• Sun. Feb 25th, 2024

Polkadot is currently enjoying a productive period. The multi-chain network projects a busy ecosystem in its latest second-quarter report.

Even though the market is in a difficult situation, data on development commitments, parachain sales, grants, ownership, and management indicate that Polkadot is progressing quickly and correctly.

However, Polkadot is not the only network making huge gains amid the broader market bloodbath. Its testbed, Canary Network Kusama, is also on a hot streak, indicating that the platform is more than just a testnet.

Meanwhile, skeptics will have no choice but to concede that the network is going from strength to strength, as shown by the Q2 data.

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Polkadot’s Substrate Enhances Performance

Polkadot is developed on Substrate, a blockchain structure created by Parity Technologies. It consists of a core relay chain and several linked parachains.

As new projects continue to join the Substrate ecosystem, the entrants are required to understand the network. The Substrate is at the center of all Polkadot’s blockchain infrastructures, which renders Solidity useless in this case.

With the Substrate controlling things, Polkadot is in a stable state for the years to come. The blockchain network now records over 1,000 active developers each month.

Bar Ethereum’s network and Polkadot’s active developers’ activities are second to none in the blockchain ecosystem.

However, it will be challenging for projects to get their operations running smoothly with Substrate on the Polkadot platform. Thus, the team created a Substrate Marketplace to facilitate the entry of new projects into the ecosystem.

The Web3 Foundation is on a mission to encourage promising crypto unicorns to overlook others and join Polkadot. Qualified applicants have already benefited from the several grants doled out by the foundation.

As a result, over 400 crypto startups have been added to the Polkadot ecosystem, which will boost the future profile of the Substrate protocol.

What to Expect

As interesting and promising as the Q2 report has been, it has shied away from answering the most pressing question. What is the next course of action after this? The Polkadot community wants to know the next thing to expect after the good showing.

Can the duo of Kusama and Polkadot take a slice of the market share from competing for smart contract platforms?

However, the Q2 report can not adequately answer many of the concerns raised by the community. But what is never in doubt is the recent performance of the blockchain and the support it has in place for further growth.

For example, after the launch of Polkadot’s cross-chain messaging platform XCM in May, the project is actively booming with activity. Parachain teams have exchanged over 10,000 messages in a single month.

The blockchain’s governance structure is undergoing a major upgrade to prepare it for more activities. DOT holders will have a new staking dashboard to navigate their wallets easily.

If the network can maintain the tempo in terms of performance going into the third quarter of 2022, it will achieve its founders’ vision.

Deborah Brown

Deborah Brown

Deborah Brown is a skilled and experienced news writer recognized for her insightful reporting and captivating storytelling. With a dedication to accuracy and a knack for engaging readers, her articles provide a fresh and informed perspective on current events.

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