The digital currency Polkadot (DOT) rose 67% in a week to a new yearly high of $7.7.

Below we will learn about the main reason behind the rise of the digital currency “Polkadot” at high rates in a short period of time.

Binance Fund of $10 million to support “Polkadot” projects:

Polkadot was launched via an initial coin offering (ICO) in 2017.

The Polkadot blockchain enables interoperability and scalability for all the protocols you use.

The project’s popularity has skyrocketed since mid-2020 following several developments, including the entry into the DeFi space.

Cryptocurrency exchange Binance last week announced the creation of a $10 million fund to enable innovative projects to be built around the Polkadot ecosystem.

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This was one of the main reasons why the Polkadot project’s DOT cryptocurrency soared to an annual record high.

Binance will also make more of its resources available to projects that use the Polkadot network, from media distribution, knowledge sharing, financing and financial management, derivatives, and access to millions of customers.

Binance will prioritize the review of the so-called “Polkadot” projects of high quality and display them on the Binance IPOs and Binance Sourcing platforms.

Binance has also listed the selection criteria that DeFi protocols must meet when submitting its proposals for utilizing the fund.

These criteria include:

• Relative maturity of project development.
• Prepare for widespread adoption.
• A strong and committed team.
• Possibility to benefit from the growth of the broader cryptocurrency ecosystem.

Among the projects that have already started in this initiative and benefit from the support of Binance, we find the “Reef Finance” project that Binance supported and included on its platform recently and was built on the “Polkadot” blockchain.

Other reasons for the rise of the digital currency “DOT”:

Notwithstanding, Binance has created a $10 million fund dedicated to the Polkadot projects.

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Binance added the digital currency “DOT” to its subscription and quota platforms.

It seems that Binance’s support for the “Polkadot” project did not stop there, but rather the cryptocurrency exchange Binance added the digital currency “DOT” in the main interface of the trading platform and displayed the DOT / BUSD trading pair on the home page of its various applications.

The result of Binance’s support appeared due to the impact of the digital currency “DOT” and its rise from the level of $4.85 on December 23 to reach $7.97 at the time of writing this article.

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