• Polkaot has completed its whitepaper.
• DOT has risen by over 9% in the current quarter.

The year marked a significant turning point for Polkadot [DOT]. A closer look at its performance in the third quarter reveals both strengths and weaknesses of the network.

Read Polkadot (DOT) Price Prediction 2023-24

Polkadot 1.0 completed

According to a recent analysis conducted by Messari, Polkadot showed significant progress during Q3 of the year, with key developments highlighted.

The report showed several key developments, including the completion of the whitepaper. The completion of the white paper also marked the completion of Polkadot 1.0.

Furthermore, this has led to the commencement of discussions about Polkadot 2.0. Additionally, the network introduced various enhancements, such as Asynchronous Backing. 

Additionally, one notable metric that improved was the DOT staking percentage. The percentage increased by 12% quarter-over-quarter, reaching 49%.

However, this increase led to reduced staking rewards. Also, it led to a corresponding 12% quarter-over-quarter decline in the annualized nominal yield to 15%.

Despite these positive developments, the report also revealed a concerning trend of declining active addresses on the network.

Daily active addresses have been decreasing quarter-over-quarter, with 6,900 at the end of the first quarter. It dropped to 5,800 by the end of the second quarter and further declined to 5,200 in the third quarter.

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Author: Adewale Olarinde

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