Polkadot Price Analysis and The Highlights of Its Q4 2022 Report

• Messari Crypto recently released its report into Polkadot.
• The report reveals “daily active accounts increased by 64% in Q4 2022.”

Polkador, the sharded protocol, closed Q4 2022 with a growth in its user activity. its native token DOT also noted an increase of around 8% in one week.

Polkadot ($DOT) Price Analysis

At press time, Polkadot is trading at $6.72 with a 24-hour trading volume of $216.77 Million. Polkadot is up 0.57% in the last 24 hours. According to CoinMarketCap it is currently ranked at12, with a market cap of $7.75 Billion.

Polkadot has noted a weekly incline in its price by almost 8%, and in one month of time frame it is almost 44%. It recently marked its 90 days high at $7.11. While it came in the list of top mid-cap cryptocurrencies to invest in this year. Besides Polkadot ($DOT), Solana ($SOL), and Avalanche ($AVAX) also would be good choices that may have significant growth in this year.

Polkadot Q4 2022 Highlights

According to the Messari report, “Messari notes that the impressive QoQ growth in Q4 2022 for the Polkadot Relay Chain can be partly attributed to the launch of USDT and nomination pools on Polkadot, as well as increased demand for open, transparent, and decentralized blockchains in late 2022.”

The XCM (cross-consensus messaging format) has enabled more than 166,000 transfers across 70 channels. Messari notes: “The expansion of XCM is critical to the continued advancement of the Polkadot ecosystem.”

On XCM, the report continues: “The next iteration of XCM will introduce seamless crypto-asset transfers, enhanced cross-chain interoperability, NFT support, and bridging to external networks.”

Messari noted the Polkadot Treasury spent a record 863,000 DOT in Q4, and added: “The implementation of the new OpenGov model in 2023 will likely result in an increase in Treasury usage.”

Addressing Polkadot’s developer community, Messari said: “Polkadot has grown from less than 200 developers in 2018 to over 2,000 today, ranking it as the second largest full-time developer community with 764 full-time developers.”

The report continued: “Polkadot is also the fastest ecosystem to reach 200 full-time developers, making it in 2.2 years compared to the average of over 4 years.”

Messari concluded: “Despite a challenging year for the crypto industry, the Polkadot ecosystem thrived and saw positive growth and advancements.”

Messari notes that “Polkadot will maintain its emphasis on expanding the network’s capabilities and features” with upcoming updates for the system parachains, asynchronous backing – the major parachain consensus optimization – and parathreads, scheduled for H1 2023.

“Polkadot boasts the second-largest developer community in crypto. With the upcoming launches of OpenGov, parathreads, XCM V3, asynchronous backing, and continued advancement of WASM smart contracts, the stage is set for future innovations. There is much to look forward to.”

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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