Analysts noticed an impressive spike in account activity on the Polkadot (DOT) blockchain. Here are two metrics that went through the roof amid a painful November 2022 in crypto.
Polkadot (DOT) on-chain activity prints new highs
According to data shared by Dot Insights, a project designed to track the progress of the Polkadot (DOT) and Kusama (KSM) ecosystems, Polkadot (DOT) demonstrates unwitnessed on-chain activity despite markets falling.
In the past 2 weeks, data from @subscan_io showed that the number of daily new accounts on @Polkadot rose nearly 10 times, while active accounts increased 4 times🤩— dotinsights (@dotinsights_xyz) November 14, 2022
Cleary in #Web3, decentralization matters. pic.twitter.com/do08So0qCS
For instance, in November 2022, the number of daily new accounts (on-chain public addresses on the Polkadot [DOT] network) rocketed by almost 900%.
Also, the number of active accounts spiked from 1,100 to 4,516, a more than 300% increase. To some extent, both upsurges can be attributed to the outflow of liquidity from centralized exchanges.
Also, as covered by U.Today, Web3 Foundation stated that Polkadot (DOT) smashed throigh a landmark milestone. According to Daniel Schoenberger, сhief legal officer of W3F, Polkadot's DOT becomes the first-ever altcoin that is not a security any longer.
This breakthrough is the result of three years of consultations with the U.S. SEC's workgroups on digital assets and other regulatory watchdogs.
Polkadot's (DOT) rival Cosmos (ATOM) fails to implement major upgrade
On Sept. 27, 2022, Polkadot (DOT) also unveiled its updated roadmap to streamline the onboarding of innovations to its infrastructure and "canary network," Kusama (KSM).
Meanwhile, yesterday (Nov. 14), its major competitor Cosmos (ATOM) failed to adopt its most crucial update in years, Cosmos 2.0. This update would have been allowed Cosmos Hub to manage a large share of ATOM funds.
However, despite being supported by the majority of voters, the update was rejected by "NoWithVeto" votes by enthusiasts who claimed that Cosmos 2.0 is dangerous to the project's progress.