The Polkadot community marked the blockchain’s fourth anniversary by approving the highly anticipated Join-Accumulate Machine (JAM) upgrade.

The proposal garnered unanimous support, backed by over 31 million DOT tokens.

JAM ratification

JAM is a decentralized hybrid system that offers secure and scalable smart contract functionalities by integrating features from Ethereum into Polkadot’s framework.

This upgrade is widely regarded as the next phase in Polkadot’s evolution within the community. It replaces the network’s Relay Chain with a more modular, streamlined design. Gavin Wood, Polkadot’s founder, introduced the update’s Graypaper in April at the Token2049 crypto conference.

On May 27, Wood announced that the community had ratified the proposed upgrade through a near-unanimous governance vote, noting ongoing efforts to finalize the Graypaper to version 1.0.

The ratification doesn’t immediately trigger change but signifies the community’s readiness to accept and oversee the JAM upgrade under the Technical Fellowship’s supervision.

4-year anniversary

On May 26, the Polkadot network celebrated its fourth anniversary since the launch of its Genesis block in 2020.

Polkadot is a blockchain network designed for speed and scalability, utilizing multiple parallel blockchains, known as “parachains,” to distribute processing demands. The network utilizes a governance token called DOT, which it asserts is software rather than a security.

This distinction sets it apart from competitors facing regulatory scrutiny from the US Securities and Exchange Commission (SEC). Notably, DOT remains one of the few digital assets not classified as a security by the SEC, despite regulatory actions against other industry players.

Polkadot has achieved significant success and adoption across various metrics. Notably, it has excelled in staking compared to other proof-of-stake networks. Staking involves participants locking up digital assets to support network security and operations, earning rewards in return.

Data from DotLake reveals that approximately 58% of DOT’s total supply, equivalent to 822.5 million tokens (approximately $6 billion), is currently staked on the network. This exceeds Ethereum, which has approximately 27% of its total supply locked, according to Nansen data.

Furthermore, Polkadot’s decentralized governance system, OpenGov, actively drives initiatives to advance the network’s goals. The community has passed several proposals, including the ratification of the JAM upgrade and other developments.