The Growth of Polkadot's Relay Chain The Relay Chain of the Nominated Proof-of-Stake (NPoS) blockchain network, , has seen strong growth in the fourth quarter of 2022. According to , daily active accounts increased by 64% and new accounts by 49%, largely due to users moving away from FTX and towards more open, transparent, and decentralized networks like Polkadot. The launch of USDT and nomination pools has also contributed to the growth. Polkadot Messari's report Polkadot operates as a platform for developers to build their blockchain applications, with the support of Parity Technologies' blockchain development framework, Substrate. The network comprises of interconnected, application-specific Layer-1 chains known as parachains. The Relay Chain, the base platform, secures, governs, and connects the parachains. To date, 35 parachain slot auctions have been won, bonding a total of 133 million DOT (10.5% of the total supply) and auctions are set to continue bi-weekly throughout 2023. The Web3 Foundation recently declared that the native token of Polkadot, DOT, is no longer a security and is compliant with the law, which provides safety to token holders. The State of Web3 in 2022 and Beyond In 2022, the state of web3 and blockchain technology was in a phase of rapid growth and development, despite setbacks from FTX, 3AC and Terra. Adoption of decentralized technologies and digital assets was on the rise, and the development of new infrastructure, protocols, and applications in the space was advancing. Despite this progress, the technology and ecosystem were still in its early stages, and challenges such as scalability, security, and user adoption remained. In 2023, advancements in blockchain technology, increased investment and regulatory clarity are expected to address some of the challenges faced by web3. Development of more scalable infrastructure, better security measures and increased user education are key factors that could drive growth and wider adoption of web3 and blockchain technology. Collaboration between industry players, regulators and the wider community is seen as crucial to the continued development and growth of the web3 ecosystem. : Vested Interest Disclosure The author is an independent contributor publishing via our . Be it through direct compensation, media partnerships, or networking. The author has a vested interest in the company/ies mentioned in this story. HackerNoon has reviewed the report for quality, but the claims herein belong to the author. #DYOR brand-as-author program Don’t forget to like and share the story! Image credits: . Shubham's Web3

20 DeFi Projects, including Balancer, Aave, and MakerDAO, Lead The Charge for Decentralized Finance

DAM Finance Launches Decentralized Multi-Chain Liquidity Infrastructure

Read My Stories

Too Long; Didn't Read

CTA: Download the FREE AI Productivity Shift report

Polkadot Sees Strong Growth in Q4 2022 with 64% Increase in Daily Active Account

About Author

Comments

TOPICS

THIS ARTICLE WAS FEATURED IN

Related Stories

Untitled Story

How Will Space and Time’s USDC Payments Change ZK Coprocessing, And Why Now

(1/100) Crypto Countdown: Golem

A Research Report on the Trader $JOE DeFi Platform

07/03/2018: Biggest Stories in the Cryptosphere

05/02/2018: Biggest Stories in the Cryptosphere

How Will Space and Time’s USDC Payments Change ZK Coprocessing, And Why Now

(1/100) Crypto Countdown: Golem

A Research Report on the Trader $JOE DeFi Platform

07/03/2018: Biggest Stories in the Cryptosphere

05/02/2018: Biggest Stories in the Cryptosphere

Light-Mode

Classic

Newspaper

Dark-Mode

Neon Noir

Minty

HN StartUps