- Polkadot out-competed main cryptocurrencies by way of ecosystem and growth exercise.
- Nevertheless, DOT flew beneath the radar as social mentions and engagements declined.
A tweet on 8 December revealed that Polkadot out-competed different networks by way of ecosystem growth and growth exercise. This progress, nonetheless, didn’t translate to the social entrance as engagements and sentiment for Polkadot declined.
Learn Polkadot’s [DOT] Price Prediction 2023-24
Polkadot ranked second after Ethereum by way of sub-ecosystems and growth exercise. Apparently, it ranked above different distinguished cryptocurrencies resembling Cosmos, Solana, and Cardano.
So @Polkadot is 2nd solely to @ethereum by way of sub-ecosystems, repos, and weekly commits by builders (based on @Artemis__xyz), however is maybe least mentioned amongst the key smart-contract protocols: ideas on the explanations for this? https://t.co/KYcleosH60 pic.twitter.com/yLTwGL1QoJ
— Chris Burniske (@cburniske) December 8, 2022
Competing within the massive leagues
One indicator of this progress was the rise in XCM transfers on the community.
Based on Polkadot Insider, there have been over 500k transactions made on the Moonbeam Parachain. Different parachains, resembling ParallelFI and AcalaNetwork, witnessed progress as nicely.
Let’s check out the utilization community state of prime #Polkadot chains ranked by XCM transfers over the previous 7D
The highest 3 most-used parachains are:
🥇 @MoonbeamNetwork
🥈 @ParallelFi
🥉 @AcalaNetworkFor additional particulars, let’s take a look at our graphic under 👇#DOT $DOT pic.twitter.com/fCEHOyY3BW
— Polkadot Insider (@PolkadotInsider) December 9, 2022
Polkadot beneath the radar
Regardless of the expansion of those parachains on Polkadot, there was not a lot exercise for the community on the social entrance. Based on LunarCrush. Polkadot’s social engagements and social mentions fell massively over the past week.
On the time of writing, its social mentions had declined by 26.1% and its social engagements dwindled by 9.9%.
The sentiment in the direction of Polkadot remained damaging all through the month aside from a spike in the direction of the top of November.
Supply: Santiment
This declining sentiment might be a purpose why Polkadot’s costs and NFTs on varied chains didn’t see much growth.
Even so, regardless of the declining sentiment and costs, stakers continued to indicate help for the cryptocurrency. From the picture under, it may be noticed that there was a large surge within the variety of stakers that appeared after 4 November.
Previously 30 days, the variety of stakers on the community grew by 9.54%. The overall variety of stakers current on the community was 24.2k, based on staking rewards.
Supply: Staking Rewards
Evidently, the crypto neighborhood has been being attentive to Polkadot’s rising ecosystem. That mentioned, at the time of writing, DOT was buying and selling at $5.41. Its worth rose by 2.32% within the final 24 hours.