- Polkadot Parachains witnessed growth on the social front. There is a decrease in DAP activity on parachains.
- The NFT sector saw an increase in interest. Dot price continued to decline.
Although Polkadot [DOT] It is not going through its best phase in the markets, due to the activity of Polkadot parachains it may have a positive impact on its price soon. Over the past three months, the cryptocurrency space has largely recovered from the crypto winter of 2022. However, the DoT saw little activity during the same period.
Realistic or not, here is DOT market cap in terms of BTC
Polkadot parachains can make a difference
According to a May 13 tweet by Polkadot Insider, several parachains on the Polkadot network, such as Moonbeam, Moonriver, and Aster Network, saw increased activity on the social front.
Salute to the most influential projects in #moles Ultimate 30D Ecosystem
Thanks for these projects @ moles is going strong and has recently attracted more attention from investors �
We thank you for your active contribution � Let’s see the names �#Sesame #spot pic.twitter.com/ydJlmJetVh
— Polkadot Insider (@PolkadotInsider) May 13, 2023
Data from LunarCrush indicated that Moonriver’s social interaction has increased by an alarming 470.8% over the past week. Parachain showed similar growth on the social media front, as its social mentions increased by 259.7% in the last month.
The growing popularity of these parachains could help Polkadot find its place in the competitive cryptocurrency market.
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Even though these parachains were doing well on the social front, there was room for DApps to grow on these networks. For example, Moonbeam parachain, one of the dApps on Beamswap, was facing challenges in terms of network activity.
Beamswap is a DEX on Moonbeam Chain that provides an automated market maker with features such as yield farming, bridging, faucet service, launch pad and syrup pool to cater to all DeFi stakeholders on Moonbeam Chain.
In the past seven days, there has been a significant decline in the number of unique active wallets on Beamswap. As a result, the number of transactions on the DEX has also dropped significantly.
Source: Dapp Radar
On the other hand, the DApps on the Moonriver parachain have performed relatively well in terms of activity. A DEX on the parachain known as Solarbeam saw a growth of +4.03% in terms of activity during the past week. Thus, the volume and number of transactions on the DEX increased by 40% and 4%, respectively.
Despite the high activity at Solarbeam, its TVL continued to decline. This indicates that there is still room for improvement in DAP.
Source: Dapp Radar
nft angle
In terms of the NFT sector, several Polkadot parachutes could make a positive impact in the space. One of Polkadot’s parachains, known as the Aventus Network, has been active in growing its NFT network.
The network partnered with rights holders “The Wolf of Wall Street” to produce a historic collection of IP-related NFTs. In addition, the network also partnered with Aegis Custody and KILT Protocol.
�� April in the Aventus Network Review
Let’s know about the new updates and announcements of April @AventusNetwork, A number of creative partnerships were executed towards the long term development of the project.
Take a look at the exciting developments below �#Sesame #spot pic.twitter.com/b3OgN4LzbJ
— Polkadot Insider (@PolkadotInsider) May 13, 2023
NFT exchanges operating on Polkadot parachains have shown remarkable success recently. In particular, MoonBean, an NFT exchange running on Moonbeam, has seen a significant increase in both activity and volume in recent days.
Source: Dapp Radar
Interest in Polkadot NFTs could improve sentiment around the protocol and token.
At press time, sentiment surrounding Polkadot was extremely negative. This indicated that the number of negative comments made about Polkadot outnumbered the positive comments on social forums.
Source: Bhavana
meeting with uncle sam
The negative sentiment around the network may soon change due to efforts made to strengthen ties with the network United States Government.
Web3 Foundation Legal Director Daniel Schoenberger presented the vision for Polkadot Network and Web3 to the US House Financial Services Subcommittee on Digital Assets, Financial Technology and Inclusion, and the US House Subcommittee on Agriculture. Representative on commodity markets, digital assets and rural development. He emphasized Web3’s goal of returning control of data to users and making the Internet more decentralized, secure, and user-centered.
Schoenberger also introduced Polkadot as a blockchain protocol that allows purpose-built blockchains to operate together and share security, interoperability, and scalability.
discussed the regulatory process initiated with respect to the classification of DOT, the native currency of the Polkadot network, and urged the development of a balanced and accountable legislative and regulatory framework to address the lack of a comprehensive legislative framework for digital assets and technology . blockchain.
bet till you make it
Despite the negative sentiment surrounding Polkadot, network stakeholders have increasingly shown their support for the protocol. Staking rewards data indicated that the number of participants on the Polkadot network increased by 5.14% over the past month.
read polkadot [DOT] Price Prediction 2023-2024
At the time of writing, DOT had 32,566 addresses.
Source: Staking Rewards
At press time, DOT is trading at a price of $5.38, according to CoinMarketCap. Notably, its value has decreased in the last one month. Additionally, the trading volume of DOT also declined during this period, coinciding with a declining trend in its price.
Source: Bhavana
Source: ambcrypto.com
Source: cryptosaurus.tech