🚨 Polkadot is so DEAD: #1 dev exodus, #2 community proposes to convert $DOT to Bitcoin, wtf! 🤢 #3 marketing over innovation 🙄 I really was a big fan of Polkadot, they raised $144M in minutes back in 2017 and another $43M in private rounds. By 2021, it looked unstoppable, the “Ethereum killer” was born. Great innovations like parachains to make the blockchain faster, a large Kusama network. Today, I can't ignore the warning signs around Polkadot any more, almost no devs, no applications.Here's what's happening:📉 Developer Exodus: While Polkadot once boasted impressive developer activity with 1400 monthly active devs in 2022, development activity declined over the past 30-day period 💰
The $50M Bitcoin pivot is the most controversial move: The Polkadot community is actively discussing a proposal to create a Bitcoin reserve by converting 500,000 $DOT into $BTC. At current prices, that's roughly $2-3 million (not $50M as initially thought). THE MESSAGE is clear: even Polkadot's own community is hedging their bets with Bitcoin 🙄🎯 Marketing over new applications: The shift is palpable. Less coding, more marketing.
The last move: since yesterday, Polkadot has their own Yapper “leaderboard” at Kaito. The focus has moved from building revolutionary tech to just trying to stay relevant, with limited success.👥 Founder Gavin Wood stepped down as CEO of Parity Technologies back in 2022. Wood, a longtime crypto developer who co-founded Polkadot after exiting the Ethereum Foundation in 2015, will remain a majority shareholder in Parity Technologies. He cited wanting to focus on making Polkadot “more relevant to large swathes of the population”. Nothing has happened since.Bottom Line: DOT is down over 95% from its ATH, developer activity is declining, and the community itself is proposing to convert treasury funds to Bitcoin. We need projects which bring added value to people, which bring a 🦋pic: adapted from X/nonzee 😉