币界网报道：Polkadot's native token DOT has plummeted over 91% from its all-time high amid declining user and developer engagement on the network. The blockchain platform, once hailed as an "Ethereum killer," now faces waning interest as key metrics show shrinking activity. Daily active addresses have dropped from 53,000 in early 2022 to just 11,000 currently, while developer participation has decreased by 16% year-over-year. The network's treasury, which holds over 40 million DOT tokens worth approximately $250 million, continues funding projects at a rapid pace, spending $87 million in the past year. However, critics argue this spending hasn't translated into meaningful ecosystem growth. Polkadot's unique architecture of interconnected parachains, while technologically innovative, has struggled to gain mainstream adoption. The platform's governance system has also faced criticism for being overly complex. Despite these challenges, Polkadot's founder Gavin Wood remains optimistic, recently announcing plans to transition to a more flexible "JAM" protocol. Meanwhile, competing layer-1 blockchains like Solana and Ethereum continue attracting greater developer attention and capital inflows, leaving Polkadot struggling to maintain its position in the crowded smart contract platform space.