{"id":559427,"date":"2023-11-07T01:00:10","date_gmt":"2023-11-07T01:00:10","guid":{"rendered":"https:\/\/wncen.com\/?p=559427"},"modified":"2024-06-11T14:30:50","modified_gmt":"2024-06-11T14:30:50","slug":"polkadot-dot-market-cap-dips-q3-sees-16-decrease-in-value","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/polkadot-dot-market-cap-dips-q3-sees-16-decrease-in-value\/","title":{"rendered":"Polkadot (DOT) Market Cap Dips: Q3 Sees 16% Decrease In Value"},"content":{"rendered":"

Polkadot (DOT), one of the prominent blockchain networks in the crypto space, experienced a 16% decline in market capitalization in the third quarter (Q3) of 2023, according to a recent <\/span>report <\/span><\/a>from Messari.\u00a0<\/span><\/p>\n

This decline came after a moderate downturn in the overall cryptocurrency market during Q3, despite favorable court rulings for <\/span>XRP <\/span><\/a>and Grayscale. The total crypto market capitalization declined by 5.8%, with <\/span>Bitcoin <\/span><\/a>(BTC) and Ethereum (ETH) falling by 7.5% and 10.0%, respectively.<\/span><\/p>\n

Polkadot Closes Q3 With $5.2 Billion Market Cap<\/span><\/h2>\n

As reported by Messari, Polkadot’s market capitalization closed at $5.2 billion, positioning it as the 13th largest crypto asset by market cap in Q3 2023 (currently 15th).\u00a0<\/span><\/p>\n

\"Polkadot\"
DOT’s Q3 2023 circulating market cap. Source: Messari<\/a><\/figcaption><\/figure>\n

Polkadot’s financial structure is based on a weight-based fee model, which differs from the gas-metering model in other networks, such as <\/span>Ethereum<\/span><\/a>.<\/span><\/p>\n

Transaction fees in Polkadot are determined and charged before execution, with the calculation comprising a weight fee reflecting computational resources, a length fee based on transaction size, and an optional tip to incentivize block authors.\u00a0<\/span><\/p>\n

Related Reading: Expert Predicts Date For Next Bitcoin Cycle High Of $130,000<\/a><\/div>\n

In Q3 2023, Polkadot <\/span>generated revenue<\/span><\/a> amounting to $94,000, representing a 3% decrease compared to the previous quarter. Messari suggests that Polkadot’s revenue tends to be relatively lower compared to its competitors due to the network’s structural design.<\/span><\/p>\n

On the other hand, the native token of Polkadot, <\/span>DOT<\/span>, serves three primary purposes: governance, staking, and parachain bonding. During Q3 2023, the staking percentage of DOT rose by 12% compared to the previous quarter, reaching 49%.\u00a0<\/span><\/p>\n

This increase led to reduced<\/span> staking rewards<\/span><\/a> and a 12% decline in the annualized nominal yield to 15%. According to Messari, the close alignment of Polkadot’s staking rate with the ideal rate demonstrates the effectiveness of its mechanism.<\/span><\/p>\n

Polkadot’s OpenGov Milestone<\/span><\/h2>\n

The Polkadot treasury supported various initiatives in Q3, including software development, bounties, client upgrades, and community events like meetups and hackerspaces.\u00a0<\/span><\/p>\n

According to Messari, the implementation of OpenGov on June 15 marked a significant milestone, revolutionizing treasury management and enabling concurrent proposals with distinct requirements. At the end of the quarter, the Polkadot treasury held approximately 45 million DOT ($185 million).<\/span><\/p>\n

\"Polkadot\"
Polkadot treasury’s DOT holdings as of Q3 2023. Source: Messari<\/a><\/figcaption><\/figure>\n

Furthermore, Polkadot has recently completed the official release of Polkadot 1.0, marking the achievement of a significant milestone outlined in the Polkadot whitepaper.\u00a0<\/span><\/p>\n

Related Reading: The Main Drivers Behind The 23% XRP Price Rally Revealed<\/a><\/div>\n

The network’s codebase has been fully transitioned to a repository managed by the community through Polkadot OpenGov and the Technical Fellowship. The roadmap for the next iteration, Polkadot 2.0, will be determined through community discussions and consensus.\u00a0<\/span><\/p>\n

Founder Gavin Wood has proposed ideas for additional mechanisms to allocate Polkadot’s block space and for creating treaty-like agreements between multiple blockchains called “accords.”<\/span><\/p>\n

\"Polkadot\"
DOT’s sustained uptrend on the daily chart. Source: DOTUSDT on TradingView.com<\/a><\/figcaption><\/figure>\n

As of this writing, the DOT token has exhibited a noteworthy upward trend since October 19, closely following Bitcoin\u2019s lead. Presently, the token is trading at $4,839, reflecting a notable increase of over 16% within the past fourteen days.<\/span><\/p>\n

Featured image from Shutterstock, chart from TradingView.com\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Polkadot (DOT), one of the prominent blockchain networks in the crypto space, experienced a 16% decline in market capitalization in the third quarter (Q3) of 2023, according to a recent report from Messari.\u00a0 This decline came after a moderate downturn in the overall cryptocurrency market during Q3, despite favorable court rulings for XRP and Grayscale. The total crypto market capitalization declined by 5.8%, with Bitcoin (BTC) and Ethereum (ETH) falling by 7.5% and 10.0%, respectively. Polkadot Closes Q3 With $5.2 Billion Market Cap As reported by Messari, Polkadot’s market capitalization closed at $5.2 billion, positioning it as the 13th largest crypto asset by market cap in Q3 2023 (currently 15th).\u00a0 Polkadot’s financial structure is based on a weight-based fee model, which differs from the gas-metering model in other networks, such as Ethereum. Transaction fees in Polkadot are determined and charged before execution, with the calculation comprising a weight fee reflecting computational resources, a length fee based on transaction size, and an optional tip to incentivize block authors.\u00a0 Related Reading: Expert Predicts Date For Next Bitcoin Cycle High Of $130,000 In Q3 2023, Polkadot generated revenue amounting to $94,000, representing a 3% decrease compared to the previous quarter. Messari suggests that Polkadot’s revenue tends to be relatively lower compared to its competitors due to the network’s structural design. On the other hand, the native token of Polkadot, DOT, serves three primary purposes: governance, staking, and parachain bonding. During Q3 2023, the staking percentage of DOT rose by 12% compared to the previous quarter, reaching 49%.\u00a0 This increase led to reduced staking rewards and a 12% decline in the annualized nominal yield to 15%. According to Messari, the close alignment of Polkadot’s staking rate with the ideal rate demonstrates the effectiveness of its mechanism. Polkadot’s OpenGov Milestone The Polkadot treasury supported various initiatives in Q3, including software development, bounties, client upgrades, and community events like meetups and hackerspaces.\u00a0 According to Messari, the implementation of OpenGov on June 15 marked a significant milestone, revolutionizing treasury management and enabling concurrent proposals with distinct requirements. At the end of the quarter, the Polkadot treasury held approximately 45 million DOT ($185 million). Furthermore, Polkadot has recently completed the official release of Polkadot 1.0, marking the achievement of a significant milestone outlined in the Polkadot whitepaper.\u00a0 Related Reading: The Main Drivers Behind The 23% XRP Price Rally Revealed The network’s codebase has been fully transitioned to a repository managed by the community through Polkadot OpenGov and the Technical Fellowship. The roadmap for the next iteration, Polkadot 2.0, will be determined through community discussions and consensus.\u00a0 Founder Gavin Wood has proposed ideas for additional mechanisms to allocate Polkadot’s block space and for creating treaty-like agreements between multiple blockchains called “accords.” As of this writing, the DOT token has exhibited a noteworthy upward trend since October 19, closely following Bitcoin\u2019s lead. Presently, the token is trading at $4,839, reflecting a notable increase of over 16% within the past fourteen days. Featured image from Shutterstock, chart from TradingView.com\u00a0<\/p>\n","protected":false},"author":589,"featured_media":559428,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[1020,1026,6664,1558,83457,86522,86493,87288,82444,82445,9753,86521,87766,87653,87787,86465,86794],"class_list":["post-559427","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-blockchain","tag-blockchain-technology","tag-crypto","tag-cryptocurrency","tag-dot","tag-dot-analysis","tag-dot-price","tag-dot-price-analysis","tag-dotusd","tag-dotusdt","tag-polkadot","tag-polkadot-dot","tag-polkadot-analysis","tag-polkadot-ecosystem","tag-polkadot-market-cap","tag-polkadot-price","tag-polkadot-token"],"acf":[],"yoast_head":"\nPolkadot (DOT) Market Cap Dips: Q3 Sees 16% Decrease In 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Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision. Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities. Outside of the crypto realm, Ronaldo enjoys indulging in other passions. 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