In the world of blockchain and decentralized networks, Polkadot continues to make impressive strides. The third quarter of this year witnessed several key milestones for the platform, showcasing its sustained growth and technical advancements.
1. Staking Growth Surges
One of the standout achievements for Polkadot in Q3 was the remarkable growth in staked DOT tokens. The volume of staked DOT surged by an impressive 14.7% quarter-on-quarter, reaching a substantial 663 million DOT.
Notably, the introduction of nomination pools, a relatively recent addition since November of the previous year, proved to be a game-changer. These pools ended the quarter with over 7 million DOT tokens staked, marking an extraordinary 724% increase since the beginning of the year. This development underscores the increasing interest and participation of DOT holders in securing the network.
2. Record On-Chain Activity
September marked a significant milestone with a record high of 190.6 million on-chain events recorded on the Polkadot network. This surge in on-chain activity highlights Polkadot’s growing utility and adoption across its ecosystem.
3. Technical Dominance
For the second consecutive quarter, Polkadot experienced strong technical growth. Polkadot’s repositories recorded an impressive 49,000 GitHub commits. This remarkable commitment to development outpaces that of any other Web3 project.
4. Increased Cross-Chain Activity
Cross-chain interoperability is an important aspect of Polkadot’s vision, and Q3 saw a notable increase in cross-chain activity across the ecosystem. Cross-Chain Message (XCM) transmissions experienced a significant uptick, surging by 20% compared to the previous quarter. This upswing in cross-chain interactions underlines Polkadot’s growing role as a hub for diverse blockchain networks to connect and collaborate.
Polkadot Q3 Milestones: Other Achievements of Polkadot
Polkadot welcomed several new projects that successfully secured parachain slots, enhancing the diversity and functionality of the ecosystem. Here are the five projects that successfully bid for and won these coveted parachain slots:
- peaqnetwork
- BitDotCountry
- InvArchNetwork
- xEnergyWeb
- NodleNetwork
In addition to these new entrants, AstarNetwork demonstrated its commitment to the Polkadot ecosystem by securing an additional parachain slot, reaffirming its long-term involvement.
Apart from this, Polkadot’s Fellowship approved a significant development in Q3, paving the way for the realization of “Agile Coretime,” which represents actively traded block space.
Another crucial advancement is the introduction of asynchronous backing on the testnet Rococo. Once fully operational, this innovation is expected to result in an impressive eightfold increase in Polkadot’s scalability, a significant step forward for the network’s capabilities.
The third quarter also marked the arrival of native USDC (USD Coin) in the Polkadot ecosystem. This addition brings institutional custody and staking services through ZodiaCustody
Polkadot Q3 Milestones: Performance of DOT
Despite the Polkadot blockchain achieving several milestones in the third quarter of 2023, the native coin of Polkadot, DOT, failed to make any significant progress. While the coin’s price ended the second quarter above $5, it experienced a pullback in the third quarter. By the end of Q3, DOT had fallen to nearly $4. Currently, DOT is trading slightly above the $4 mark.