Polkadot DOT Price Plummets 8.4% Amidst Devnet Update

Polkadot's DOT price experienced an 8.4% drop to $1.10 on September 10, 2026, according to CoinMarketCap data. This decline comes amidst a broader decrease in trading volume, which fell nearly 49% from the prior period.

A major update was rolled out to the Polkadot Products Devnet, affecting mobile and desktop apps as well as developer tooling. The update includes changes such as shifting chat encryption from P-256 to X25519, a more modern method for faster key exchange. However, this change means that old keys cannot be converted to the new format, resulting in usernames, contacts, and chat history starting fresh once the new build is installed.

Developers using the platform are advised to follow a strict order of steps when installing the new build: writing down their recovery phrase under Settings, Security, and Privacy, Backup; deleting the existing cloud backup through the phone debug menu; uninstalling the current app; and reinstalling the new version from official release links. Failure to do so may result in permanent loss of access to registered domain names.

For developers specifically, three tooling changes are worth noting: a fixed contract registry redeployed at a new address to resolve publishing failures; a new domain name system deployment with existing registered names carried over automatically; and a requirement to regenerate and re-pin chain descriptors for Bulletin, Asset Hub, and People after one authorization field is moved into a nested structure.