- Both Cosmos and Polkadot witnessed significant growth in development activity.
- Stakers remained optimistic, while social engagements declined for both protocols.
CosmosHub [ATOM] and Polkadot [DOT], two blockchain protocols with distinct market caps and visions, have experienced remarkable similarities in terms of development activity.
Realistic or not, here’s ATOM’s market cap in BTC’s terms
Recent months have seen significant growth in the development activity of both these protocols, raising questions about which one will emerge as the dominant force.
New developments
According to Token Terminal’s data, the number of active developers on both Cosmos and Polkadot increased steadily over the past month. This surge in development activity carries significant implications for the future of these protocols.
Source: Token Terminal
While development activity has been on the rise, both Cosmos and Polkadot have struggled to make a mark on the social front. Lunar Crush’s data reveals a decline of 43% and 39% in social engagements and mentions for Polkadot respectively, in the past week.
Similarly, CosmosHub experienced a decline of 36% and 47% in social engagements and mentions.
Furthermore, both protocols witnessed a decline in sentiment over the last month. Santiment’s data indicated a significant drop in weighted sentiment, with negative comments outweighing the positive ones for both Cosmos and Polkadot.
Source: Santiment
A lot at stake
Despite the negative sentiment, the stakers of both protocols have remained remarkably optimistic. Staking Rewards’ data shows a remarkable growth of 65.17% in the number of stakers for CosmosHub in the last month.
Polkadot also experienced a growth of 4.69% in stakers during the same period.
In terms of stakers, CosmosHub has outperformed Polkadot significantly, with 903,465 stakers on its network compared to Polkadot’s 34,501.
Source: Staking Rewards
Coming to protocol health, Polkadot witnessed substantial growth in activity and revenue, with a 36% surge in daily active users. This positive trend has had a favorable impact on the revenue generated by the Polkadot network.
Read Polkadot’s [DOT] Price Prediction 2023-2024
Similarly, activity on the Cosmos Hub network saw growth, although it has not translated into increased revenue, which fell by 12.3% over the last month.
At the time of writing, DOT was trading at $5.14, while ATOM was trading at $9.28. Both tokens have experienced price increases in recent weeks; however, there has been a notable divergence in volume and price between the two.
Source: Santiment
