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Market intelligence agency Messari just lately launched its third quarter (Q3) efficiency report for Polkadot (DOT), offering insights into the blockchain community’s growth and monetary metrics throughout this era.
Polkadot Sees Sturdy Developer Engagement
One of many notable findings from the report is the developer exercise on Polkadot. In accordance with Electrical Capital, the community had roughly 2,400 month-to-month energetic builders in July 2024, with 760 labeled as full-time contributors. This positioned Polkadot fourth amongst main blockchain networks, trailing solely Ethereum, Base, and Polygon.
Moreover, Artemis tracked a mean of 630 weekly energetic core builders and 760 ecosystem builders throughout Q3, underscoring a vibrant growth group.
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Polkadot additionally made important strides in Q3 2024 with a number of key initiatives geared toward enhancing its ecosystem. The Decentralized Futures program, backed by a considerable $20 million fund and 5 million DOT tokens, has been pivotal in driving innovation.
This initiative supplied grants to varied tasks specializing in advertising, enterprise growth, governance, and expertise. Notable tasks supported embody AirLyft, DotPlay, and BlockDeep Labs.
One other vital growth is the Cross-Consensus Message Format (XCM), a standardized messaging protocol that facilitates communication between completely different consensus-driven programs, together with rollups.
Each day XCM transfers averaged round 1,000, representing a 34% decline quarter-over-quarter (QoQ). In distinction, non-asset switch use instances, known as “XCM Different,” skilled a 5% improve, averaging 200 every day transfers.
General, complete every day XCM messages averaged 1,300, reflecting a 29% drop QoQ. Regardless of these fluctuations, a good portion of exercise on the Polkadot community continues to happen by means of Polkadot rollups.
DOT Market Cap Plummets 27% In Q3
When it comes to market efficiency, DOT has skilled notable volatility by means of the 12 months. From Q3 2023 to Q1 2024, DOT’s market capitalization soared by 150%, rising from $5 billion to $13 billion.
Nevertheless, within the subsequent quarters, together with Q2 and Q3 2024, DOT retraced alongside the broader market, ending Q3 2024 with a market cap of $6.3 billion—a 27% decline QoQ. This drop additionally noticed DOT’s market cap rating fall from 14th to fifteenth, even because it stays the seventh largest base layer community.
Transaction charges on the Polkadot chain have typically remained decrease in comparison with opponents, attributed to the community’s structural design. In Q3 2024, transaction charges aligned with historic averages, totaling $84,000—a 44% lower QoQ. Charges denominated in DOT additionally declined by 21% to 17,000.
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The Polkadot Treasury alternatively, noticed continued energetic utilization, with 9.5 million DOT allotted for proposals, 7.4 million for bounties, and a pair of.5 million burned.
A major growth was the approval of Polkadot Referendum 457 in Q2 2024, which diversified the treasury with USDT and USDC, enabling treasury proposals to be denominated in stablecoins. By the tip of Q3 2024, the treasury steadiness stood at $122 million.
Each day energetic addresses dropped to six,200 (-26% QoQ), every day returning addresses decreased to five,300 (-23% QoQ), and every day new addresses fell to 900 (-38% QoQ).
When it comes to rapid worth motion, the DOT worth has traded on the $8 degree for the previous 4 days, and has since consolidated above it. The token has been top-of-the-line performers since Donald Trump’s election on November 5, posting a considerable 96% achieve within the month-to-month timeframe.
Featured picture from DALL-E, chart from TradingView.com
