Will this Polkadot update help DOT endure the ongoing crypto blizzard

19 November 2022

in DOT

Reading Time: 6 mins read

Polkadot’s new referendum could impact Polkadot staking
The number of stakers on DOT’s platform continues to decline. However, development activity grew tremendously

A new Polkadot referendum may impact DOT holders who wish to stake their Polkadot. Once the referendum passes, Polkadot nomination will entail higher nomination limits, implying that users with fewer DOT tokens could join nomination pools directly.

Read Polkadot’s [DOT] price prediction 2022-2023

Movers and stakers

This new proposal, which had unanimous support at the time of writing, could have a significant impact on the state of Polkadot staking. At the time of writing, the number of stakers on the platform had depreciated by 0.07% after fluctuating over the past 30 days. The network had 21,846 stakers as of 18 November.

Source: Staking Rewards

Furthermore, the consistent updates around Polkadot’s staking policy could garner increasing interest from stakers and lead to more consistent growth.

Polkadot also expanded its technology during the current volatile market. In the last seven days, it ranked number one in terms of dev activity, outperforming several major cryptocurrencies.

TOP CHAINS RANKED BY DEV ACTIVITY IN THE LAST 7D@Polkadot is dominant in terms of dev performance over the past 7D. Bear market is for builders to grow, and Polkadot takes the chance 🔥🔥🔥#Polkador $DOT #DOT #ETH #BTC #BNB #FTM #NEAR #AVAX #SOL pic.twitter.com/ygbz7QhbQ0

— Polkadot Insider (@PolkadotInsider) November 17, 2022

In addition to the aforementioned information, the number of active accounts and new accounts also surged over the last few days. This spike in interest from new accounts could help Polkadot survive the ongoing bear market.

Source: SUBSCAN

Despite the volatility surrounding the market, Polkadot showed growth in terms of the collection of fees. According to Token Terminal, a crypto analytics website, the revenue collected by the platform appreciated by 65.1% in the last seven days.

However, despite many positive developments, Polkadot’s volume depreciated from 714 million to 142.38 million. Along with that, its market cap depreciated as well.

Source: Santiment

Is DOT performing better than its platform?

DOT‘s increasing volatility was something for investors to keep in mind. As can be seen from the image below, the coin’s volatility witnessed a spike of 123% in the past 30 days. However, this spike in volatility could be attributed to the current state of the market.