- The number of stakeholders of Polkadot has increased but its TVL has decreased.
- In fact, Polkadot’s NFT ecosystem saw growth, however, and trouble may lie ahead for Dot.
Polkadot Insider Reveals The Number Of Stakers At Polkadot [DOT] The ecosystem has been growing since the beginning of this year.
According to the tweet, the total staked tokens on Polkadot have reached 613 million.
See more
A blockchain in which many stakeholders can bring positive things, they can be more decentralized, secure, reliable and limit volatility in price.
� Take a closer look to learn more about the number of bets and other metrics @polka dot Below #polka dot $ dot #dot pic.twitter.com/lljRmkQISj
— Polkadot Insider (@PolkadotInsider) February 26, 2023
Data from Defilama, on the other hand, told a different story – according to its charts, Polkadot’s Total Value Locked (TVL) registered a decline over the past few days despite an increase in the number of stakers.
In the meantime, the network is partnering and integrating with others to expand its capabilities. The latest was DeFi’s integration with the Moonbeam network.
Also read:
[Welcome to the 8K Universe (1)] Hearing from the TV experts: Charting the present and future of 8K TVs through Samsung’s innovative technologies
Ukraine nets $70M in crypto donations since start of Russia conflict
Polkadot Insider noted that the collaboration will bring asset tracking, DeFi yield aggregation, and its security toolbox to network users.
See more
3/11
�Congratulations @DeDotFi to integrate with @moonbeamnetwork And @MoonriverNW
This collaboration will bring asset tracking, #DeFi Aggregation for network users, and its Security Toolbox generates!
Try it now ➡️
— Polkadot Insider (@PolkadotInsider) February 26, 2023
How much is 1,10,100 Dot worth today?
The Polkadot ecosystem was doing well
Despite the drop in TVL, Polkadot was doing pretty well in other places. For example, Polkadot’s NFT space gained some traction last week as Atarius announced that it added Moonbeam Network and Moonriver to its Multichain NFT API functionality.
Furthermore, Sentiment’s charts noted that Polkadot’s NFT space saw growth last week as its total NFT trade count and trade volume in USD increased over the past seven days.
Source: Sentiment
Moreover, another positive sign for Polkadot was that its revenue registered an uptick in the last 30 days, with the highest figure being around $2,8000 on February 24, 2023.
As its revenue increased, Dot’s fees also increased during the same period. Data from LunarCrush indicated that Polkadot’s social engagement increased by 20% in the past week, indicating its popularity in the crypto space.
Source: Token Terminal
read polkadots [DOT] Price Prediction 2023-24
However, the position of DOT was worrying
While the Polkadot ecosystem appears to be in good health, the state of Dot has raised some concerns. According to CoinMarketCap, the price of DOT declined by more than 10% over the past seven days.
At press time, DOT was trading at $6.60 with a market capitalization of over $7.6 billion. However, things could take a turn for the worse in the coming weeks as some metrics suggest further downside in the price.
Consider this – DOT development activity decreased last week, which was a negative sign. Its demand in the derivatives market has also declined in the past few days as its DYDX funding rate has fallen.
On top of that, according to LunarCrush, the bearish sentiment around DOT, which has registered a massive increase of over 290% over the past seven days, could spell trouble for DOT holders.
Source: Sentiment
Source: ambcrypto.com