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Polkadot’s Q3 Performance: Strengths and Weaknesses

The third quarter of the year marked a significant turning point for Polkadot [DOT]. Let’s take a closer look at its performance during this period, highlighting both strengths and weaknesses of the network.

Polkadot 1.0 Completed

A recent analysis conducted by Messari reveals that Polkadot made significant progress during Q3. One key development was the completion of the whitepaper, marking the completion of Polkadot 1.0. This achievement also sparked discussions about Polkadot 2.0. Additionally, the network introduced various enhancements, including Asynchronous Backing.

However, an increase in DOT staking percentage led to reduced staking rewards and a decline in the annualized nominal yield by 12% quarter-over-quarter to 15%. The report also highlighted a concerning trend of declining active addresses on the network. Daily active addresses decreased from 6,900 in Q1 to 5,800 in Q2, and further declined to 5,200 in Q3.

Developer Activity Maintains Momentum

An analysis of the development activity chart shows that Polkadot has consistently maintained a strong level of developer contributions. Although there has been a slight decline in developer activity as of the present, ongoing discussions about a new version of the network may increase development activity once this new iteration is activated.

Polkadot’s Fortunes Improve

In the current quarter, Polkadot has shown improvement in its performance. With a notable increase in value of over 9%, it is currently trading at around $4.7, with a slight increase of less than 1%. The Relative Strength Index (RSI) indicates a very strong bullish trend for Polkadot.

Overall, Q3 has been a mixed quarter for Polkadot. While there have been significant achievements and improvements, the network also faces challenges such as declining active addresses. With ongoing developments and discussions, it will be interesting to see how Polkadot evolves further in the coming months.

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### News source: ambcrypto.com

By Team