By Franklin Smith
Polkadot (DOT) emerges as the greenest layer1 blockchain (according to the latest report). Remember, Ethereum (ETH) is migrating from PoW (proof-of-work) to the eco-friendly PoS (proof-of-stake) mechanism.
Despite this evolution, Polkadot will remain the dominant blockchain as far as energy consumption metrics are concerned.
Polkadot Insider shows that the network tops other layer1s like Solana, Cardano, and Avalanche, at 0.1 GWh. It only matches with Tezos, which remains behind DOT’s scalability.
Also, Polkadot Insider tweeted about top-performing projects within the network. It uses the Galaxy Score to calculate and evaluate the project’s health and token quality.
The update revealed ChainX as the top rate project on the Polkadot network, within the index at 59. Moonbeam followed with 58, whereas TribeOne read 57.
The platform also commented on the most traded coins on Polkadot over the past 24 hours. The report showed LINK as the leading trader-friendly coin, with a volume of $254.7 million during this publication.
Polkadot’s DOT followed with $242.7 million. MXC comes far third with $27.8 million in trading volume.
What for DOT?
Coinmarketcap shows DOT flourished amidst the prevailing downbeat market conditions, gaining more than 3% within the past seven days. While publishing this news, the alt changed hands at $7.26, whereas its trading volume increased by 30% within the last 24 hours.
Though this recent surge, trading activity has deteriorated massively within the previous months. Santiment’s chart shows a visible drop within the last three months.
A Relief for DOT?
Polkadot traders enjoy a near-term promise as the daily chart shows bullishness for the alternative token. However, the downbeat condition in the crypto space continues to limit the crypto market’s progress. DOT activity remains critical for the network’s future progress.
Meanwhile, DOT investors should check broad market cues. The digital asset market remains red as the leading crypto paint bearishness in all timeframes. For instance, Bitcoin extends its journey below $20K, changing hands near $19,644 during this writing.
That had the alt space reflecting downswings, hindering upside potential. DOT will struggle in such an environment. However, analysts have divergent projections, but time will unveil everything.
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