A number of notable adoption milestones have been reached by Polkadot, the multichain network and open platform for safe Web 3.0 innovation. Despite the current downward trend in the entire business, it is actively exhibiting ongoing momentum and support from the local community.
The following additional goals were accomplished before the end of June 2022.
- Regularly, new parachains were still being released. Over 550 projects are now being built in the ecosystem, with 36 active parachains on the experimental Kusama “canary” network and 21 on Polkadot itself.
- 400 awards were approved by the Web 3.0 Foundation grant program, which supports Polkadot initiatives, to assist tech startups in creating new blockchains.
- Polkadot reported 1,400 active developers each month, which is more than any other Web 3.0 protocol save Ethereum and a year-over-year rise of more than 75%.
- Over 500 key contributors have worked on the Polkadot codebase between the Substrate and Polkadot repositories.
- The strength of future-proof innovation on the networks can be seen in the more than 100 forkless automated upgrades across Polkadot and Kusama, as well as the more than 1,400 engaged governance participants voting on recent referenda.
- All Substrate-based blockchains, including Polkadot and Kusama parachains, have received a total of 621 forkless updates.
- Over 1.4 million DOT worth of spending proposals have been funded by the Polkadot Treasury, but only over 130,000 KSM worth of funds have been distributed by the Kusama Treasury.
In its Q2 study into Polkadot, Messari, a top independent blockchain data supplier, has published some fresh facts.
The following are some of them:
- An 18.8% rise in the volume of treasury cash disbursed from one quarter to the next.
- An increase of 3.5 percent in the overall amount of DOT staked.
- A monthly average of 293 million DOT transfers, up from 288 million in the first quarter.
The report mentions:
“During the second quarter of 2022, strong developer activity has been Polkadot’s plus point. As observed in available data, developer activity scored an average of 11,000 developer activity events per month. Evidently, Polkadot’s developer activity remains among the strongest in the crypto market.
Despite a brutal macro environment, Polkadot’s on-chain activity was consistent quarter over quarter. During Q2 2022, Polkadot had roughly 435,000 users.
Concurrently, foundational KPIs held steady with a healthy validator distribution by total stake, strong developer activity, and seven additional parachains onboarded.”
Polkadot’s cross-consensus messaging and data transfer standard, XCM, has progressed to the point where the network’s multiple parachains can simply and confidently interface with one another, building use cases and producing practical solutions.
Since its debut on May 4, this innovative interoperability technique has gained widespread use. Teams from Parachain have already established 111 channels for communication, exchanging about 10,000 messages a month.