Connect with us
Active Currencies 14909
Market Cap $2,546,598,578,822.90
Bitcoin Share 51.57%
24h Market Cap Change $3.53

Polkadot [DOT] out-competes Solana and Cardano in these metrics

2min Read
Polkadot [DOT] out-competes Solana and Cardano in these metrics

Share this article

  • Polkadot out-competed major cryptocurrencies in terms of ecosystem and development activity.
  • However, DOT flew under the radar as social mentions and engagements declined.

A tweet on 8 December revealed that Polkadot out-competed other networks in terms of ecosystem expansion and development activity. This growth, however, did not translate to the social front as engagements and sentiment for Polkadot declined.


Read Polkadot’s [DOT] Price Prediction 2023-24


Polkadot ranked second after Ethereum in terms of sub-ecosystems and development activity. Interestingly, it ranked above other prominent cryptocurrencies such as Cosmos, Solana, and Cardano. 

 

Competing in the big leagues

One indicator of this growth was the increase in XCM transfers on the network.

According to Polkadot Insider, there were over 500k transactions made on the Moonbeam Parachain. Other parachains, such as ParallelFI and AcalaNetwork, witnessed growth as well.

Polkadot under the radar

Despite the growth of these parachains on Polkadot, there was not much activity for the network on the social front. According to LunarCrush. Polkadot’s social engagements and social mentions fell massively over the last week.

At the time of writing, its social mentions had declined by 26.1% and its social engagements dwindled by 9.9%.

The sentiment towards Polkadot remained negative throughout the month apart from a spike towards the end of November. 

Source: Santiment

This declining sentiment could be a reason why Polkadot’s prices and NFTs on various chains did not see much growth.

Even so, despite the declining sentiment and prices, stakers continued to show support for the cryptocurrency. From the image below, it can be observed that there was a massive surge in the number of stakers that appeared after 4 November.

In the past 30 days, the number of stakers on the network grew by 9.54%. The total number of stakers present on the network was 24.2k, according to staking rewards.

Source: Staking Rewards

Evidently, the crypto community has been paying attention to Polkadot’s growing ecosystem. That said, at the time of writing, DOT was trading at $5.41. Its price rose by 2.32% in the last 24 hours.

Share

Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.