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Compilation of the original text: Karen
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key summary
Network usage was consistent quarter-over-quarter with 436,000 total users and 878 million DOTs transferred.
The total number of Polkadot parachains has reached 20, with a total of 131 million DOT (11% of the total supply, worth $919 million) locked in a two-year lease.
Validators are evenly distributed, with 95% of validators holding 1.8 to 2.6 million DOTs.
During Q2, the Polkadot Treasury spent 240,000 DOT ($1.7 million) across nine transactions.
Developer activity is consistent with an average of 11,000 developer activity events per month.
Published the interchain messaging format (XCM).
Polkadot Market Cap
The decline in Polkadot's market value is mainly due to macroeconomic factors. At the end of the second quarter of 2022, the market value was US$7.9 billion, a decrease of US$15 billion from the beginning of the quarter, a drop of 66%, compared to the historical high on November 5, 2021 A decrease of $49 billion (86%).
network usage
User accounts did not change much quarter-over-quarter. In the second quarter of 2022, Polkadot will have an average of 145,000 monthly users (including 77,000 active users and 68,000 new users), and in the first quarter of 2022, there will be an average and 92,000 new users). Driven by the inaugural parachain auction, Polkadot users will peak in Q4 2021 with an average monthly total of 566,000 users (including 321,000 active users and 245,000 new users).
Likewise, DOT token transfers have also remained relatively stable at this time. In the second quarter of 2022, Polkadot will conduct an average of 293 million DOT transfers per month, and in the first quarter of 2022, it will be 288 million.
Polkadot uses an inflationary token model where inflationary rewards are distributed to validators for securing the Polkadot network and the rest goes to the treasury. Inflation averages around 10% per year. In the second quarter of 2022, Polkadot's pledge rate has not changed much, accounting for 54% to 56% of the total DOT pledged tokens. Additionally, Polkadot’s total supply at the end of the quarter was 1.2 billion DOTs, which equates to a quarterly inflation rate of 2.4%.
Decentralization and Staking
Polkadot uses a Nominated Proof of Stake (NPoS) consensus mechanism. At the end of Q2 2022, 283 (95%) of 297 validators hold 1.8-2.6 million DOTs, confirming the validity of the nominator staking game theory.
Running multiple validators has a greater expected value due to the even distribution of rewards. Of the total DOT staked, 99.8% came from nominators and 0.2% came from validators self-staking.
Parachain
Parachain
In Q2 2022, 7 parachains won parachain slots, bringing the total number of parachains to 20, with a total of 131 million DOT (11% of total supply, worth $919 million) locked (bond ) during the lease period of two years. Polkadot plans to conduct 21 more auctions by February 2023 (bringing the total to 41).
Among the top 20 parachains, 11 are DeFi chains, 3 are smart contract platforms, and 6 are Web3 infrastructure chains.
Polkadot and Kusama
Kusama is Polkadot’s leading network, and over the past four quarters, the market caps of the two networks have been closely correlated with a correlation coefficient of 0.92.
However, the correlation coefficient between Polkadot and Kusama users is only 0.65, which is not very relevant. In the second quarter of 2022, Polkadot will have 8.4 times as many users (436,000) as Kusama (52,000).
treasury
The Polkadot treasury is funded from validator slashing, transaction fees, Parathreads, etc. Treasury funds are designed to be spent every 24 days, known as the spend period, with 1% of unspent excess funds being destroyed. In the second quarter of 2022, the Polkadot treasury spent 240,000 DOTs (approximately $1.7 million) in nine transactions, of which 182,000 DOTs were mainly at the World Economic Forum Annual Meeting in Davos on June 12, 2022 Spending during Polkadot, the largest treasury spend of the last year. As of the end of the second quarter, the DOT balance of the Polkadot treasury was 33 million DOT (about 228 million US dollars).
developer activity
key event
key event
ink! (Substrate-based smart contract programming language) upgrade;
Officially launched the Interchain Messaging Format (XCM), allowing parachains to exchange messages with other parachains;
ecosystem challenge
At present, Polkadot parachains mainly operate in "isolated islands". With the launch of XCM, cross-chain primitives can be built, which may re-stimulate user interest and activities.
Polkadot must maintain its position as a leader in developer activity.
route map
route map
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