Polkadot is on the cusp of its biggest upgrade yet: Polkadot 2.0. This significant update will roll out in phases throughout 2024, introducing key features that will further enhance the network’s capabilities. In this report, we’ll delve into the evolution of Polkadot 2.0 and discuss other notable developments within the ecosystem.
Asynchronous Backing: A Game-Changer
Asynchronous Backing was launched in May, revolutionizing block processing by making it more efficient, reducing wait times, and boosting overall network performance. This breakthrough has had a profound impact on the Polkadot ecosystem, enabling faster transaction processing and increased scalability.
Agile Coretime: Democratizing Blockspace Purchases
Introduced in September, Agile Coretime has opened up new opportunities for developers. By lowering entry barriers and allowing for on-demand blockspace purchases, this feature enables projects with variable resource demands to cut costs while still enjoying the benefits of Polkadot’s parallel processing capabilities.
Elastic Scaling: Expanding Capacity and Accommodating Growth
Scheduled for late 2024 or early 2025, Elastic Scaling will further expand the network’s capacity. This feature will enable Polkadot to accommodate more blockchains and handle higher transaction volumes without compromising security or performance. As the ecosystem continues to grow, this upgrade will be instrumental in ensuring that the network can meet increasing demands.
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To learn more about these updates and gain a deeper understanding of their technical implications, download a full version of our report for free here. Our comprehensive analysis provides detailed explanations of each feature, enabling readers to make informed decisions regarding their involvement in the Polkadot ecosystem.
Governance and DAO Growth
Polkadot has witnessed a surge in governance activity throughout 2023 and 2024. This growth can be attributed to several factors, including:
150% Increase in Referenda Submissions
The number of referenda submitted has seen a significant increase since the beginning of 2023. This uptick is a testament to the network’s commitment to community engagement and participation.
40% Growth in Voter Turnout
Voter turnout has grown by an impressive 40% since 2023, illustrating the network’s dedication to inclusive decision-making processes.
Over 1,134 Unique Voters Participated in Governance Activities
In July alone, over 1,134 unique voters participated in governance activities. This remarkable figure highlights the importance of community involvement and engagement within the Polkadot ecosystem.
Polkadot’s governance mechanism, OpenGov, stands out due to its on-chain system for real-time, transparent, and democratic decision-making. Any Polkadot DOT holder can submit a proposal through OpenGov; however, not all proposals automatically proceed to a referendum. Proposals must acquire enough backing through a deposit of DOT or by receiving support from the community or the council.
Success Story: Referendum 234
One notable example of successful governance in action is Referendum 234, which proposed a 20% increase in the treasury allocation toward ecosystem development projects. With over 75% of participating DOT holders voting in favor, this referendum has already sparked new funding opportunities and development activity on the platform.
Developer Ecosystem and Adoption Metrics
Polkadot’s developer community is among the most active in the blockchain space. As of now, nearly 2,500 developers are working on the platform:
Almost 800 Developers Working Full-Time
Almost 800 developers work full-time on Polkadot, demonstrating a strong commitment to building and improving the ecosystem.
Polkadot’s Software Development Kit
The network’s software development kit offers developers a modular framework that reduces complexity when building customized blockchains. This flexibility, combined with support for multiple programming languages such as WebAssembly, has made Polkadot a popular choice for projects in recent times.
Positioning Polkadot as an Adaptable and Scalable Layer-Zero Blockchain
Polkadot has positioned itself as an adaptable and scalable layer-zero blockchain that addresses scalability, interoperability, and governance fundamentals. Its parallel processing capabilities, community-driven governance, and ambitious roadmap make it a promising platform for the future of decentralized applications (dApps), Web3, and beyond.
Download a Full Version of the Report for Free
To gain further insights into Polkadot’s evolution and adoption metrics, download our comprehensive report for free here. Our research provides in-depth analysis and expert opinion on the key developments shaping the Polkadot ecosystem.
