Despite the community failing to bring more attention to the protocol, Polkadot’s blockchain has achieved a new all-time high in active addresses, surpassing 600,000 by the end of March. Among these active addresses, over 41% are attributed to Moonbeam, the cross-chain smart contract platform.

While total transactions on the network remain subdued, the increasing number of unique accounts with non-zero balances indicates a growing user base within the Polkadot ecosystem.

Record-Breaking Active Addresses on Polkadot

According to data from DotLake, Polkadot has witnessed a surge in active addresses, surpassing the 600,000 mark by the end of March. This milestone highlights the increasing activity and engagement within the Polkadot ecosystem, showcasing its robustness and appeal to users.

A significant portion of Polkadot’s active addresses—over 41%—is attributed to Moonbeam. This dominance underscores Moonbeam’s popularity and utility within the Polkadot ecosystem. Moonbeam’s ability to enable developers to deploy decentralized applications (dApps) across multiple blockchains seamlessly has contributed to its strong presence in the network.

Growth in Unique Accounts and Transactions

Number of unique accounts: DotLake

While the total number of transactions on the Polkadot network remains relatively low, the number of unique accounts with non-zero balances continues to rise. By the end of March, these unique accounts had surpassed 5.59 million, indicating a steady growth in Polkadot’s user base and adoption.

Despite the positive developments within the Polkadot ecosystem, the price of the DOT token has experienced a decline of 16.4% over the past month. As of the latest data from CoinMarketCap, the DOT token was trading at $8.24, reflecting a 4.5% decrease over 24 hours. Despite this decline, the increasing activity and engagement within the Polkadot ecosystem suggest that the platform’s long-term prospects remain promising.

DED Memecoin Fails to Deliver

To capitalize on the memecoin frenzy, the Polkadot community launched $DED (DED) on March 23. Users holding Polkadot were eligible for 36 DED tokens for every 1 DOT held. However, retail sentiment soured after the team reduced the initial airdrop allocation from 100% of the token supply to just 5%.

This move aimed to create a longer runway for the meme coin, but it resulted in little interest following the airdrop distribution. DED is currently worth a little over $0.001, with the DOT/DED trading pair amassing only $20,536 in 24-hour trading volume, according to the liquidity pool on Hydradx.

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Filed under: Bitcoin - @ April 11, 2024 2:21 pm