Coin News

Polkadot emerges as “Green Blockchain” winner, but does DOT reciprocate

4 Sep, 20222 min readBlockchain
Polkadot emerges as “Green Blockchain” winner, but does DOT reciprocate

Polkadot [DOT] is beginning to emerge as the “greenest” layer 1 blockchain as latest data reveals. As we know, Ethereum [ETH] is shifting from Proof-of-Work to an eco-friendly Proof-of-Stake mechanism.

Despite this transition, Polkadot will continue to dominate energy consumption metrics by blockchains. According to Polkadot Insider, the network is leading other L1s such as Avalanche, Solana and Cardano at 0.1 GWh.

It is only matched by Tezos which still lags behind Polkadot’s scalability.

Polkadot Insider also posted a tweet about the top performing projects on the network. This was calculated using the Galaxy Score which evaluates the overall health and quality of the token of the projects.

According to the update, ChainX stood to be the best rated project on Polkadot with an index value of 59. It was followed by Moonbeam at 58 and TribeOne at 57.

The same platform also talks about the most traded tokens on Polkadot in the last 24 hours. The update claims that LINK was the top trader-friendly token with a volume of $254.7 million at the time of writing.

It was followed by Polkadot’s own DOT token at $242.7 million. At third is the MXC token with far-off trading volume at $27.8 million.

What now for DOT?

According to CoinMarketCap, DOT has been showing promise recently with over 3% weekly gains. It was trading at $7.26 at press time which was also aided by a 30% increase trading volume in the past 24 hours.

Despite this latest increase, trading activity has fallen down heavily in the past months. As we can see in the chart below, the fall is evident in the past three months.

A sorry little DOT

There is short term promise for Polkadot traders right now with the daily chart also showing bullish activity on the network. But the stringent market conditions continue to hamper progress in the crypto market. DOT activity will become a crucial factor ahead for the network to progress in the future.

Source

Subscribe to get our top stories

Coin News
App StoreApp Store