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Polkadot Deep Dive

By May 12, 2023Polkadot
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Polkadot
Kusama
dotinsights

Q1 2023

Proudly Stepping Into The New Year

2022 was a bad year and a good year. Bad because of the downfall series that at times threatened the whole Web3 space, but good because of the persistent development and innovation regardless of bad actors. Stepping into yet another crypto-winter-new-year, Polkadot continued to thrive with technological updates happening all around the ecosystem.

Key Takeaways

  • Development activities at the core protocol (Parity Technologies’ public GitHub repo) remained strong and shared a fairly similar pattern with DOT and KSM prices. Daily active core developers reached an all-time high at 175 on March 23.

  • Ecosystem wide, quarterly new repos increased drastically year over year. From 2019 to 2021, new repos nearly doubled every year.

  • XCMv3 and OpenGov on Polkadot PRs were merged, promising a new era of interoperability and democratization on Polkadot. On April 5, XCM v3 officially went live on Kusama.

  • Nomination pool stake surpassed 3M DOT with 108 active pools and 8K+ pool members on April 4. Minimum active stake for nominator staking (the threshold to begin receiving staking rewards) rose exponentially past 300 DOT.

  • 73.2% of DOT treasury was spent on bounties. Ever since OpenGov was deployed, the KSM treasury had spent 134K KSM, of which 50.02% was on big spender track.

  • The Web3 Foundation Grants Program surpassed the 500 project milestone.

  • There were 42 parachains on Polkadot and 45 on Kusama by the end of Q1. Subsocial was the third parachain after KILT and Zeitgeist to successfully migrate from Kusama to Polkadot.

  • Moonbeam continued to be the most vibrant DeFi parachain, with StellaSwap as the biggest DEX player in terms of TVL. Acala topped the lending segment but fell considerably in lending and liquid staking due to whale movements.

  • Singular’s number one position in terms of NFT sales volume might not sustain into Q2 as RMRK announced their migration into EVM and their decision to phase out Singular on Kusama.

  • Total number of WASM smart contracts landed at 2,577, among which 2,551 (98.99%) were written in ink!. Aleph Zero became the second after Shiden to bring ink! and WASM smart contracts to mainnet on March 29. SubWallet is by far the only Polkadot wallet that supports ink! token standards (PSP-22 & PSP-34).

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