Polkadot becomes the hottest crypto in China as the network is extremely popular among investors and developers so we discuss why in today’s altcoin news.
Polkadot becomes the hottest crypto in China among retail investors and developers and also because the community support and the support from the Web3 Foundation is particularly strong, following a similar trajectory as EOS was. It’s not a secret that Polkadot is a newer and better option of EOS which initially swept the country in 2018. EOS and Polkadot are backed by Chinese capitalists that spread an ETH-killer narrative every time they can. These capitalists like MXC, Huobi, and Binance are in a war to lure entrepreneurs to the Polkadot ecosystem. Both of these projects attracted strong interest from the retailers but are still less-known.
Despite the similarities between these projects, Polkadot developed its own narrative and community. DOT has a selling point as a blockchain of the blockchains and it recently flipped XRP to become the fourth-biggest cryptocurrency by market cap. No project is able to win China without spending time and money on blockchain conferences and roadshows. Gavin Wood, the founder, established a community of vocal influencers, speculators, marketers, and developers and believes in Polkadot’s technological and monetary vision.
The platform got many developers to abandon ETH which Wood co-founded and build on its blockchain instead. A report from Outlier Ventures shows that the platform saw a 44% increase in monthly active developers. The Chinese developers are active in the community and based on the recent announcement by Web3, more than 20% of the recipients came from China. Marvin Tong who is the CEO of Phala Network said:
“We chose Polkadot instead because we believe that its technology is the most advanced, and I think we made the right decision. More importantly, Substrate is an important tool. It allows us to reduce repetitive blockchain development work.”
It’s too early to say whether Polkadot is advanced in comparison to other blockchains and as per the data, it processed 12,619 transactions in one day which compared to Ethereum’s average of 1.1 million per day, indicating that the technology race is not done yet. In China, however, there’s something more than the technology that makes DOT different. As Tong said:
“The Web3 Foundation, Parity and Gavin are very powerful together. No other foundations can be as generous and strategic when selecting grant recipients. They are also very supportive in marketing our projects.”
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