Polkadot (DOT) unveils XCM V3

By Ogwu Osaemezu Emmanuel

January 18, 2023 at 5:49 pm

Edited by Nicholas Ross Say

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Polkadot announced the go-live of an upgrade to its Cross-Consensus Messaging (XCM) infrastructure.

The new Polkadot (DOT) XCM V3 is expected to foster cross-chain interoperability, frictionless cryptoasset transfers, NFT support, and more.

Polkadot XCM V3 now live

Gavin Wood, the co-founder of Polkadot and former CTO of the Ethereum Foundation, has revealed via Twitter that the highly anticipated Cross-Consensus Messaging (XCM) V3 has been successfully merged into the blockchain project’s GitHub repository.

The 42-year-old Polkadot and Kusama creator has made it clear that the launch of XCM V3 will bring a vast array of essential improvements to the Polkadot ecosystem, including seamless cryptoasset transfers, enhanced cross-chain interoperability, non-fungible token (NFT) support and more.

After exactly 15 months in development, @polkadot XCM version 3 is merged. This enables bridges, cross-chain locking, exchanges, NFTs, conditionals, context-tracking and more. https://t.co/dqcLXOmDa9
— Gavin Wood (@gavofyork) January 17, 2023

Polkadot’s native DOT token has seen decent price growth in the past seven days, up by more than 22 percent. At press time, DOT is exchanging hands for $5.95, with a market cap of $6.58 billion, making it the world’s 12th-largest cryptocurrency.

As U.S. authorities continue to make efforts to bring regulatory clarity to its blockchain space by properly classifying digital assets, the Web3 Foundation recently made it clear to the Securities and Exchange Commission (SEC) that the DOT token is not a security.