According to analysts, there has been an increase in on-chain activity on Polkadot’s blockchain. In addition, account activity on the network has increased significantly in the past few weeks.
Two increased metrics are the number of new and active accounts. They soared in November despite the bearish crypto market.
Polkadot’s On-chain Activity Marks New Highs
Several blockchains have witnessed reduced on-chain activity due to the ongoing bearish market. In addition, other blockchains like Solana have recorded numerous network outages in recent months.
However, it appears more developers are migrating to the Polkadot blockchain. Data from DOT Insights revealed the network is making progress.
DOT Insights is an initiative developed to track the activities of the Kusama and Polkadot blockchain ecosystems. The platform tweeted that Polkadot is witnessing new activities on its blockchain.
For example, the number of new accounts each day increased by about 900% in November. Similarly, the active accounts on the blockchain spiked by 300% from about 1,100 to 4,516.
The surge in both metrics may be due to the increased assurance of liquidity by CEX (centralized exchanges).
In other news, multiple reports last week stated that Polkadot’s native token, DOT, is no longer a security. The Web3 Foundation (W3F) managing the network stated that they have successfully morphed DOT.
Daniel Schoenberger, W3F’s Chief Legal Officer, announced the news on his Twitter account. According to him, they sent a letter to the US SEC (Securities and Exchange Commission) saying the DOT token is no longer a security.
The DOT token is the first altcoin that is no more security. Schoenberger revealed that the body has been consulting with the regulator for three years on crypto assets and regulations.
Polkadot’s Competitor, Cosmos, Fails With Major Upgrade
On September 27th, the Polkadot team presented its revised road plan for the network. From the plan, the team wants to streamline the incorporation of new technologies into the company’s canary network, dubbed Kusama (KSM).
The team plans to develop the network’s infrastructure with more functionalities and capabilities. In the meantime, its primary rival Cosmos (ATOM) did not implement a significant upgrade slated for November 14th.
The upgrade, Cosmos 2.0, would have allowed the Cosmos Hub to oversee a significant portion of its ATOM tokens. However, despite receiving approval from a vast number of voters, the upgrade did not take place.
Some community members cast a “NoWithVeto” to stop the upgrade. According to them, Cosmos 2.0 poses a threat to the development of the network.
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