Not The First
If you have been paying attention to the developments within the Polkadot ecosystem over the past year or two, you would have noticed multiple projects making the shift from their initial blockchain of choice in favor of Polkadot. MapMetrics, a DePIN project is the latest to make this particular shift.
Projects are being attracted by a much more robust level of decentralization, as well as a blockchain with exceptional scalability and uptime. As you can imagine, a DePIN project is heavily dependent upon accurate and up-to-date data. Network downtime is simply not an option.
Another attraction is that of being able to become a layer 1 blockchain via the parachain model, and not simply another project being built on a layer 1 blockchain. It’s important to note that there have recently been changes to the parachain model, regarding the acquisition of coretime.
Polkadot is a layer 0 and so has the ability and capacity to house and empower a plethora of layer 1 blockchains in the form of parachains. The benefits and supremacy of Polkadot are yet to be discovered. However, there are signs that this is beginning to change.
If this trend continues, my predictions regarding Polkadot stealing the show at the tail end of this bull market stand a fairly good chance of becoming a reality. I think Polkadot is the most undervalued of the Top 20 Crypto assets and is likely to garner a lot more attention with Polkadot 2.0.
Sometimes extraordinary ideas and technologies go relatively unnoticed for extended periods, only to later explode without much warning. Even though Polkadot is currently ranked in the Top 20, much of its “brilliance” is still very much a secret.
Enjin, the blockchain-based gaming project also made the shift to Polkadot. This involved the abandoning of Ethereum, proving yet again that there are viable, and even more attractive alternatives to ETH. The market has been programmed to “worship” Ethereum, and it’s great to see projects breaking away from this mindset.
At the time of this shift, Enjin was able to enjoy a throughput of 5000 transactions per second with transaction fees of approximately $0.005. Layer 2 projects will aid Ethereum in its ongoing challenges. However, blockchains like Polkadot have already won these battles.
The proof is in the pudding!
However, Ethereum maximalists have managed to convince the majority of the market otherwise. However, you can’t pull the wool over everyone’s eyes forever. Eventually, common sense, scalability, affordability, and an absence of ongoing issues become too attractive to ignore.
Final Thoughts
The market will often extend a period of grace. However, at some point, patience is exhausted and attention is shifted elsewhere. In many ways, this is exactly what transpired regarding Solana’s meteoric rise in 2023. However, Solana has its issues but still manages to secure a large market share.
An increased share for one means a decrease for another. Solana’s increased acquisition of market share is simultaneously a decrease for Ethereum. Solana actually flipped Ethereum, regarding numerous DeFi metrics. In my opinion, Polkadot is next. See you next time!
Disclaimer
First of all, I am not a financial advisor. All information provided on this website is strictly my own opinion and not financial advice. I do make use of affiliate links. Purchasing or interacting with any third-party company could result in me receiving a commission. In some instances, utilizing an affiliate link can also result in a bonus or discount.
This article was first published on Sapphire Crypto.