How DOT can revive its declining fortunes, with the help of….

• Polkadots’s development activity was higher than others, but revenue and fees declined. 
• DOT’s price supported the bears as it went down by over 3% in the last 24 hours.

Polkadot [DOT] maintained its number one spot on the list of blockchains in terms of monthly development activity. This was a commendable feat, as the blockchain remained consistent with its updates. 

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

It was interesting to note that while Polkadot’s developers continued to improve the blockchain, the network’s revenue declined over the last 30 days. A similar trend was prevalent with the blockchain’s fees. Therefore, the overall data suggested less usage of the Polkadot network.

Source: Token Terminal

These updates can help Polkadot recover

Nonetheless, the hope for an increase in revenue remains, as suggested by Polkadot Insider’s tweet on 2 April. Notably, Nona Wallet, which is a wallet for the Polkadot ecosystem, announced its support for Ethereum [ETH].

The release also laid the foundation for providing support for other EVMs over the coming months. Apart from this, Acala Network also launched the Multichain Asset Hub Router v0.1. The latest version supports bridging assets from any chain to any parachain powered by Polkadot.

Traction is registered on the NFT front 

While the aforementioned developments suggested the possibility of an increase in network usage, Polkadot’s performance in the NFT ecosystem was promising. Santiment’s chart revealed that Polkadot’s total NFT trade count and trade volume in USD spiked considerably over the last 30 days. 

Source: Santiment

The growth can be further fueled by the launch of new NFTs. As per the tweet, 400 new NFTs from Moonsama and Sovereign Nature Initiative were launched on Raresama. 

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DOT has been favoring the bears

Polkadot’s latest price action might have upset many as it declined by over 3% in the last 24 hours. According to CoinMarketCap, it was trading at $6.19 with a market capitalization of over $7.2 billion at press time.

DOT’s trading volume has declined over the last month, reflecting less interest from investors. Negative sentiments around DOT also increased, which was evident from its declining weighted sentiments. Nonetheless, DOT’s demand in the derivatives market increased as its Binance funding rate rose.

Source: Santiment