Today, GAINS offers you a quick analysis of the Polkadot ecosystem.
What is the current status of the project, what projects are currently being built on top of it and when can we expect to have a working version of the protocol?
We will try to answer to these questions through this article.
Part 1: A few statistics
According to PolkaProject, Polkadot currently has 386 projects within its protocol (in comparison Ethereum has about 2,000) — 123 of which are based on Substrate, the main framework of the network. The project’s official Twitter account is followed by nearly 240,000 people.
According to Alexa Rank, the Polkadot website is the 15,000th most visited website in the world.
These numbers are even more impressive if we take into account the fact that Polkadot is NOT yet live, as the project is still in the experimental stage.
Part 2: Where is Polkadot in its roadmap and when will it be 100% functional?
Polkadot is currently in the “Parachain Rollout” phase, i.e. a test phase where its parachains are tested before being deployed.
Once the code has been fully tested, audited and benchmarked, and parachains are running smoothly on Kusama, Polkadot governance can enable parachains and begin parachain slot lease auctions.
These auctions generate a lot of interest within the Polkadot ecosystem due to their small number (only 100 parachains each capable of processing 1,000 TX/s) — there’s a reason why projects are already fighting for a spot.
Even if the project is progressing quickly and well, blockchain (and this is even more true for its interoperability) remains a very recent technology on the scale of the Internet and we know that this often causes delays in development, as we can see with Ethereum.
Otherwise for its development to go smoothly, Polkadot can rely on Kusama which is growing fast, with nearly 40 projects; it’s not a testnet but it has its own staking and governance system, although updates to Polkadot are being applied to it for testing purposes — acting as a canary by warning and helping to detect any kind of vulnerabilities or weaknesses in the Polkadot code base.
Without experiencing problems, Polkadot should be able to enter the next phase of its development as soon as the parachains have been awarded — we can hope that it will be fully live in 2022.
Part 3: What kind of projects are being built on Polkadot?
Many well-known projects such as Chainlink, Aleph, Bluzelle and Ren are keen to deploy on Polkadot (in addition to Ethereum) in their quest for ever more interoperability.
There is also a multitude of new projects solely based on Polkadot such as Kylin Network, Paralink, OptionRoom, PolkaOracle (to name a few oracle projects) or Polkafoundry, RAI Finance, PAID Network and Polkaswap (which are DeFi projects).
Polkadot is an ecosystem in full expansion and this trend does not seem to slow down.
Polkadot is attracting more and more interest within the crypto sphere.
With a Market Cap of nearly $36 billion, it is not impossible that the value of the protocol is skewed and that demand is much lower than believed. Trade at your own risk and be aware of the danger.
Speculation aside, it is obvious that the interoperability and scalability enabled by Polkadot’s sharding and parachains infrastructure is a dream for many developers: could Ethereum be dethroned?
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