In a 2020 roundup published on Wednesday, Wood emphasized Polkadot’s rise to becoming the number crypto for staking based on the volume of staked tokens.
Over 63% of the 1.02 billion DOT token supply is locked in staking wallets, according to Stakingrewards.com. This percentage amounts to about $5.2 billion in staked DOT “coins” based on the current token price.
According to Cointelegraph, Polkadot is one of the best performing top-10 altcoins in December. Since the beginning of the month, the DOT token price has raised over 56% and is now the sixth-ranked cryptocurrency by market capitalization. Wood emphasized that the project’s achievements in the area of attaining full decentralization, He also added:
“With 274 validators, run by around 200 independent operators and backed by over 7,000 individual nominating accounts, Polkadot is arguably the most decentralized high-value (and therefore secure) network in existence.”
2020 saw the emergence of projects such as Acala and Moonbeam geared towards enabling Ethereum compatibility, according to Wood.
According to Wood, Polkadot’s development in 2020 grew remarkably with the community boasting over 100 teams and projects working on diverse use cases. “China alone has over 30 teams that are building systems, projects, and components for the Polkadot ecosystem,” Wood added in the 2020 roundup.
Addressing plans for the new year, Wood detected ongoing work on the cross-chain interoperability front as a major focus for 2021. According to the Polkadot founder, Substrate 3.0 which will bring Ethereum compatibility could launch before the end of the first half of next year.