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Market intelligence company Messari recently released its third quarter (Q3) performance report for Polkadot (DOT), providing insight into the blockchain network’s development and financial metrics during the period.
Polkadot is seeing strong developer participation
One of the notable results from a report It is developer activity on Polkadot. According to Electric Capital, the network had approximately 2,400 monthly active developers in July 2024, with 760 classified as full-time contributors. This placed Polkadot in fourth place among the leading blockchain networks, trailing only Ethereum, Base, and Polygon.
Furthermore, Artemis tracked an average of 630 weekly active core developers and 760 ecosystems Developers During the third quarter, which confirms the existence of a vibrant development community.
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Polkadot also made big strides in Q3 2024 with several key initiatives aimed at strengthening its ecosystem. The decentralized futures program, backed by a $20 million super fund and 5 million DOT tokens, has been pivotal in driving innovation.
This initiative provided grants to various projects focusing on marketing, business development, governance, and technology. Notable projects supported include AirLyft, DotPlay, and BlockDeep Labs.
Another important development is XCM, which is a standardized format Messaging protocol Which facilitates communication between different consensus-based systems, including aggregated lists.
XCM’s daily conversions averaged around 1,000, representing a 34% decline quarter-on-quarter (QoQ). In contrast, non-asset transfer use cases, referred to as “Other XCM,” saw a 5% increase, with an average of 200 daily transfers.
Overall, XCM’s daily messages totaled 1,300, reflecting a 29% decline QoQ. Despite these fluctuations, a significant portion of activity on the Polkadot network still occurs through Polkadot groups.
DOT’s market cap fell 27% in the third quarter
Regarding market performance, the Ministry of Transport witnessed notable fluctuations during the year. From the third quarter of 2023 to the first quarter of 2024, Ministry of Transport Market value by 150%, rising from $5 billion to $13 billion.
However, in subsequent quarters, including Q2 and Q3 2024, DOT declined along with the broader market, ending Q3 2024 with a market capitalization of US$6.3 billion – down 27% QoQ. . This decline also dropped DOT’s market capitalization ranking from 14th to 15th, although it remains the seventh-largest base-tier network.
Transaction fees on the Polkadot chain have generally remained lower compared to competitors, and this is attributed to the network Structural design. In Q3 2024, transaction fees are in line with historical averages, totaling $84,000 – down 44% QoQ. The Ministry of Transport-assessed fees also decreased by 21% to 17,000.
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On the other hand, Polkadot’s treasury saw continued active usage, with 9.5 million DOT allocated to proposals, 7.4 million to rewards, and 2.5 million burned.
An important development was the approval of Polkadot Referendum 457 in Q2 2024, which led to treasury diversification with USDT and USDC, enabling USD-denominated treasury proposals. stablecoins. By the end of the third quarter of 2024, the treasury balance reached $122 million.
Daily active addresses decreased to 6,200 (-26% QoQ), daily returning addresses decreased to 5,300 (-23% QoQ), and daily new addresses decreased to 900 (-38% QoQ).
In terms of spot price action, the DOT price has been trading at the $8 level for the past four days and has since stabilized above it. The token has been one of the best performing coins since the election of Donald Trump on November 5, posting significant gains of 96% in the monthly time frame.
Featured image of DALL-E, chart from TradingView.com