The Polkadot network has green-lighted a multi-million development fund backed with a prize pool for the JAM upgrade.

Reports indicate that the project’s community approved the proposed upgrade almost unanimously.  

Polkadot To Enhance Ecosystem With $65 Million Development Fund

The DOT community approved the Join-Accumulate Machine (JAM) protocol. On May 27, Polkadot founder Gavin Wood indicated a nearly unanimous governance vote. With it, Web3 Foundation has launched a prize pool of 10 million DOT tokens worth $65 million. This is toward delivering enhanced scalability and flexibility in blockchain-based applications with the DOT network.

“JAM is an evolutionary, minimalist blockchain protocol designed to enhance data management and interoperability within the network. It will ensure that Polkadot continues to provide the leading standard when it comes to the security, flexibility, and scalability of blockspace,” Web3 Foundation said.

According to Web3 Foundation, the prize pool incentivizes the creation of JAM implementations across multiple programming languages (OCaml, Go, Zig, etc).

“How sharding increases performance at the expense of a lower coherency. The lowest the coherency, the harder it is to build metasystems across domain-specific chains. JAM aims to solve this,” Wood highlighted during a keynote lecture on Polkadot’s JAM at the Swiss National Bank.

Read More: What Is Polkadot (DOT)? Everything You Need To Know

The initiative, structured to deliver a decentralized network competent enough to handle various computational tasks, will promote on-platform innovation and grow the Polkadot ecosystem. Interested participants must meet certain criteria to qualify:

• Import and produce blocks.
• Meet performance standards on Kusama and Polkadot.
• Pass security audits.

JAM would also deliver more versatility, making Layer-2 scalability independent of roll-up solutions. With the almost unanimous vote, the Polkadot community appears ready for decentralized innovation. Notably, however, it remains unclear when the JAM upgrade will take place.

The Foundation is a development agency for Polkadot and its canary network, Kusama. It believes that Polkadot’s community should drive growth and has launched an initiative to support it. 

Polkadot Primed For Bullish Reversal

Polkadot price broke below an ascending parallel channel to continue its big-picture bearish outlook. However, the price action since mid-March has consolidated into a falling wedge pattern. This technical chart pattern is considered bullish and confirmed when the price breaks above the upper trend line. 

Traders determine the profit target of a falling wedge by adding the maximum distance between the upper and lower trend lines to the breakout point. In the DOT/USDT trading pair, this is a 94% climb toward the $12 threshold, areas last tested around mid-March.

Read More: Polkadot (DOT) Price Prediction 2024/2025/2030

The Moving Average Convergence Divergence (MACD) adds credence to the bearish thesis. It is stuck below the orange band of the signal line and in negative territory.

This configuration may indicate that the asset’s price will likely continue declining in the short term. The bullish thesis will be negated if the DOT price records a lower low relative to the April 13 bottom at $5.69.