Polkadot continues to make eye-catching progress
Zug, Switzerland, 14th July, 2022, Chainwire
POLKADOT, the multichain network and open platform for secure Web3 innovation, has hit a number of impressive adoption milestones. It is actively demonstrating sustained momentum and community support despite the current industry-wide downtrend.
By the end of June 2022, the following additional milestones were reached:
- New parachains continued to be launched on a regular basis. There are currently 36 active parachains on the experimental “canary” network, Kusama, and 21 on Polkadot itself, and 550+ total projects building in the ecosystem.
- The Web3 Foundation grants program, supporting Polkadot projects, had approved 400 grants to help tech start-ups build new blockchains
- Polkadot reported 1,400 monthly active developers, representing a +75% increase year-on-year and more than any other Web3 protocol outside of Ethereum.
- The Polkadot codebase surpassed 500+ core contributors across Polkadot and Substrate repositories.
- More than 100 forkless, automatic upgrades across Polkadot and Kusama, and more than 1,400 engaged governance participants voting on recent referenda, demonstrating the strength of future-proof innovation on the networks.
- A total of 621 forkless upgrades across all Substrate-based blockchains, including Polkadot and Kusama parachains.
- The Polkadot Treasury has funded spending proposals to the tune of over 1.4 million DOT, while the Kusama treasury has paid out nearly 130k KSM.
Messari, a leading independent provider of blockchain data, has produced some additional statistics in its Q2 report into Polkadot.
- A quarter-on-quarter increase of 18.8% in the volume of treasury funds released
- A 3.5% increase in the total volume of DOT staked
- An average of 293 million DOT transfers per month, up from 288 million in Q1
The report adds: “During the second quarter of 2022, strong developer activity has been Polkadot’s plus point. As observed in available data, developer activity scored an average of 11,000 developer activity events per month. Evidently, Polkadot’s developer activity remains among the strongest in the crypto market.”
The Messari report concluded: “Despite a brutal macro-environment, Polkadot’s on-chain activity was consistent quarter over quarter. During Q2 2022, Polkadot had roughly 435,000 users.
“Concurrently, foundational KPIs held steady with a healthy validator distribution by total stake, strong developer activity, and seven additional parachains onboarded.”
Continued innovations include XCM rollout
Meanwhile, XCM, Polkadot’s cross-consensus messaging and data transfer standard, has reached a stage whereby the network’s various parachains can integrate with each other easily and with confidence, developing use cases and creating real-life solutions.
This radical interoperability technology has seen rapid adoption since its launch on May 4th. Parachain teams have already opened 111 messaging channels between themselves, sending approximately 10,000 messages per month.
Substrate Marketplace launched
A new hub for the “pallets” or modular building blocks that allow builders in the Polkadot or Kusama ecosystems to easily design their bespoke blockchains has gone live on the Substrate website.
In addition to the open-source pallets natively included with Polkadot’s Substrate blockchain framework, developers can now browse those developed by the community and offered up under various open-source licenses, with nearly 100 available at launch.
Governance changes in the pipeline
Co-founder Dr Gavin Wood has announced a ground-breaking new governance process, intended to promote more agile and democratic decision-making. It will remove elected bodies such as the Polkadot Council and Technical Committee and dramatically increase the potential number of collective decisions on the blockchain.
An advanced active learning algorithm now provides individual recommendations to nominators in Polkadot’s staking system, and is based on the first scientific studies ever funded by the Polkadot Treasury.
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.
Director of Communications and Partnerships
- Ursula O’Kuinghttons
- Web3 Foundation