How DOT can revive its declining fortunes, with the help of....
TL;DR Polkadot [DOT] maintained its number one spot on the list of blockchains in terms of monthly development activity. Revenue and fees declined, however. Nona Wallet announced support for Ethereum and Acala Network launched the Multichain Asset Hub Router v0.1. Polkadot’s NFT trade count and volume also skyrocketed. Nevertheless, DOT’s price went down by over 3% in the last 24 hours.
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.
GitHub Monthly Development Activity: #1: 616 Polkadot / Kusama
#2: 511 Cardano
#3: 387 Internet Computer
#4: 368 Status
#5: 359 Hedera
#6: 350 Ethereum
#7: 333 Cosmos
#8: 291 Decentraland
#9: 288 ChainLink
#10: 270 Aptos pic.twitter.com/BGR8Eu5MMN — ProofofGitHub (@ProofofGitHub) April 1, 2023
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.
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.
The #Polkadot and #Kusama ecosystems are growing impressively with great news on a daily basis 🗞️ Polkadot Insider is pleased to bring you the recap of highlight events in the @Polkadot and @kusamanetwork ecosystems in the last 72hrs 📰 Check it out 👇🧵#DOT #KSM… pic.twitter.com/xJiczLYdhr — Polkadot Insider (@PolkadotInsider) April 2, 2023
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.
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.