Polkadot (DOT), one of the prominent blockchain networks in the crypto space, experienced a 16% decline in market capitalization in the third quarter (Q3) of 2023, according to a recent report from Messari.
This decline came after a moderate downturn in the overall cryptocurrency market during Q3, despite favorable court rulings for XRP and Grayscale. The total crypto market capitalization declined by 5.8%, with Bitcoin (BTC) and Ethereum (ETH) falling by 7.5% and 10.0%, respectively.
Polkadot Closes Q3 With $5.2 Billion Market Cap
As reported by Messari, Polkadot’s market capitalization closed at $5.2 billion, positioning it as the 13th largest crypto asset by market cap in Q3 2023 (currently 15th).
Polkadot’s financial structure is based on a weight-based fee model, which differs from the gas-metering model in other networks, such as Ethereum.
Transaction fees in Polkadot are determined and charged before execution, with the calculation comprising a weight fee reflecting comp
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