Polkadot, the sleeping giant of the cryptosphere, has just completed its most productive quarter yet. As the industry’s eyes were focused on the carnage dominating its lending and venture capital sector, Polkadot’s developers quietly shipped hundreds of forkless upgrades through its Substrate-based channels, while the Web3 Foundation has distributed dozens of grants.
The multi-channel network is now in poor health as the third quarter kicks off, with new parachains regularly joining its main relay channel and sister network Kusama. If the blockchain of blockchains founded by Dr. Gavin Wood can maintain this momentum, Polkadot will be a force to be reckoned with when the markets rally and the era of “up only” returns.
The numbers don’t lie
To mutilate an aphorism, only when the tide goes out can you tell who has been actively building. The recent market downturn has left many crypto projects dry, with no track to survive what lies ahead, and no merit milestones to check off. While Polkadot and the Web3 Foundation (W3F) are blessed with large, well-managed treasuries, money alone does not make a thriving blockchain. There must be some tangible activity that portends signs of life. On that front, judging by its Q2 report, Polkadot cannot be accused of slacking off.
A series of impressive achievements highlighted by Polkadot in its Q2 report include:
- 400 grants now approved by Web3 Foundation to help tech startups build new blockchains
- 1,400 monthly active developers, representing a 75% year-over-year increase
- 500+ core contributors in Polkadot and Substrate code repositories
- 621 forkless upgrades across all substrate-based blockchains, including Polkadot and Kusama parachains
- An average of 293 million DOT transfers per month, compared to 288 million in the first quarter
Combined, these stats bode well for where Spotted then heads. However, perhaps one of the most optimistic indicators for Polkadot is the number of new parachains joining its network.
Parachains.info provides fascinating insight into the evolution of the Polkadot ecosystem. A total of 175 projects are listed, of which 120 are built on Polkadot, the rest on Kusama. A well-designed dashboard helps filter these projects to determine which have received W3F grants, are on mainnet, have a token, and granted parachain. 11% of the total supply of POINT is now locked in parachains and equity loans, as are 22% of KSM. The polka dot treasure has now funded proposals worth over DOT 1.4 million.
Polkadot’s progress has not been lost on those tasked with gathering blockchain data. by Messari Q2 report in Polkadot notes, “Despite a brutal macro environment, Polkadot’s on-chain activity was consistent quarter over quarter. During the second quarter of 2022, Polkadot had approximately 435,000 users.
Impressive as those numbers are, the real test of whether Polkadot can tap into its boundless potential will come in the months ahead. Major improvements and innovations are on the way, including changes to Polkadot governance process and further integration of its XCM (cross-chain messaging) protocol. Coupled with the launch of a Substrate Marketplace that facilitates the deployment of Polkadot and Kusama blockchains, there is much to look forward to. Polkadot has already made great strides in onboarding developers and projects. Now is the time for users to jump on the bandwagon.