- Polkadot beat Near, Ethereum, Solana, Avalanche and Bitcoin with the highest development activity according to Santiment.
- Polkadot recognized more than 500 contributions each day in September 2022, an all-time high for the multichain protocol.
- Analysts believe Polkadot is in the consolidation phase with a bearish outlook on DOT price.
Polkadot blockchain recognized more than 500 contributions a day in September 2022. Based on data from programming repository GitHub, Polkadot’s development activity has exceeded that of Near, Ethereum, Solana and Avalanche.
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Development activity on Polkadot skyrockets leaving Bitcoin and altcoins behind
Polkadot has witnessed a peak in its development activity, leaving cryptocurrencies like Bitcoin and altcoins behind. Ethereum’s competitor recognized more than 500 contributions in a day throughout the month of September. This is a record-setting all-time high for the multichain protocol.
Polkadot’s cross-consensus interoperability standard XCM noted a record 26,258 messages were exchanged between parachains. A total of 14,930 contributions from developers were recorded on Polkadot’s Github in August 2022.
Developers revealed that 66 blockchains live in the Polkadot ecosystem and parachain startup network Kusama. Parachains are individual layer-1 blockchains that run in parallel on Polkadot and they were first tested on the Kusama network. There are upwards of 135 messaging channels and together the two treasuries have cumulatively paid out 9.6 million DOT and 346,700 KSM to fund spending proposals in the ecosystem.
Outside of Ethereum, Polkadot is the project with the highest developers in its ecosystem. DOT blockchain has 3x more weekly commits, (addition or improvements to the existing code), than the next largest ecosystem.
Ethereum, Polkadot and Cosmos have active developers
Analysts are bearish on Polkadot
CryptoGodJohn, a crypto analyst and trader shared his long term plan with his 415,700 followers. John argues that as long as the Polkadot price is in a downtrend, the asset could decline below $4.30.
John expects Polkadot price to decline to $4, and recommends accumulating in this zone to sell above $50 in the long-term.
DOT-USDT price chart
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Now, let's delve into the information provided in the article:
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Polkadot Development Activity:
- Polkadot has surpassed major blockchain platforms like Near, Ethereum, Solana, Avalanche, and even Bitcoin in development activity.
- In September 2022, Polkadot recorded over 500 contributions per day, marking an all-time high for the multichain protocol.
- The data is sourced from GitHub, a programming repository, indicating the tangible and quantifiable evidence of Polkadot's development dominance.
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Polkadot's Cross-Consensus Interoperability Standard (XCM):
- Polkadot's XCM, the cross-consensus interoperability standard, achieved a notable milestone with 26,258 messages exchanged between parachains.
- Parachains are individual layer-1 blockchains that run in parallel on Polkadot. The Kusama network, a parachain startup network, played a crucial role in testing these parachains.
- The high level of messaging activity and the successful functioning of parachains underscore Polkadot's technical prowess.
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Polkadot Ecosystem Overview:
- The Polkadot ecosystem boasts 66 blockchains and includes the parachain startup network, Kusama.
- There are 135 messaging channels, and the combined treasuries of Polkadot and Kusama have paid out significant amounts in DOT (Polkadot's native token) and KSM (Kusama's native token) to fund various proposals within the ecosystem.
- Outside of Ethereum, Polkadot stands out as the project with the highest number of developers, demonstrating its active and robust community.
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Analysts' Bearish Outlook on Polkadot:
- The article mentions CryptoGodJohn, a crypto analyst and trader, who expresses a bearish outlook on Polkadot's price.
- According to John, as long as the Polkadot price remains in a downtrend, there is a possibility of it declining below $4.30.
- Despite the bearish sentiment, John outlines a long-term plan, suggesting an accumulation phase below $4 with the expectation of selling above $50.
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Disclaimer and Caution:
- The article includes a disclaimer cautioning readers that the information presented contains forward-looking statements and involves risks and uncertainties.
- It emphasizes the importance of conducting thorough research before making any investment decisions and acknowledges the inherent risks associated with investing in open markets.
In summary, Polkadot's remarkable development activity, technological achievements, and the dynamics of its ecosystem are highlighted in the article. Additionally, the bearish outlook presented by an analyst adds a layer of caution, emphasizing the importance of thorough research and due diligence in the volatile cryptocurrency market.
