3 possible reasons why Polkadot is playing second fiddle in the L1 race

In the L1 race, Polkadot is struggling to catch up. Since no bridge was released connecting DOT with Ethereum in 2021, DeFi lovers favored other tokens to DOT.

1/23/2022 5:00:00 PM

In the L1 race, Polkadot is struggling to catch up. Since no bridge was released connecting DOT with Ethereum in 2021, DeFi lovers favored other tokens to DOT.

The timing of parachain auctions and the lack of interoperability with Ethereum may have impacted Polkadot’s token price and its competitiveness against other layer-1 protocols.

FTM/USDT vs. AVAX/USDT vs. ATOM/USDT vs. DOT/USDT daily chart. Source: TradingViewSetting aside the specific capability that each protocol offers in terms of transactions per second and time to finality, here are several factors that may have played a role in DOT's laggard performance when compared to other L1 competitors.

Interoperability is a key factorOne of the major themes of 2021 was cross-chain interoperability between separate blockchain networks, with a bridge to Ethereum being the most important connection to establish due to the fact that a majority of projects currently run on the network.

Read more: Cointelegraph »

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Another article detracting Polkadot, oddly coinciding with the launch of MoonbeamNetwork and AstarNetwork. Things that make you go, hmmm... These guys predicted Solana at 500$ last year, everything is said. XinFin will be the biggest revolutionary asset. 0Doubts EVM Compatible AstarNetwork (Polkadot) bridge to cosmos IBC ecosystem will be ready this quarter (via oct_network). ETH bridge to Polkadot already exists

boscolochris By integrating DAO into its system, CISLA is on the right track to transforming the digital space. That's only a small snapshot of what CryptoIsland can able to do. Everything looks to be moving in the direction of decentralization. CryptoislandDAO privateisland CISLA ASTAR bridge ( $ASTR ) connects Polkadot with ETH

How did they not notice this?! it will kill the market!! What are you smoking? Polkadot $DOT is the main rival of Ethereum and like many other cryptocurrencies it relies on how the King Bitcoin behaves. Laggards are dangerous in near term of this bearish time, regardless of their past worths

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Let others favour other coins/tokens. $Dot time will come. Must. Have. Patience. 🥴🤤 I believe $DOT is one of the top plays of 2022. Should reach $55 stabilize then soar past $100. Consolidation around $90-$95. We don't buy bitcoin We earn bitcoin From Mining I'm ready to show 10 lucky people how to earn 0.1BTC ($3,500) and more daily! No referral No withdrawal fees If interested, kindly send a DM

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) underperformed, comparatively speaking, despite the high expectations many had for the sharded multi-chain protocol. FTM/USDT vs. AVAX/USDT vs. ATOM/USDT vs. DOT/USDT daily chart. Source: TradingView Setting aside the specific capability that each protocol offers in terms of transactions per second and time to finality, here are several factors that may have played a role in DOT's laggard performance when compared to other L1 competitors. Interoperability is a key factor One of the major themes of 2021 was cross-chain interoperability between separate blockchain networks, with a bridge to Ethereum being the most important connection to establish due to the fact that a majority of projects currently run on the network. Protocols like Fantom, Binance Smart Chain, Avalanche and Harmony developed cross-chain bridges and this led to a noticeable bump in their token price, total value locked and on-chain activity. Despite the fact that Polkadot was specifically designed to offer multi-chain support as a “layer-zero” meta protocol, there was no major release of a bridge that connected Polkadot with Ethereum in 2021 and this left the protocol unloved by crypto traders looking to engage with DeFi and NFTs. Cosmos, likewise, didn’t see the release of a major bridge that connected its ecosystem with Ethereum, but there were minor integrations like the addition of Ether as a collateral asset on Terra which demonstrated that cross-chain compatibility was possible. The late launch of parachain auctions As 2021 came to a close, all of the previously mentioned networks were seeing a healthy amount of activity and cross-protocol interactions while projects on Polkadot were still finalizing their preparations to launch on the mainnet. This was in part due to the fact that the parachain auctions for Polkadot didn’t begin until November 11 when Moonbeam (GLMR), an Ethereum-compatible smart contract parachain, secured the first slot. DOT saw its price rise to an all-time high of $55 on Nov. 4 as those interested in contributing to the parachain auctions secured their tokens, but by the time the auctions had officially started its price was already on the downslope toward a low of $23.28 on Jan. 10. Moonbeam official went live on the Polkadot network on Jan. 11 and has managed to rack up more than 1 million transactions as users were finally able to transfer ERC-20 tokens into the Polkadot ecosystem. ⚡​ ONE MILLION TRANSACTIONS ⚡️