He raised millions, promised a web3 revolution and launched one of the most advanced blockchain systems ever built. But where is Polkadot now?
Crypto Trader and Analyst Nonzee (@ 0xnoncesense) has just dropped a wire on X which makes waves. It is a 13-point post-mortem on the reasons why Polkadot quickly fades.
“Polkadot is dead. Collected $ 500 million. Promised a revolution. NOW? No users. No developers. No future. “
Harsh? Yes. But the thread deeply plunges into the way one of the biggest names in the crypto has lost momentum and why even a brilliant technology does not always survive.
Join us while we break it down.
It started with a massive threshing
In 2017, Polkadot collected $ 144 million in ICO in a few minutes. Another $ 43 million went through the later towers. By 2021, he looked unstoppable. Dot reached $ 55. Its market capitalization has pushed $ 50 billion.
Everyone called her the next great thing, in fact, her name was the killer of Ethereum. And with paratroopers, shared security and advanced design, it look Like the future of web3.
But users have never come
Despite the technology, Polkadot had trouble getting real users.
“No killer application, no sticky users,” wrote Nonzee.
Parachians have embarked on, but none have taken off. The network remained empty. By 2025, total daily users of all the channels had fallen below 5,000.
The developers also left
Based on Polkadot was not easy. He used rust and substrate – powerful tools, but difficult to learn. Compared to the adventive ecosystem of Ethereum developers, it was like a job. The developers have slowly evolved.
In 2022, Polkadot had around 2,400 active developers. By 2024, this number had almost halved.
Parachain auctions turns off
Lock dowry for two years to win a parachain location? It seemed innovative, but he drained momentum and locked capital.
The projects have slowed down. Users have withdrawn. It was too complex to maintain energy and growth.
Governance is in disorder
Polkadot had a bold vision of chain governance. But according to non-Zea, he found himself controlled by the whales. In 2024 only, more than $ 129 million in the treasury were spent with little to show.
The participation rate has dropped. The same goes for confidence.
Technological improvements came but no one noticed
Polkadot 2.0 launched with large improvements: faster consensus, agile planning, better scalability. But it was too late.
“It was fast. Efficient. But the world had already evolved.”
What is left today?
Architecture is still working. Shared security. Interchaine messaging. Everything is still there, but barely no one uses it.
DOT is negotiated less than $ 5. Most of the media shuffle has disappeared. As no Zee says:
“Polkadot proves that technology is not equal to traction.”
A difficult truth in the crypto: Building large systems is not enough. Without users, narratives and momentum – even the best channels may not survive.
