• Polkadot’s on-chain performance was positive last week, with the highest number of transfers and staked value recorded on 18 February.
• The network also saw a surge in bullish sentiment and several integrations, such as Zeitgeist’s migration to Polkadot.
• DOT increased by over 22% during the week, indicating encouraging market indicators.
Polkadot’s On-Chain Activity
Last week saw a considerable increase in bullish sentiments around Polkadot [DOT]. On-chain metrics were promising and market indicators remained bullish. The total number of transfers reached over 10.1 million while the staked value exceeded 611.3 million. Moreover, DOT’s social dominance and mentions both increased by over 27%.
Positive Community Sentiments
The community’s sentiments about DOT also remained positive, as its bullish sentiment shot up by over 30%. Several partnerships and integrations occurred over the last week, with the most notable being Zeitgeist’s plans to migrate to Polkadot in March 2023.
A look at Polkadot’s on-chain metrics suggested that the network had a comfortable week. DOT remained in constant demand from the derivatives market as its Binance funding rate was high. DOT’s volume also increased which was positive news as its price went up. The social volume was relatively high reflecting its popularity in the crypto space while development activity was also high, although Aptos [APT] replaced DOT from its position of top blockchain on 19 February 2023.
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Overall Market Performance
DOT prices increased by more than 22% during the past week which is an indication of encouraging market indicators overall for this cryptocurrency project .
• Lido Finance (Lido) is the number one DeFi project with the highest Total Value Locked (TVL) of $7.92 billion.
• Staking APR on the platform has fallen consistently since May 2022.
• With Ethereum’s transition to a proof-of-stake consensus mechanism in September 2022, demand and usage of stETH, a tokenized version of staked Ether native to Lido, have increased significantly.
Lido Finance: Leading DeFi Project with Highest TVL
With a 16.77% market share of the $47.2 billion worth of crypto assets locked on several decentralized finance (DeFi) protocols, Lido Finance (Lido) retains its spot as the leading project with the highest total value locked (TVL). Displacing MakerDAO for the first time in January 2021, Lido has held onto its position and currently holds a TVL of $7.92 billion at press time.
Impact of Shanghai Upgrade for Ethereum Network
The confirmation of a March date for the Shanghai Upgrade for the Ethereum network might have contributed to a jump in the value of assets locked on Lido. According to blockchain analytics platform Nansen, staking solutions have been highly sought after since Ethereum’s transition to a proof-of-stake (PoS) consensus mechanism in September 2022 and this increase in demand has further solidified Lido’s position as the DeFi project with largest TVL.
State Of ETH Staking On Lido
As per data from Dune Analytics, Lido’s share of ETH staking market is 29.36%. Since May 2022 this percentage has oscillated between 29.25%-29.37%. This decrease in market share may be attributed to gradual reduction in annual percentage rate offered by Lido for ETH stakers which decreased from 10.21% on 14 November 2022 to 4.79% at present writing as per Dune Analytics data .
Revenue Growth On The Network
Revenue on the network continued to grow according to data from Token Terminal and is closely tied to Ethereum PoS earnings as Lido facilitates staking services like ETH 2 validator setup, delegation and rewards management amongst others .
Overall , despite witnessing reduced APR , LIDO remains at forefront among DeFi projects owing it’s popularity due increasing demand for yield generating services that are natively collateralized such as merge etc . Revenue growth and sustained increase in usage & demand for native tokens such as stETH will continue driving growth in TVL & market share over next few months .
• Aptos [APT] is a layer-1, proof-of-stake blockchain launched in October 2022 with transaction speeds that could challenge Solana [SOL].
• The chain recently wrapped up its first leg of the ambitious world hackathon tour and expanded its footprints in the web 3 gaming ecosystem.
• APT’s total volume locked (TVL) has exhibited better growth of late, primarily driven by Pancakeswap [CAKE], and NFT trade volume on the network reached its three-month high.
Aptos’s Transaction Speed Advantage
Aptos [APT] is a layer-1, proof-of-stake blockchain launched in October 2022 by Meta’s (formerly Facebook’s) engineers after Meta failed to launch its own blockchain. With its growing list of partnerships and product launches, Aptos has made the crypto world sit up and take notice. The chain uses a Rust-based programming language called MOVE which helps in reducing latency and generating faster transaction speeds compared to other blockchains. According to ZebPay, Solana can process 65,000 transactions per second (TPS) while Aptos could clock in more than twice the number at 150,000 TPS. This throughput difference could shift the momentum decisively in APT’s favor in the long run.
Aptos’s Hackathon Tour
Aptos recently wrapped up the first leg of its ambitious world hackathon tour in Seoul with rockstar hackers who showcased their talent and ideas with potential on Aptos. The company has not yet revealed where they will be headed next for their tour but have asked people to stay tuned for further updates.
Pixelcraft Launch On Aptos Network
The chain expanded its footprints in the web 3 gaming ecosystem as well when it partnered with METAPIXEL who announced the upcoming launch of ‚Pixelcraft‘ on the Aptos network through an official title reveal video.
Total Volume Locked (TVL)
APT’s Total Volume Locked (TVL), while considerably less than Solana, has exhibited better growth of late. While SOL grew by 0.44% over the last seven days, APT increased by almost 4% in the same time period, data from DeFiLlama showed. APT’s TVL stood at $61.38 million at press time, primarily driven by Pancakeswap [CAKE], which had a dominance of almost 60%. Furthermore NFT trade volume on the network reached its three month high as well..
With increasing partnerships and product launches along with faster transaction speeds compared to other blockchains like Solana , Aptso is making waves in both DeFi and NFT space . It will be interesting to see whether all this hype is enough to dethrone Solana against which APT has been consistently positioned or not .