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Polkadot Ends 2022 with a Bang Despite Low Prices

Polkadot Ends 2022 with a Bang Despite Low Prices

Many pundits in the crypto space believe that the true test of the health of a blockchain network is the level of development activity recorded over a given period. Frequent updates and launches are used as a measure of a network’s traction in the right direction: forward.

In 2022, Polkadot (DOT) was declared one of the fastest-growing networks based on the metric described above, with reports showing that Polkadot outperformed all other non-Ethereum blockchains in this regard.

While most of all the networks that adopted Ethereum Virtual Machine (EVM) compatibility in 2021 have become shells of their former selves or died away in 2022, Polkadot’s relay chain, parachains, and subsidiary network Kusama all recorded notable development activities. This and many other noteworthy developments placed Polkadot on track to record exponential growth in 2023 and possibly in the years to come.

Network Development Activity Not Easy to Forge

Unlike TVL and ATH, metrics such as developer activity are nearly impossible to fake or forge. In September 2022, Polkadot was averaging a whopping 500 GitHub commits daily, the network’s highest ever on record. At the same time as recording this notable feat, the blockchain’s cross-consensus interoperability standard XCM was sending out over 26,000 messages between its parachains.

Source: Token Terminal

According to the cryptocurrency data aggregation platform Token Terminal, the number of active developers and code commits on Polkadot have been on a steady increase over the past six months, netting an average of 140 developers and 60 code commits daily.

Polkadot Publishes 2022 Roundup

Image Source: Polkadot

In its roundup posting for the year, Polkadot revealed that its network had grown to 74 parachains, over 300 dApps, over 550 projects, and 2,500 monthly active developers.

The crypto project also revealed that as of December 31, over 200 teams had either launched or were in the building phase of a “purpose-built blockchain on Polkadot’s technology stack, recognizing that this model better suits their needs than a smart contract solution, and that Polkadot provides a shorter time to market and a lower cost for building one, as well as the upgradeability and interoperability needed for constant innovation.”

Finally, the yearly roundup showed that over 130 million DOT tokens and about 300,000 KSM had been lent by the DOT community to support parachains’ auction bids, highlighting that this was a notable show of confidence in the ecosystem’s future.

DOT Remains Bearish

Not surprisingly, the price of Polkadot’s native token, DOT, maintained its downward trajectory, trading about 36% away from its January 2020 all-time low of $2.71. As of January 1, 2023, the price has yet to show any signs of meaningful movement.

DOT/USD Daily Chart on TradingView

DOT Statistics Data

DOT Current Price: $4.37

DOT Market Cap: $5.03B

DOT Circulating Supply: 1.15M

DOT Total Supply: 1.26M

DOT Market Ranking: #14

Feeling confident? Trade your idea on DOT now

Disclaimer

This article should not be taken as financial advice. It is essential to conduct research before making any investment decisions.

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