Polkadot’s Network Usage Remained Consistent in Q2 Despite Market Downturn
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The report noted that Polkadot’s network usage and developer activity remained strong during the second quarter of the year despite market turbulence.
Blockchain analytics platform Messari has published a detailed report on Polkadot’s performance in Q2, 2022, analyzing different aspects of the protocol, including market valuation, network usage, developer activity, parachains, and ecosystem challenges.
The paper, dubbed the “State of Polkadot,” revealed that the blockchain project’s native crypto asset shredded about 66% of its market cap in three months.
Polkadot closed the last quarter with a $7.9 billion valuation, down from the $15 billion recorded in Q1. This also represents an 86% drop from its all-time high (ATH) market cap of $49 billion in November 2021.
The report further noted that despite the massive slump in valuation, Polkadot has continued to see favorable developments in some aspects of its ecosystem, especially in network usage and developer activity.
Messari pointed out that Polkadot’s network usage remained strong in Q2 2022 despite the massive correction in the price of DOT, Polkadot’s native currency.
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