- Polkadot exceeded growth expectations during Q1 2022.
- Polkadot’s parachains played a major role during this time period.
- Big plans are yet to come during 2023.
Polkadot broke all expectations during the first quarter of 2022 as it presented itself to be a Nominated Proof-of-Stake (NPoS) blockchain network designed to support various interconnected, application-specific Layer-1 chains known as parachains.
The very first parachain was launched back in December, 2021. By the end of Q1, 2022, Polkadot has already launched 13 parachains that have won parachain slots bonding 127.8 million DOT, which equals $2.9 Billion, forming 11% of the total supply.
DOT is priced today to be at around $15.08 with a market cap of almost $16,7 Billion, a 24 hours trading volume of $475,816,941. Also, it reached its all time high back in November 2021 at a price of $54,9 according to Coingecko.
During Q1 2022, Polkadot’s valuation change was followed with changes in other ecosystems. LUNA was the largest gainer at +18%, FTM had the largest drop at -38%, and Polkadot had the third largest drop at -19%.
As polkadot was making major progress, the number of addresses holding DOT increased every month of 2021 and Q1 2022. Yet, it was affected by the dip that has been going on since the end of 2021.
Each chain is designed to use Parity Technologies’ blockchain development framework Substrate, allowing developers to select specific components that suit their application-specific chain.
Polkadot refered to the entire ecosystem of parachains that plug into a single base platform known as the Relay Chain. The base platform does not support application functionality but instead houses all validators and is responsible for securing, governing, and connecting the parachains.
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