According to Electric Capital’s report, Polkadot is currently the second largest ecosystem after Ethereum seeing network development. This is not surprising since Polkadot is known to have significantly higher development activity compared to other large altcoins.
Although Solana became the DeFi attraction earlier this year due to NFT’s hype, it still outperformed Polkadot when it comes to the developers that Polkadot leads after Ethereum around 1k – 2k devs.
In addition, everyone is aware of the polka dots and subsequent auctions that have recently ended. In fact, within a few days the first winner of the parchment auction, Moonbeam will complete the second phase of the launch on Polkadot. Also, upon completion of this operation, the network will enable EVM for its users.
But, even before the Moonbeam launch was completed, Polkadot had already begun its second round of auctions. Well, after Efinity won the sixth slot, Composable Finance is looking to take the win in the seventh slot.
This is proof that Polkadot will continue to attract more and more developers and may even in the future become the leading DeFi center.
Now, you can make sure that the network can surely attract developers.
But can folks also …
Attract more investors? Because higher investors will mostly support network growth. Well, the answer is – unfortunately, not right now.
Because of the overall bearishness of the market, DOT is also swaying away from its ATH. He has even lost more than 17.35% in the last three days.
But the bears are not a canon for Altcoin because the strength of its downtrend is pretty weak right now. Although the MACD does indicate the possibility of a bearish deviation, it can only be confirmed in the next 72 hours.
Right now, recovery is the only hope. DOT must bring in new investors because people themselves are not interested in investing in the property. This is evident in the fact that their emotion is the worst in seven months.
However, since the risk-adjusted returns for DOT are currently negative, it is best to look for some green candles before jumping in.