Polkadot reported consistent usage of its network in the second quarter of the year. Platform developer activity remained strong over this period despite the turbulent market environment.
According to a detailed report published by blockchain analytics firm Messari, Polkadot remained consistent in its network activity in both the first and second quarters of the year. Messari’s analysis included indices such as ecosystem challenges, parachains, network usage, market valuation, and developer activity.
The valuation fell 66% in the second quarter
Although the momentum remains constant, DOT saw a 66% decline in its valuation in the second quarter of the year. The analysis revealed that Polkadot ended the second quarter with a valuation of $7.9 billion, which is well below the $15 billion achieved in the first quarter. This is also an 86% reduction from its all-time high valuation level of $49 billion achieved in November 2021.
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However, the report adds that Polkadot continued to record an impressive performance in other indexes despite the plugin’s valuation. The platform increased its developer activity and network usage by a reasonable margin in the second quarter of 2022.
The platform’s network usage was consistent in the second quarter despite the sharp correction in Polkadot’s native currency, DOT.
Additionally, user accounts have remained strong. The report revealed that DOT saw a 30% increase in monthly active users in the second quarter. The project had more than 68,000 new users, including 77,000 active in the previous quarter.
The consistency in user numbers can also be seen in the value of DOT token transfers made during the quarter. According to the report, Polkadot averaged 293 million monthly DOT transfers in the second quarter of 2022. This figure is slightly higher than the 288 million DOT transfers made in the first quarter of the year.
Polkadot maintains a strong developer activity metric
Therefore, Polkadot has approximately 435,000 users in the second quarter of the year, with 878 million DOT tokens transferred.
The platform has also seen a noticeable increase in developer activity. The protocol recorded the second highest community of developers in 2021. It managed to remain strong in the second quarter of the year, with an average of 11,000 developments per month. Messari reported that Polkadot still has one of the strongest metrics in the crypto industry.
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