Follow report by Electric Capital, Polkadot is currently the second largest on-chain development ecosystem after Ethereum, with significantly higher development activity than other major altcoins.
Although Solana became a DeFi attraction earlier this year thanks to the NFT hype, it still lags behind Polkadot with around 1,000-2,000 developers.
Plus, everyone knows the Polkadot Parachain and its auctions. In the next few days, the winning project of the second Parachain auction of the first round, Moonbeam, will complete the full launch phase on Polkadot. When the process is complete, the network also enables EVM for the user.
But even before Moonbeam had finished its market launch, Polkadot started a second auction round. After Efinity finished in sixth place, Composable Finance outperforms its competitors and is aiming for seventh place.
Source: Parachains.info
This is proof that Polkadot could attract more and more developers and could even become a major DeFi hub in the future.
Attracting more investors with large investors will mostly help the network grow, but unfortunately now is not the time to get involved.
Due to the general downtrend in the market, the price of DOT has fallen 43% from the ATH level and has even lost more than 17.35% in the past three days.
But the downtrend is not an issue for the DOT as it is currently weakening. While the MACD suggests the possibility of bearish divergence, confirmation is required within the next 72 hours.
DOT. Price action | Source: TradingView
At this point, recovery is the only hope for DOT. It needs to attract new investors as interest in investing in the asset is low and investor sentiment drops to a seven-month low.
Polkadot investor sentiment | Source: Antiment
Since the risk-adjusted return for DOT is currently negative, it is best to wait a few green candles before entering.
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page
As Bitcoin reaches unprecedented heights and the market surges, he's highlighting five altcoins poised for…
With the crypto market reaching new peaks, many are eager to discover digital currencies poised…
XYZVerse, blending sports passion with meme energy, is set to make a significant impact, uniting…
Will Bitcoin Crash?" seems to be one of the most controversial questions, as the price…
There’s always that one coin people wish they hadn’t overlooked. For many, Cosmos ($ATOM) is…
Cosmos Developer Interchain Foundation sold 3000 ETH from its ICO today, totaling 21,600 ETH sold…
This website uses cookies.