Polkadot & Kusama Ecosystem Report: Q2 2023 Highlights

• Polkadot and Kusama show advanced growth trends in latest quarterly report.
• Performance reveals correlation with price trend.

Polkadot (DOT) and Kusama (KSM) have released their quarterly reports which show details of many key highlights and insights that the protocols have made in the past few months. The first metric that was considered is development activity. 

DOT price and KSM price followed a similar pattern in terms of their development activity metrics except in three short periods. In mid-April, this metric did not show any significant change but this was also the period when both coin prices climbed slowly to their respective highest level in the quarter. As of April 16th, KSM climbed to $37.59 while DOT traded at $6.92 by April 18th. However, both tokens recorded sharp declines per reports as of April 19th.

Inversely, the tokens’ prices remained stable around late May and mid-June but development activities were pegged at 613.71 on May 28th and 600.29 on June 16th respectively.

Daily core active developers peaked at an all-time high of 181 on March 22nd. Although the figure fluctuated sometimes around April 30th and May 1st after remaining stable for a while. This contributed to the rising of Polkadot from third to second place in terms of ecosystem-wide developer count. As of the time of the Q2 report release, Polkadot boasts of about 1,923 developers.

More Positive Highlights on Polkadot And Kusama 

Polkadot’s fast unstake feature which was introduced in March also showed outstanding growth. Fast unstake allows stakers to bypass the stipulated 28-day unbonding period. The protocol has shown activity almost every day with an average of six unique uses and 2038 DOT unbonded per day. June saw the highest number of unique users with a maximum of 29 users by June 21st.

The Polkadot nomination pool is not left out of the growth curve. Markedly, the pool has reached 12,268 members and 5.32 million DOT by the end of June. The daily rewards from the nomination pools have also climbed, although the pace is slow and not as consistent as that of the pools. Precisely, pool reward went from the range of 1,060 – 2,550 DOT in April to 1,690 – 3,560 DOT in June. 

Polkadot’s whale holdings in Q2 2023 suggested more pronounced wealth clusterization than in Q1. By July 12th, Polkadot whales represented 0.01% of the total holder count in the protocol. However, their holding was worth approximately 65.93% of the total DOT token supply which is about 879,219,392 DOT. On Kusama, whales also held 0.06% of the holder’s count, representing 71.24 % of the total token (9,812,790 KSM). 

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Noteworthy, Polkadot recorded a huge jump in its Tether (USDT) supply after leading cryptocurrency exchange Binance publicly announced its support for the United States dollar-pegged stablecoin on May 25th. The supply surged by 125.02%, taking the volume of USDT on Polkadot from 8 million to 18 million. By June 30th, Polkadot’s USDT supply was 5.14 times higher than that of Kusama’s parachain Asset Hub.

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