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The Polkadot (DOT) network is exploring ways to implement deflationary mechanisms to counterbalance inflation and accrue value for DOT token holders. According to a new Request for Comments (RFC) proposal titled “Burn Coretime Revenue,” Polkadot aims to burn revenues generated from sales of unused Coretime on the network. Coretime refers to the basic unit of computation on Polkadot for processing transactions. The rationale is that burning Coretime revenues would introduce a deflationary force to counter the inflationary nature of DOT as a utility token. This could help balance overall token inflation and benefit DOT holders collectively. You might also like: Polkadot’s Q3 treasury data shows 61% increase in expenditure Additionally, the proposal argues that burning revenues would remove distortion from the Coretime market compared to diverting funds to the Polkadot Treasury. With burning, prices paid by Coretime buyers would be clear costs rather than provid...

Strong inflation data has pulled Bitcoin and select altcoins below their immediate support levels, signaling a few days of corrective action. Bitcoin (BTC) is struggling to stay above $23,000 as the weekend approaches. The selling pressure increased after the personal consumption expenditures excluding food and energy rose 0.6% in January and 4.7% over the year, above market expectations of an increase of 0.5% and 4.4% respectively.  This could trigger fears that the United States Federal Reserve may have to continue its rate hikes to bring inflation under control. Expectations of a rate hike could strengthen the U.S. dollar index further, which is already near a seven-week high, and that may put pressure on the cryptocurrency markets in the near term. Daily cryptocurrency market performance. Source: Coin360 A drop in the cryptocurrency Markets may start a discussion that the rally in January may have been a bull trap. However, the price action in Bitcoin and several altcoins show tha...