Polkadot Q3 2023 Development Report

The Polkadot ecosystem continued to maintain its growth momentum in the third quarter of 2023, with significant improvements in several core indicators. Staking, on-chain activities, and the number of independent accounts all showed an upward trend, while development activities remained active.

Highlights of Ecological Data

• The total amount staked increased from 578 million DOT to 663 million DOT, accounting for nearly 49% of the total supply.
• The number of nomination pool members has reached 15,281, with over 7 million DOT staked.
• The number of on-chain events has surpassed 190 million, more than doubling compared to December last year.
• The number of independent accounts is approaching 4.3 million, with a month-on-month increase of 10% and a year-on-year increase of 16%.
• The number of code repository commits exceeded 49,000 for two consecutive quarters.
• XCM message sending volume increased by 20% month-on-month.

Ecosystem Expansion

Five new projects joined the ecosystem through parallel chain auctions:

1. peaq: Decentralized Physical Infrastructure Network
2. Bit.Country: User-created metaverse platform
3. InvArch: Multi-chain DAO infrastructure project
4. Energy Web: Corporate Carbon Reduction Strategy Web3 Solutions
5. Nodle: IoT connectivity provider

In addition, Astar Network has also renewed its parachain slot.

Technical Progress

• The Agile Core Time proposal has been approved, and a more flexible computing power allocation mechanism will be introduced.
• Asynchronous support is progressing smoothly and is expected to bring an 8-fold increase in scalability.
• Expected to support 1000+ parallel chains and over 1 million transactions per second in the future.

Other Important Updates

• Native USDC is about to land on the Polkadot ecosystem.
• Zodia Custody announced the provision of institutional custody and staking services.
• Banxa provides users with multiple payment options to access the Astar parachain.
• Snowbridge is expected to launch on Kusama by the end of the year.
• Zondax launched a new version of the Ledger application that supports all parallel chains.
• OpenZeppelin completes the first batch of ink! smart contract development simplification work
• The third session of the Polkadot Blockchain Academy has successfully concluded, and future courses will be held in Hong Kong and Singapore.

Overall, Polkadot made significant progress in ecological expansion, technological upgrades, and infrastructure improvement in the third quarter, laying a solid foundation for future mass adoption.