The post Why DOT Holders Frustrated At Polkadot’s Lack Of Development Are Buying Elluminex appeared on BitcoinEthereumNews.com.

Since its launch, Polkadot has been one of the most promising blockchain networks. Built with robust and scalable architecture, the network was one of the potential “Ethereum-killers”. Years later, few traders are convinced. Ever since 2022, the token has been on a more-or-less steady decline. This has prompted holders to complain over a perceived lack of development. This is why some users are finding alternatives in projects like TON and its DeFi hub Elluminex. But does Polkadot really have a problem with development? Is Polkadot Doing Anything? The development metrics for Polkadot (DOT) seem solid. Back in 2022, Polkadot reached an all-time high in developer contributions. At the time, the network recorded even more contributions than Ethereum. At the time, Polkadot also saw a peak in active developer counts. Still, despite a noticeable drop since 2022, the network still has almost 1000 monthly active developers. Source: Polkadot These developers have been working on several major initiatives. These include working on Polkadot 2.0, which aims to improve governance. Moreover, the network recently overhauled its backend system for developers, lowering barriers to entry. On the consumer side, Polkadot also integrated Circle’s USDC token. While developer metrics seem solid, holders remain unconvinced. They express frustration over the lack of tangible effects on its price. Year over year, Polkadot’s price remained virtually the same, staying around $6.53. What is worse, DOT traded in that range since 2022. It appears that the real reason for DOT’s slow performance is not a lack of development, but a lack of users. The combined TVL on all Polkadot’s parachains is just $100 million. In comparison, Ethereum’s TVL is almost $66 billion. Due to a lack of users, Polkadot is not showing any signs of potentially reclaiming its 2020 levels. In fact, since its $55 all-time high, Polkadot lost…

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Filed under: News - @ January 26, 2025 4:15 am