Polkadot co-founder Gavin Wood released the Polkadot Annual Summary on Sunday (24th), which mentioned the technical and ecosystem development for 2023, community and developer activities, and the technological progress to be made in 2024.
Regarding ecosystem development, Wood pointed out that there are already 90 parachains and over 580 ecosystem projects in the Polkadot and Kusama networks, with 300 decentralized applications and 190 Substrate-based blockchains. Polkadot currently operates 50 activated core parachains, with 17,000 XCM messages securely transmitted between them every month without the need for trust.
Wood also stated that the release of Polkadot 1.0 in July this year represents the completion of the relay chain functionality of Polkadot, in line with the original whitepaper. He said, “Polkadot 1.0 represents the completion of the feature set laid out in the original whitepaper and represents a level of completeness, stability, and security that can be relied upon.”
Related article: “Polkadot Founder Gavin Wood Proposes Abandoning ‘Slot Auction’ Model, Introducing ‘Core Time’ Architecture to Build a Flexible Polkadot”
Wood stated that 2024 will be a busy year for Polkadot, with four key infrastructures set to be implemented, including Agile Core Time, On-Demand Parachains, Ethereum Snowbridge (a cross-chain technology connecting Polkadot and Ethereum), and Kusama Bridge (a technology connecting Polkadot and Kusama). Additionally, Elastic Scaling is the fifth major technology that is expected to be realized next year.
Wood also expects the expansion of Polkadot’s DAO underlying products next year, including new fellowships, multi-asset sub-treasuries, expanded XCM, and other newly developed primitives. He also noted that Polkadot’s new non-forking block production consensus algorithm, Sassafras, has taken shape and is expected to be used in the testnet starting in 2024.
With the surge of tokens from emerging public chains such as Solana, Avalanche, and NEAR, Polkadot’s ecosystem tokens have also experienced a general uptrend. Within two months, the price of Polkadot’s native token DOT rose from around $4.1 to $9, an increase of over 110%. Tokens from well-known Polkadot parachains Moonbeam, Astar Network, and Acala also saw gains of over 180%, 115%, and 140% respectively during the same period.
Price trend of DOT token in 2023 (Source: TradingView)
Source: First image source
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