This year is an important turning point for Polkadot (point). A closer look at Season 3 reveals the network’s strengths and weaknesses.
Polkadot 1.0 completed
According to a recent analysis conducted by Messari, Polkadot made significant progress in the third quarter of this year, highlighting some key developments.
The report demonstrates some important progress, including the completion of the final report. The completion of the white paper also marks the completion of Polkadot 1.0.
Additionally, this sparked discussions about Polkadot 2.0. Additionally, networking has introduced various enhancements such as asynchronous backups.
Additionally, a notable improvement metric is the DOT staking rate. This ratio increased by 12% month-on-month to 49%.
However, this increase results in a decrease in staking rewards. In addition, it also caused the annual project yield to fall by 12% to 15% compared with the previous quarter.
Despite these positive developments, the report also revealed a trend of fewer active addresses on the network.
Daily active addresses decreased quarterly, with 6,900 addresses at the end of the first quarter. It fell to 5,800 at the end of the second quarter and further fell to 5,200 in the third quarter.
Developer activity maintains momentum
According to the development activity diagram analysis, Polkadot has always maintained a high level of developer contribution.
This chart shows a history of high developer activity on the network. Even so, a slight drop can be noticed at the time of writing.
Additionally, development activity is likely to increase. This increase is possible due to ongoing discussions about a new version of the network.
Developer activity is likely to increase once this new iteration is launched.
Polkadot’s fortunes improve
Looking at Polkadot’s daily price trend chart, its value declined at the end of the third quarter, during which time the value of DOT dropped significantly, falling by more than 22%.
In early July, it was trading around $5.35, but fell to around $4.11 by the end of September.
However, during the quarter, Polkadot’s performance improved. Value has increased significantly by over 9% year to date. As of this writing, it is trading at around $4.7, up slightly less than 1%.
Furthermore, it is currently in an uptrend as shown by the Relative Strength Index (RSI). It is trending just below the 80 level, indicating a very strong uptrend.
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