Not a shadow of a DOT doubt. In the midst of a bear market, Polkadot just saw record levels of development activity. A bubbling indicative of certain certainties for the long term, a year after the auction of the Polkadot parachains. How to move up in the capitalization rankings, and return to key levels in 2023?
15,433: a new record for developer contributions to Polkadot
In August, a record had already been reached in terms of developer contributions. This record was erased again in September, according to data from GitHub (a Microsoft portal where developers post the source code of their projects).
On average, more than 500 contributions per day that have been uploaded to GitHub in the last month. A figure that confirms what had been glimpsed during the year 2021, which saw Polkadot (DOT) finish in the top three of the most developed blockchains – with Cardano (ADA) and the inevitable Ethereum (ETH).
Top 10 Projects by Development Activity in the last 30 days
According to such fundamentals like development activity, there are lots if good projects with moderate market cap. $DOT $KSM $ADA $SNT $ATOM $FIL $ETH $VEGA $MANA $ICP pic.twitter.com/XZT7z72110
— Ben GCrypto (@GCryptoBen) October 17, 2022
Meanwhile, XCM, Polkadot’s messaging system for its various parachains, also saw a jump in usage: data from Polkadot Subscan show that the month of August saw a record 26 258 XCM messages exchanged.
A record activity which coincides with the publication of the roadmap
Last Friday, we reported that Polkadot founder Rob Habermeier unveiled a roadmap outlining a series of new features currently in development.
Among these is a proposal that would give the network the ability to process up to one million transactions per second. He also took the opportunity to recall several important steps already taken by the Polkadot ecosystem:
⚡️15 433 contributionstherefore, in September, coming to erase from the shelves the record of 14,930 developer contributions recorded in August.
⚡️26 parachains now active on Polkadot, and 40 on the Kusama network. Remember that Kusama is a bit of a “partner” network for Polkadot. The Kusama network is not a testnet per se, as projects based on this network are already audited. Developers choose the infrastructure that best suits their project. Some large projects have a planned release on both Kusama and Polkadot, where Kusama is used to release the latest features and Polkadot is used to get a secure release.
⚡️140,000 messages exchanged via XCM (cross-consensus messaging). Currently, Polkadot has 135 messaging channels as the channels work together to find workable solutions through interoperability.
⚡️37 new protocols supported by grant program of the Web3 Foundation, bringing the total of projects supported to 500. The Treasure Polkadot’s funded proposals to the tune of over DOT 9.6 million, while Kusama’s contributed almost KSM 3,467,000.
Would Polkadot have become the most decentralized network?
Messari, one of the leading Web3 data providers, noted a coefficient of Nakamoto especially high for Polkadot.
Messari analysts thus note in their rapport “State of Polkadot” :
“Q3 was another consistent quarter for decentralization and staking on Polkadot. Fundamental metrics such as number of validators, percentage of total supply locked in staking, and minimum DOT volume required to operate an active validating node remained stable. Consistency in decentralization and staking measures indicate a functioning and healthy ecosystem.”
Finally real stablecoins on Polkadot: USDT and USDC
Without reliable stablecoin, no DeFi. On September 26, Tether announced the issuance of the first USDT on Polkadot. The same week, it was Circle’s turn to announce that of the first USDC on the blockchain by the end of the year.
An important step because until now Polkadot had only one real stablecoin, theaUSD d’Acala Network (Acala is one of the most important DeFi protocols on the network). A stablecoin that unfortunately had dramatically lost its parity with the dollar on August 14, following a protocol hack. But which, fortunately, was saved from disaster thanks to the speed of the Polkadot teams.
Tether Tokens (USD₮) Live on Polkadot https://t.co/992OGgM2Nu pic.twitter.com/DOmYTPl5QZ
— Tether (@Tether_to) September 23, 2022
Traditionally, more quality projects develop in bear market. Projects deemed unserious no longer find cash. The only ones who still manage to finance themselves are those who make sense. These difficult periods are conducive to the construction and consolidation of the ecosystem. And we have proof of this again, in front of our eyes, with what is happening on Polkadot.