Polkadot has seen a significant upward trend in development activity.
DOT was currently in a positive trend and trading above $5.
Polkadot has consistently witnessed remarkable development activity and recent data indicated a surge in development efforts since its inception. While the growth in developer activity is evident, other metrics have yet to experience a similar upward trajectory.
Read Polkadot (DOT) price forecast 2023-24
Polkadot developer activity
Token terminal recently shared a post highlighting the remarkable growth of daily core developers on Polkadot since launch. The accompanying graph vividly depicts a significant increase in the number of contributors actively engaged in the network. This upward trend was further confirmed by Santiment’s analysis of development activity, which revealed an impressive number of more than 83 at the time of writing.
Polkadot consistently ranks among the leading chains in development activity, indicating a commendable level of consistency in this metric. A plausible explanation for this continued high level of development activity could be attributed to other chains leveraging the capabilities of the Polkadot network.
Other Polkadot stats freeze
While Polkadot has consistently shown significant development activity, the same cannot be said for its daily transaction volume. The observed daily transaction chart revealed an average of about 7,000 transactions on Polkadot, with the highest recorded figure being about 11,000 daily transactions in nearly seven months. At the time of writing, the daily number of transactions remained just above 7,000.
Source: The Block
In addition, the number of active addresses on the network seems to change regularly. About 6,000 active addresses were observed in January. But this number gradually decreased to an average of around 5,000. At the time of writing, the number of active addresses was approximately 5,200. The number of newly created addresses also remained relatively flat.
In addition, a glimpse of the Total Value Locked (TVL) on DefiLlama revealed that the TVL for all chains on the Polkadot network was currently under $150 million. The combined TVL remained below the $150 million mark, despite spanning multiple chains.
DOT shows positive trends
Examining Polkadot (DOT) on a daily basis found that it showed more favorable trends than other metrics. The chart revealed a remarkable uptrend for DOT in June, reaching a new price range despite intermittent declines.
Source: TradingView
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At the time of writing, DOT was trading at around $5.2, with a small loss of less than 1% noticeable. The overall trend remained bullish, as evidenced by the Relative Strength Index (RSI).
The Moving Average Convergence Divergence (MACD) also showed a bullish divergence, further supporting the positive sentiment around DOT’s performance.
This post Polkadot: A story of developer wins and metric challenges
was published first on https://ambcrypto.com/polkadot-a-tale-of-developer-triumph-and-metric-challenges/
