Polkadot (DOT) is experiencing an uptick in its stock price today, driven by the recent announcement that vDOT, Polkadot's largest liquid staking token (LST), has been listed as a collateral asset on the Hydration Money Market. Within just 15 hours of opening deposits and borrows, vDOT reached its supply cap of 220,000 and surpassed $2.2 million in Total Value Locked (TVL). This development has sparked increased interest and demand for DOT, as the integration of vDOT into the Money Market allows for new decentralized finance (DeFi) strategies. Participants can now stake Polkadot to receive vDOT, which can be used as collateral to borrow additional DOT, creating opportunities for optimizing returns and enhancing market liquidity.
The current price of Polkadot (DOT) is $6.65, reflecting a 1.38% increase from its previous close of $6.56.