulating supply, to help secure the network.
As Crypto News Flash recently reported, the Polkadot team has been developing the necessary infrastructure to ensure a seamless adoption of its product including the Snowbridge to ensure a trustless liquidity transfer with Ethereum.
DOT Price Action
The DOT price has in the past year been attempting to establish a bullish momentum after suffering huge losses during the 2022 bear market. From a technical standpoint, the DOT price against the US dollar is on the cusp of rallying to its all-time high despite the ongoing market correction.
Moreover, DOT price on the weekly time frame has been forming an inverted head and shoulders (H&S) coupled with a bullish divergence on the Relative Strength Index (RSI). According to the latest crypto market data, DOT price dropped 22 percent in the last two weeks to trade around $5.63 on Friday, June 21, 2024.
