RCS - Polkadot - Polkadot Hits All-Time High, Development Activity

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17/10/2022 14:45

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RNS Number : 1401D  Polkadot  17 October 2022

Polkadot Hits All-Time High in Development Activity in Q3 Amid Plans to Become
World's Fastest Blockchain

ZUG, SWITZERLAND / ACCESSWIRE / October 17, 2022 / POLKADOT, the multichain
ecosystem home to Web3's boundary-pushing builders, has continued to raise the
bar in terms of interoperability and development activity in Q3.

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A new all-time high for developer contributions was reached in August, and
then beaten in September - when Polkadot had more activity than any other
network, including Ethereum. GitHub data shows, on average, more than 500
individual contributions were provided every day in the final month of Q3.

Meanwhile, XCM, the Polkadot's innovative and secure cross-consensus messaging
standard, has picked up the pace: parachains continue to open new channels to
enable easy interoperability, while seeking to build new Web3 use cases. Data
from Polkadot Subscan (https://pr.report/uR8nISW3) shows August had an
all-time high number of 26,258 XCM messages sent.

There was extra excitement within the community surrounding future plans as
Polkadot founder Rob Habermeier published a roadmap outlining a series of new
in-development features.

These included a proposal that would give the network capacity to process up
to one million transactions per second, which would represent a new pinnacle
for Web3.

The positive adoption metrics for Polkadot come even as the industry-wide
downtrend showed few signs of imminent recovery amidst wider macroeconomic
concerns.

By the end of September 2022, the following milestones were reached by
Polkadot's growing ecosystem:

·      Some 14,930 developer contributions were recorded for August,
setting a new monthly all-time high by a wide margin. That record lasted for a
matter of weeks before Polkadot crossed the 15,000 mark for the first time in
September. The month finished with 15,433 contributions, the highest recorded
on any network, including Ethereum.

·      New parachains (https://pr.report/U8fQDGrK) continued to be
launched on a regular basis. There are currently 40 active parachains on the
experimental "canary" network, Kusama, and 26 on Polkadot itself.

·      Many parachains have been making use of Polkadot's novel
cross-chain interoperability standard, XCM (cross-consensus messaging). So
far, well over 140,000 messages have been exchanged between chains via 135
messaging channels as the chains collaborate to seek real-world solutions
through interoperability.

·      The Web3 Foundation grants program (https://pr.report/G2i9uv4D) ,
supporting Polkadot projects, supported an additional 37 projects during Q3,
with total grants since inception approaching 500.

·      The Polkadot Treasury (https://pr.report/7sBXUDJG) has funded
spending proposals to the tune of over 9.6 million DOT, while the Kusama
treasury has paid out nearly 346.7k KSM.

Roadmap published, Polkadot heading for up to one million transactions per
second

Polkadot founder Rob Habermeier produced an important update on proposals for
a series of major upgrades (https://pr.report/dqXe2GS7) to enhance
scalability. He highlighted Asynchronous Backing, which will cut the block
time for parachains from 12 seconds to six and increase block space five to
10-fold. This will increase the amount of work every chain can do and optimize
network performance, allowing scope for more parachains. It's also estimated
this will take the transactions-per-second capacity of the network to between
100k and one million without affecting security. Asynchronous Backing is
slated for deployment on Kusama by EOY 2022 and then on Polkadot, pending the
results of audits and testing.

Meanwhile, parathreads - "pay-as-you-go" parachains that combine the power of
starting a blockchain with the ease of launching a smart contract - are
estimated to be ready for launch early next year. Parathreads will make it
easier than ever before to build in the Polkadot ecosystem, providing a simple
entry point for launching a Layer 1 chain on top of Polkadot and will be just
as secure as full parachains. In addition, they can be seamlessly upgraded
into full parachains with guaranteed capacity.

Polkadot the most decentralized network among peers, according to Messari

Messari, a leading provider of Web3 data, noted a particularly high Nakamoto
Coefficient number for Polkadot. This is an indication of the number of nodes
that must be compromised to affect the blockchain and prevent it from
functioning correctly. A high Nakamoto measure indicates a network that is
highly decentralized, and Polkadot's score is impressive compared to other
networks.

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Messari, issuing its own 'State of Polkadot' report
(https://pr.report/i3Qm-hrx) , observed: "Q3 was another consistent quarter
for Polkadot's decentralization and staking. Fundamental metrics like
validator count, percentage of total supply staked, and the minimum DOT
required to run an active validator were stable. Consistency in
decentralization and staking related metrics point to a functioning and
healthy ecosystem."

Two largest stablecoins come on board

In September, Tether Operations Limited announced the launch of its native
Tether (USDT) tokens on Polkadot. Paolo Ardoino, CTO at Tether, commented:
"Polkadot is on a trajectory of growth and evolution this year and we believe
Tether's addition will be essential in helping it continue to thrive." Tether
was minted on Polkadot's common good parachain Statemint on September 23rd.

In the same week, Circle Internet Financial, the firm behind USD Coin (USDC)
announced that it would expand the circulation of USDC to Polkadot. Joao
Reginatto, VP of Product at Circle, said this move "...enables blockchain
developers building on USDC and their users to experience greater liquidity
and interoperability within the crypto economy." USDC is due to be integrated
by the end of the year.

 

 

About Polkadot

Polkadot provides the technical advances necessary to make blockchain
technology practical, accessible, scalable, interoperable, and future-proof,
removing limitations and barriers to entry, and thereby fuelling innovation,
growing the decentralized technology space, and bringing the Web3 vision to
life.

About Web3 Foundation

Web3 Foundation funds research and development teams building the technology
stack of the decentralized web. It was established in Zug, Switzerland by
Ethereum co-founder and former chief technology officer Dr. Gavin Wood.
Polkadot is the Foundation's flagship project. For more information, visit
web3.foundation (https://pr.report/X6Aj1cvN)

Media Contact:

Ursula O'Kuinghttons

Director of Communications and Partnerships, Web3 Foundation
ursula@web3.foundation (mailto:ursula@web3.foundation)

SOURCE: Polkadot

 

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