2022 was a year of growth and progress for Polkadot (DOT), despite the fact that in that year the cryptocurrency industry experienced a tough bear market, while things are expected to get even better for the network in 2023, according to the conclusion of Messari’s analytical report.
35 parachains and 133 million DOTs in commitment
2022 began with the connection of the first parachains to the Relay Chain. Throughout the year, auctions for seats on parachains were held every two weeks, ending the year with 35 parachains and a total of 133 million DOTs (10.5% of the total supply) committed. At this point we should emphasize that the parachains ecosystem is still in its early stages.
The 3rd version of XCM
In the second quarter of 2022, the Cross-Consensus Message Format (XCM) was introduced, unlocking the network’s multi-chain capabilities. During the year, 166,000 transfers were completed across 70 channels.
The upcoming release of XCM V3 is expected to significantly improve Polkadot’s functionality by adding new features such as improved schedulability, bridging to external networks, cross-chain locking, improved fee payments, NFTs and more. Continued development of XCM is essential to Polkadot’s success.
Staking accessible to all
In Q4, Polkadot introduced nomination groups, making staking accessible to anyone who owns even one DOT. Polkadot’s validator set is evenly distributed by total stake and has maintained consistent decentralization and staking metrics throughout the year, indicating that it is a functional and healthy ecosystem.
Great potential
Going into 2023, Polkadot boasts the second largest developer community in the cryptocurrency industry. With the upcoming releases of OpenGov, parathreads, XCM V3, asynchronous support and the continued evolution of WASM smart contracts, the stage is already set to see future innovations.
There is much to look forward to in the Polkadot ecosystem.
Read Also
Parity And Web3 Foundation Launch Polkadot PoC-1
Ethereum Startup Aragon Weighs Launching a Second Network on Polkadot
Polkadot Launches Second Proof Of Concept In On-Chain Update
Polychain, Web3 to Back Polkadot Projects With New Ecosystem Fund
Polkadot announces new experimental network Kusama
Previous Articles:
- Cardano: A Journey Through the Years
- The State of Crypto at the Start of the New Year
- Former Chinese Banker Says They Should Review Bitcoin Trading Ban in The Country
- ARK Invest: Bitcoin (BTC) could exceed one million dollars in the coming years
- What is CANTO Blockchain?
