Polkadot Network’s Usage In Q2 2022 Remains Strong Despite Slump
Polkadot has reported a consistent usage of its network in the second quarter of the year. The platform’s developer activity has remained strong in this period despite the turbulent market environment.
According to a detailed report published by blockchain analytics firm Messari, Polkadot has remained consistent in its network activity both in the first quarter and second quarter of the year. Messari’s analysis included indices like ecosystem challenges, parachains, network usage, market valuation, and developer activity.
Valuation Fell 66% In Q2
Despite the momentum remaining consistent, DOT recorded a 66% decline in its valuation in the second quarter of the year. The analysis revealed Polkadot ended Q2 with a valuation of $7.9 billion, which is far lower than the $15 billion it realized in Q1. It is also an 86% reduction from its record valuation level of $49 billion realized in November 2021.
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However, the report added that Polkadot has continued to witness an impressive performance in other indices despite the plug-in valuation. The platform has increased its developer activity and network usage by a reasonable margin in Q2 2022.
The platform’s network usage has been consistent in the second quarter despite the heavy correction in Polkadot’s native currency, DOT.
Additionally, user accounts have remained strong. The report revealed that DOT recorded a 30% increase in the number of active monthly users in Q2. The project had more than 68,00 new users, with 77,000 active ones in the previous quarter.
The consistency in the number of users is also seen in the value of DOT token transfers made in the quarter. According to the report, Polkadot recorded an average of 293 million monthly DOT transfers in Q2 2022. This is slightly higher than the 288 million DOT transfers realized in the first quarter of the year.
Polkadot Maintains A Strong Developer Activity Metric
Consequently, Polkadot has an estimated 435,000 users in the second quarter of the year, with 878 million DOT tokens transferred.
The platform also recorded a noticeable increase in developer activity. The protocol recorded the second-highest developer community in 2021. It managed to stay strong in the second quarter of the year, with an average of 11,000 developments monthly. Messari reported that Polkadot still has one of the strongest metrics in the crypto industry.
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