AlephZero was added to Polkadot as the 38th parachain. Despite the decline in activity, striker interest and development activity increased.
AlephZero, a zkSnark-based cryptocurrency, has been added to Polkadot [DOT] as the 38th parachain on the network. This addition to Polkadot could likely improve the state of its ecosystem. However, despite the growing ecosystem, there were areas where Polkadot did not show any improvement.
Recently, @Aleph__Zero officially became the 38th #parachain On @Dot
With new technological solutions, 👀 let’s see if #AlephZero has a chance to narrow the gap between them all
Below are their technological solutions 👇#Dot $POINT #POINT #A ZERO pic.twitter.com/YWmKGyfK2l
— Polkadot Insider (@PolkadotInsider) February 1, 2023
Read Polka Dots [DOT] Price forecast 2023-2024
According to a tweet from Polkadot Insider, the total transfer amount for DOT has dropped over the past week. Subsequently, Polkadot’s revenue also declined.
👀 Let’s get to know the weekly summary of the chain @Dot👇
The image below illustrates:
👉 Daily transfer amount
👉 NEW USERS DAILY
👉 Total turnover #Dot #POINT $POINT pic.twitter.com/olcwyeYR1b— Polkadot Insider (@PolkadotInsider) January 31, 2023
Strikers show faith
Despite this decrease in overall activity on Polkadot, strikers on the network continued to show interest in the cryptocurrency. This may be due to the introduction of nomination pools, which allow holders to bet with only one DOT.
According to Staking Rewards data, the number of strikers on Polkadot has increased by 5.84% in the past month.
Source: Staking Rewards
Despite the increase in the number of stakers on the network, the volume for the DOT token fell. According to data from Santiment, DOT volume fell from 356 million to 192 million in the past month.
However, development activity on the network increased during this period, as evidenced by a significant increase in developer contributions to Polkadot’s GitHub. This increase in development activity, along with new referendums regarding Polkadot’s governance, could make investors more interested in DOT.
Realistic or not, here is DOT’s market cap in terms of BTC
Source: Sentiment
The interest generated by these developments could be why Polkadot’s market cap has grown over the past month. In addition, Polkadot’s decreasing volatility was expected to attract more investors to the network.
Source: Messari
Despite some challenges, such as the decrease in overall activity and volume for the DOT token, the continued interest from strikers and the increase in development activity suggested that Polkadot has a bright future ahead. With forthcoming developments and referendathe network is expected to attract even more investors in the future.
This post Will Polkadot [DOT] new parachain fix the blockchain?
was published first on https://ambcrypto.com/will-polkadots-dot-new-parachain-fix-the-blockchain/
