Polkadot [DOT] remains investors’ favorite as its ecosystem and token…

Polkadot’s NFT space witnessed growth in the last week Metrics were in DOT’s support, helping it increase its value

Polkadot [DOT] posted its weekly roundup on 6 February, which mentioned all the notable developments that happened in its ecosystem during the last seven days. The developments were not only confined to Polkadot but also included updates for its parachains and other networks.

1/ Monday means #PolkadotRoundup day – and yet again all the news from the parachains is available in this handy thread.

Read on for all the latest from the Polkadot ecosystem ???? pic.twitter.com/Qm43bZ6w2A

— Polkadot (@Polkadot) February 6, 2023

A lively week

Polkadot mentioned in the roundup that Stella Swap, Squid, and Axelar network joined forces to bring cross-chain interoperability to the Moonbeam ecosystem. This gave dApps built on Moonbeam access to new cross-chain functionality and improved user experience.

Crosschain Swap is now live! ????

1/7 #DeFi just got easier! You can now trade between various chains in just 1-click. Get $GLMR, $STELLA or any coins on @MoonbeamNetwork with your funds on other chains.

Swap: https://t.co/pusJ2Qp2mR

Let's explore this huge breakthrough ???????? pic.twitter.com/dlAJpKz3Wf

— StellaSwap ☄️- Buidling V3 Concentrated Liq AMM (@StellaSwap) February 1, 2023

Efinity also made an announcement that added value to Polkadot’s NFT ecosystem. Reportedly, users could create their own NFT collections on Efinity using Polkadot.

5/ You can now create your own NFT collections on @efinityio using @polkadotjs – check Efinity's guide for NFT Creators to learn about various options available for minting and creating collections.https://t.co/VwV7YLMrkI

— Polkadot (@Polkadot) February 6, 2023

Santiment’s chart follwed the trajectory of Polkadot’s announcements, as it revealed growth in the DOT’s NFT ecosystem. Interestingly, Santiment’s data revealed that, post the aforementioned announcement, Polkadot’s NFT ecosystem witnessed growth as its total NFT trade counts and trade volume in USD increased.

Source: Santiment

Further, Subsocial, which is a web3 social protocol moving to Polkadot, revealed that developers building applications on Subsocial can use the Crust Network to manage content storage, ensuring users’ content is secure and censorship-resistant.

Moreover, Bitgreen, a sustainability L1 on Polkadot, launched a hydro project in Africa and a conservation project in Peru. Apart from these developments, Polkadot once again topped the list of blockchains in terms of development activity in the last 30 days.

Top 10 Projects by Development Activity in the last 30 days

According to such fundamentals like development activity, there are lots of good projects with moderate market cap. $ADA $DOT $KSM $ATOM $ETH $ICP $SNT $MANA $FIL $MIOTA pic.twitter.com/aONb2BS9NT

— Ben GCrypto (@GCryptoBen) February 6, 2023

How has DOT been?

DOT’s performance on the metrics front remained in the network’s favor over the last week, which helped it register gains on its chart. According to CoinMarketCap, DOT’s price increased by 6% in the last seven days, and at the time of writing, it was trading at $6.64 with a market capitalization of over $7.6 billion. Over the last week, DOT remained in demand in the derivatives market as its Binance funding rate was relatively high.

Thanks to DOT’s recent price action, its one-week price volatility went up sharply. The price pump was accompanied by an increase in volume. Moreover, positive sentiments around DOT also spiked, which reflected the crypto community’s trust in the token.

Source: Santiment

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