Polkadot’s user account growth has supported the idea that crypto centralization is ending.
Dot Insights has released a new analysis that shows a significant increase in Polkadot’s on-chain activity. The network’s account activity has also increased significantly over the past few weeks.
The two metrics that have been increased refer to the number and activity of Polkadot accounts. These numbers have soared in spite of the turmoil in the wider cryptocurrency market.
The dramatic collapse of FTX, a highly centralized cryptocurrency trading platform, has prompted Polkadot to increase its activity. According to some, FTX was the second-largest cryptocurrency exchange in the world based upon its trading volume. It collapsed, resulting in thousands of investors losing their funds. As bankruptcy proceedings begin, it is unclear if these users will be able recover their losses.
Because they offered consumers an easy way to access crypto, centralized exchanges such as FTX grew quickly in recent years. Recent history shows that many of these centralized exchanges ignored consumer protections in pursuit to profitability, leading to numerous meltdowns that have dragged down the industry.
Centralization is a risk that consumers are now learning the hard way. FTX was not the first to be affected by centralization. Anyone who had funds on Mt. Gox can confirm. It won’t be the first, as several other exchanges have been affected by FTX’s collapse. BlockFi and Gemini are just two examples.
It is obvious that centralized platforms present a significant risk for crypto investors. It’s time for the community not to accept them as a viable alternative.
It is important for the community to remember that crypto was never about making quick money, as many investors in this space believe. Crypto is about true individual ownership and financial self-sovereignty. It’s an alternative financial system where individuals have control over their wallets and can trade, borrow, and lend without the need for a central intermediary. Satoshi Nakamoto, the founder of Bitcoin, saw a way for people to regain control of their finances after the 2008 financial crash. He or she created Bitcoin to address the truth that power corrupts. If someone has control of your money, they will likely abuse that trust. This is evident with crypto, where centralized exchanges misuse customer funds and dig themselves into an endless pit.
Only way forward is to embrace decentralization’s true spirit. Crypto must be managed by its users. It cannot be reliant on corrupt exchanges that are not unlike Wall Street’s bankers.
The good news is that crypto community is paying attention. The number of Polkadot new accounts per day has increased by almost 10 percent in the past two weeks. The number of active accounts grew four times in the same time period. Dot Insights is a project that monitors both the Polkadot ecosystems and Kusama ecosystems. According to Dot Insights’s report, the number of active Polkadot accounts increased by 30% from 1,000 to 4,516 over the past two weeks.

2/ The number daily new accounts on Polkadot have SURGED by almost 10 times in the last 2 weeks, while active accounts increased 4 times! https://t.co/bbHPRVPGcz
— Polkadot (@Polkadot) November 14, 2022

It’s not surprising that people are turning to Polkadot during times of turmoil. Polkadot has been a staunch advocate for decentralization. The news about FTX’s problems hit the headlines at the same time as the spike in daily accounts and active users. This trend accelerated as the scale of the disaster became clear. The liquidity flowing out of FTX can directly explain Polkadot’s growth in activity – people began withdrawing their money from the platform and looked for a safer haven. Your own, non-custodial wallet is safer. Investors realize that their tokens are safer when they are in their own hands, even when times are difficult. Many crypto influencers urged their followers not to use exchanges, but to keep their funds in cold storage.
The increased activity at Polkadot is a sign that the crypto world has moved towards decentralization. Decentralized trading platforms offer many advantages over their centralized counterparts. There is no counter-party risk, transparency or on-chain settlement. Any decentralized platform cannot take risks with customer funds because they don’t actually see them. A well-implemented DeFi-based economy will serve everyone equally and have consumer protection built into its foundation.
There is still much to be done. One of the most difficult problems is how to prevent people losing their private keys and access to their funds. Multi-party cryptography and social guardians have made it possible to solve this problem. DeFi users can say goodbye to seed phrases and regain control of what is theirs.
Disclaimer: This article is intended for informational purposes only. This article is not intended to be used for legal, tax, investment or financial advice.

  

A rise in Polkadot user accounts has supported the idea that crypto’s era of centralization is ending. Dot Insights has revealed a significant increase in Polkadot’s on-chain activity. Account activity on the network has increased significantly over the past few weeks, while at the same time, Dot Insights has just released a new analysis. The two metrics that have increased are the number of active and new accounts on Polkadot. This has been despite the turmoil in the wider cryptocurrency market. The dramatic collapse of FTX, a highly centralized cryptocurrency trading platform, has prompted Polkadot to increase its activity. According to some, FTX was the second-largest exchange in the world based upon its trading volume. The collapse of FTX saw thousands of investors lose their funds. As bankruptcy proceedings begin, it is unclear if these users will be able recoup their losses. Because they offered consumers an easy way to access crypto, centralized exchanges like FTX grew quickly in recent years. Recent history shows that many of these centralized exchanges ignored consumer protections in pursuit to profitability, leading to numerous meltdowns in the industry. Centralization is a risk that consumers are now learning the hard way. FTX was not the first to be affected by centralization. Anyone who had funds on Mt. Gox can confirm. It won’t be the first. Already, many other exchanges have been affected by FTX’s collapse. BlockFi and Gemini are just two examples. It is obvious that central platforms pose a significant risk for crypto investors. It’s time for the community not to accept them as a viable alternative. Crypto is not about making quick money, as many investors in the space believe. Crypto is about true individual ownership and financial self-sovereignty. It’s an alternative financial system where individuals have control over their wallets and can trade, borrow, and lend without the need for a central intermediary. Satoshi Nakamoto, the founder of Bitcoin, saw a way for people to regain control of their finances after the 2008 financial crash. He or she created Bitcoin to address the truth that power corrupts. If someone has control of your money, they will likely abuse that trust. This is evident in crypto with centralized exchanges that misuse customer funds and sink into a pit. The only way forward is to embrace decentralization’s true spirit. Crypto must be managed by its users. It cannot be reliant on corrupt exchanges that look just like Wall Street’s bankers. The good news is that crypto enthusiasts are paying attention. The number of Polkadot new accounts per day has increased by almost 10 percent in the past two weeks. The number of active accounts grew four times in the same time period. Dot Insights is a project that monitors both the Polkadot ecosystems and Kusama ecosystems. According to Dot Insights’s data, the number of Polkadot active accounts increased by 30% from 1,000 to 4,516 over the past two weeks. This represents a 300% increase. It’s not surprising that people are turning to Polkadot during times of turmoil. Polkadot has been a staunch advocate for decentralization. The news about FTX’s problems hit the headlines at the same time as the spike in daily accounts and active users. This trend accelerated as the scale of the disaster became clear. The liquidity flowing out of FTX can directly explain Polkadot’s growth in activity – people began withdrawing their money from the platform and looked for a safer haven. Your own, non-custodial wallet is safer. Investors realize that their tokens are safer when they are in their own hands, even in difficult times. Many crypto influencers urged their followers not to use exchanges and to store their funds in cold storage. The increased activity of Polkadot shows that the crypto community is ready for decentralization. Decentralized trading platforms offer many advantages over their centralized counterparts. There is no counter-party risk, transparency or on-chain settlement. Any decentralized platform cannot take risks with customer funds because they don’t actually see them. A properly implemented DeFi-based economy will serve everyone equally and have consumer protection built into its foundation. There is still much to be done. One of the most difficult problems is how to prevent people losing their private keys and access to their funds. Multi-party cryptography and social guardians have made it possible to solve this problem. DeFi users can say goodbye to seed phrases and regain control of what is theirs. Disclaimer: This article is intended for informational purposes only. This article is not intended to be used for legal, tax, investment or financial advice.