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Will this Polkadot update help DOT endure the ongoing crypto blizzard
Written by Written by Saman Waris
Reviewed by Reviewed by Saman Waris
Updated November 19, 2022
  • Polkadot’s new referendum could impact Polkadot staking
  • The number of stakers on DOT’s platform continues to decline. However, development activity grew tremendously

A new Polkadot referendum may impact DOT holders who wish to stake their Polkadot. Once the referendum passes, Polkadot nomination will entail higher nomination limits, implying that users with fewer DOT tokens could join nomination pools directly.

Read Polkadot’s [DOT] price prediction 2022-2023

Movers and stakers

This new proposal, which had unanimous support at the time of writing, could have a significant impact on the state of Polkadot staking. At the time of writing, the number of stakers on the platform had depreciated by 0.07% after fluctuating over the past 30 days. The network had 21,846 stakers as of 18 November.

Source: Staking Rewards

Furthermore, the consistent updates around Polkadot’s staking policy could garner increasing interest from stakers and lead to more consistent growth.

Polkadot also expanded its technology during the current volatile market. In the last seven days, it ranked number one in terms of dev activity, outperforming several major cryptocurrencies. 

In addition to the aforementioned information, the number of active accounts and new accounts also surged over the last few days. This spike in interest from new accounts could help Polkadot survive the ongoing bear market.

Source: SUBSCAN

Despite the volatility surrounding the market, Polkadot showed growth in terms of the collection of fees. According to Token Terminal, a crypto analytics website, the revenue collected by the platform appreciated by 65.1% in the last seven days.

However, despite many positive developments, Polkadot’s volume depreciated from 714 million to 142.38 million. Along with that, its market cap depreciated as well.

Source: Santiment

Is DOT performing better than its platform?

DOT‘s increasing volatility was something for investors to keep in mind. As can be seen from the image below, the coin’s volatility witnessed a spike of 123% in the past 30 days. However, this spike in volatility could be attributed to the current state of the market.

At the time of writing, DOT was trading at $5.60, and its price slipped down by 2.5% in the last 24 hours. 

Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.

Saman Waris

Editor

Saman Waris works as a Senior 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.

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