- Both Cosmos and Polkadot saw significant growth in development activity.
- Strikers remained optimistic, while social engagement declined for both protocols.
CosmosHub [ATOM] and Polkadot [DOT]two blockchain protocols with different market caps and visions, have experienced remarkable similarities in terms of development activity.
Realistic or not, here is ATOM’s market cap in terms of BTC
In recent months there has been significant growth in the development activity of both protocols, raising the question of which will become the dominant force.
New developments
According to data from Token Terminal, the number of active developers on both Cosmos and Polkadot has steadily increased over the past month. This wave of development activity has important implications for the future of these protocols.
Source: Token Terminal
As development activity ramps up, both Cosmos and Polkadot have struggled to make a mark on the social front. Lunar Crush’s data shows a 43% and 39% decrease in social engagement and mentions for Polkadot, respectively, over the past week.
Similarly, CosmosHub experienced a 36% and 47% drop in social engagement and mentions.
In addition, both protocols witnessed a drop in sentiment over the past month. Santiment’s data indicated a significant drop in weighted sentiment, with negative comments outweighing positives for both Cosmos and Polkadot.
Source: Sentiment
Much is at stake
Despite the negative sentiment, the strikers of both protocols have remained remarkably optimistic. Staking Rewards data shows a remarkable 65.17% growth in the number of stakers for CosmosHub over the past month.
Polkadot also experienced a 4.69% growth in strikers during the same period.
In terms of strikers, CosmosHub significantly outperformed Polkadot, with 903,465 strikers on its network compared to Polkadot’s 34,501.
Source: Staking Rewards
Polkadot witnessed substantial growth in activity and revenue, with a 36% increase in daily active users. This positive trend has had a positive impact on Polkadot network revenues.
Read Polka Dots [DOT] Price forecast 2023-2024
Similarly, activity on the Cosmos Hub network saw growth, although this did not translate into higher revenues, which fell 12.3% over the past 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 is a notable difference in volume and price between the two.
Source: Sentiment