Promising to revolutionize Web3, Polkadot is now almost dead - 13 reasons showing a bleak future

When Polkadot first launched, it created a huge wave in the crypto community. The project raised millions of dollars, promising to revolutionize Web3 and take blockchain to new heights. Yet, just a few years later, Polkadot seems to be fading into obscurity. Is Polkadot really dead, as experts are suggesting? And if so, what has caused one of the most promising names in the crypto world to find itself in its current situation?

Initial Hype: Polkadot Promises a Revolution

The history of Polkadot began in 2017, when the project raised 144 million dollars in a successful ICO in just a few minutes. Soon after, an additional 43 million dollars was raised from subsequent rounds. By 2021, Polkadot had reached new heights with the value of the DOT token reaching 55 dollars and a market capitalization of up to 50 billion dollars.

With parachains, shared security and advanced network design, Polkadot quickly became the name expected to "destroy" Ethereum. Many believe it will be the future of Web3, addressing issues that current blockchains face such as scalability and transaction speed.

Reality: Users do not appear

Despite possessing promising technology, Polkadot faces challenges in attracting real users. There have been no breakthrough applications or loyal user communities emerging. Although parachains have launched, they still lack a breakthrough. By 2025, the total number of daily users across all Polkadot chains is expected to be below 5,000.

Analyst Nonzee (@0xNonceSense), who provided 13 reasons indicating that Polkadot is dying slowly, stated:

"Polkadot is dead. Raised 500 million dollars. Promised a revolution. Now? No users. No developers. No future."

This is a heartbreaking truth for a project that was once highly anticipated.

Developers turn their backs

One of the reasons why Polkadot cannot attract many users is the difficulty in building on this platform. Polkadot uses Rust and Substrate, powerful but quite complex tools that are not friendly to new developers. Compared to Ethereum, which has a more accessible ecosystem, Polkadot feels like a "heavy lifting".

The difficulties in building have caused many developers to give up. Data shows that in 2022, Polkadot had about 2,400 active developers, but by 2024, this number had decreased by nearly half. This is a clear sign that Polkadot is gradually losing its appeal to creators and builders on this platform.

Parachain Auction: An Unsuccessful Bet

One of the unique features of Polkadot is the parachain auction mechanism, where projects must lock up DOT for two years to secure a position on the network. Although this idea initially seems innovative and interesting, in reality, it causes projects to struggle with sustainability and development. The requirement to lock a large amount of capital for an extended period makes Polkadot less flexible and hinders development.

Participants in the ecosystem are gradually withdrawing. Projects are delayed or unable to achieve the expected results. The complex and time-consuming process has diminished the motivation of both users and developers.

Governance: A great vision but not practical

Polkadot has a very bold vision for chain governance, with a decentralized governance mechanism and decisions made through community participation. However, according to Nonzee, this system ultimately fell into the hands of whales, the most influential people in the network. In 2024, over 129 million dollars from the Polkadot treasury were spent without yielding significant results.

The voter turnout rate in governance decisions gradually decreases over time, and the community's trust in this system also weakens. This reduces participation and the sustainable development capacity of the project.

Polkadot 2.0: Too late to save

Polkadot 2.0 launched with significant improvements in consensus speed, scalability, and performance. However, all these upgrades come too late. The crypto world has changed, and Polkadot's improvements are no longer attractive enough to salvage the situation.

As Nonzee pointed out: "Polkadot is fast, scalable, and efficient, but the crypto world has moved on." Other projects, such as Ethereum and Layer-2 solutions, have caught up and surpassed Polkadot in many aspects, making Polkadot's improvements no longer convincing.

The Future of Polkadot: An Open Question

Polkadot was once one of the most prominent projects in the crypto world, expected to change the game and outperform giants like Ethereum. However, after years of glory, Polkadot is now facing a harsh reality: the value of the DOT token has dropped nearly 95% from $55 to below $5.

Source: Nonzee/ XThis not only reflects a decline in value but is also a sign of a death spiral that Polkadot cannot escape. The price chart of DOT now looks like a straight line down, with no signs of recovery or the ability to create any meaningful reversal. Investors, once excited by Polkadot's bright outlook, have now lost faith, and the lack of driving forces has caused this project to gradually fade into oblivion.

Today, Polkadot still exists with its basic architecture and features, including shared security, cross-chain messaging, and parachains. However, the number of users and developers participating in this network is declining.

Ultimately, Polkadot proves a painful truth in the crypto world: great technology alone is not enough to ensure success. No matter how strong the platform is, without users, a community, and development momentum, even the best blockchains can struggle to survive in the long run.

Polkadot was once one of the most anticipated projects, but now it faces a big question: Can it be revived, or is it too late for a Web3 revolution?

Taylor