Connect with us
Active Currencies 14430
Market Cap $2,644,874,139,949.50
Bitcoin Share 50.17%
24h Market Cap Change $-3.07

Polkadot in Q3: Of staking, developments, and a new roadmap

3min Read

Although its native token failed to put up an impressive show, Polkadot made a lot of progress in Q3. Here are some of the major ones.

Polkadot news

Share this article

  • DOT supply staked grew by 49% as Nomination pools welcomed more members.
  • The block time on the network may soon decrease as a result of a new development.

According to Polkadot [DOT], the project’s performance in the third quarter (Q3) was something it was very pleased with. The report, which Polkadot published on 6 October, explained how there were some technical upgrades, newly deployed parachains, and growth in other areas.

Read Polkadot’s [DOT] Price Prediction 2023-2024

DOT staking grows, thanks to…

First off, Polkadot mentioned that Energy Web, Bit.Country, peaq, Nodle, and InvArch Network won the parachain slots in the quarter.

Previously called a parallelizable chain, a parachain helps to coordinate the Polkdaot and Kusama [KSM] networks. It also helps feed into the main blockchain called the Relay Chain.

Therefore, the increase in the number of Polkadot parachains means that there’s more room for harmonious functioning of the ecosystem.

As per its staking metrics, the web3 interoperability blockchain mentioned that DOT staked grew from 578 million to 663 million.

Polkadot [DOT] staking data

Source: Polkadot

However, Polkadot noted that the growth would have been impossible if not for the input of the Nomination pools. By definition, Nomination pools help users who do not have enough DOT to recommend their own validators and those who want to stake DOT passively. 

As a result of this, Polkadot highlighted that, 

“Having only been launched in November 2022, nomination pools ended Q3 boasting 15,281 members with more than 7m DOT staked.”

More for development, less for value

Another area where the project excelled was in terms of public GitHub repositories. On a Quarter-on-Quarter (QoQ) basis, Polkadoto noted that there were 49,000 GitHub commits. This number was much higher than any other project within the period, according to Santiment data.

One of the reasons for this impressive development activity could be connected to the approval of a dedicated system chain for trading future block space on the network.

However, in a more recent update, Santiment revealed that Cardano [ADA] surpassed both Kusama and Polkadot in terms of development activity. 

Furthermore, it was also in Q3 that Circle [USDC] arrived on the Polkadot ecosystem. According to the earlier announcement, the deployment would enable every parachain to access USDC without bridging.

Besides its ready-to-use feature, the integration would also boost Polkadot’s liquidity by allowing institutional access to the network. On other ends, Polkadot did not fail to mention that it was rolling out a new testnet to foster its scaling roadmap.

Is your portfolio green? Check the DOT Profit Calculator

Known as Rocco, the testnet would serve as a major step in Asynchronous Backing. For context, the Asynchronous Backing is aimed at reducing block time and increasing block space on the Relay Chain.

For the DOT token, Santiment showed that its value decreased by 19.90% in the last 90 days. The market cap at $5.06 billion also followed suit with a similar fall.

DOT price and Polkadot development activity

Source: Santiment


Victor Olanrewaju is a full-time journalist at AMBCrypto. Settled in Lagos, his fascination with blockchain technology and the cryptocurrency market arose out of his love of freedom and everything free. As a Nigerian, Victor understands the impact unfounded financial restrictions have on a population. He sees Bitcoin and cryptos as a way to circumvent these obstacles, as a tool for value creation despite all the setbacks. A graduate in Physics, Victor previously worked as a Senior Marketer at Melange Technologies. Before that, he dealt with crypto-marketers on a regular basis in his capacity as Copywriter at Ventrix Media. At AMBCrypto, Victor’s focus is on assessing the real effectiveness of both on-chain and off-chain developments on a project and its community sentiment.
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.