Since its launch, Polkadot has been one of the most promising blockchain networks. Built with robust and scalable architecture, the network was one of the potential “Ethereum-killers”. Years later, few traders are convinced.
Ever since 2022, the token has been on a more-or-less steady decline. This has prompted holders to complain over a perceived lack of development. This is why some users are finding alternatives in projects like TON and its DeFi hub Elluminex. But does Polkadot really have a problem with development?
Is Polkadot Doing Anything?
The development metrics for Polkadot (DOT) seem solid. Back in 2022, Polkadot reached an all-time high in developer contributions. At the time, the network recorded even more contributions than Ethereum. At the time, Polkadot also saw a peak in active developer counts. Still, despite a noticeable drop since 2022, the network still has almost 1000 monthly active developers.
Source: Polkadot
These developers have been working on several major initiatives. These include working on Polkadot 2.0, which aims to improve governance. Moreover, the network recently overhauled its backend system for developers, lowering barriers to entry. On the consumer side, Polkadot also integrated Circle’s USDC token.
While developer metrics seem solid, holders remain unconvinced. They express frustration over the lack of tangible effects on its price. Year over year, Polkadot’s price remained virtually the same, staying around $6.53. What is worse, DOT traded in that range since 2022.
It appears that the real reason for DOT’s slow performance is not a lack of development, but a lack of users. The combined TVL on all Polkadot’s parachains is just $100 million. In comparison, Ethereum’s TVL is almost $66 billion.
Due to a lack of users, Polkadot is not showing any signs of potentially reclaiming its 2020 levels. In fact, since its $55 all-time high, Polkadot lost 88.1% of its value. This sluggish price performance has prompted many to look for greener pastures.
Elluminex To Tap Telegram’s 950 Million Users
While Polkadot offers robust tech, it lacks the user base that would push its price up. This is not a problem for TON, thanks to its deep integration with Telegram. Last year, it was the fastest-growing blockchain ecosystem, seeing an 800% increase in TVL.
Source: Defilama
TON has gained a significant user base thanks to its integration with Telegram. Thanks to Telegram mini-apps, TON is among the easiest blockchains to engage with. Still, the project is far below its potential, which is something that Elluminex (ELX) aims to solve.
Despite its fast growth, TON suffers from a serious lack of liquidity. For that reason, traders are excited over Elluminex, which will bridge liquidity to TON from 40 major blockchains. With cross-chain swaps, TON will benefit from liquidity on all major chains.
Thanks to its scalable infrastructure, a growing user base, and the coming influx of liquidity, TON has the potential to be a key player in DeFi. At the same time, Elluminex is positioned to be the biggest player in DeFi, benefiting from TON’s growth.
For more information about Elluminex (ELX) visit the links below:Website: https://elluminex.comTwitter/X: https://x.com/elluminexTelegram: https://t.me/Elluminex
Disclaimer: This is a sponsored press release and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
