Polkadot Sees Record-Breaking Active Addresses, Despite Subdued Transaction Activity

According to CryptoPotato, Polkadot, a multi-chain platform, has seen a surge in activity, as evidenced by the record-breaking number of active addresses on its blockchain. The latest data from Parity Data reveals that Polkadot has accumulated over 605,200 active addresses. Nearly half of these, approximately 248,000, are associated with Moonbeam, a cross-chain smart contract platform. This is followed by 191,000 addresses directly established on Polkadot. The decentralized IoT network Nodle trails behind with 66,063 active addresses, followed by Polkadot’s top parachain protocol Astar, and decentralized liquid staking protocol Bifrost with 24,262 and 16,907, respectively. Acala and Manta captured the sixth and seventh positions for top active addresses with 15,586 and 14,178, respectively. Polkadot commented on this milestone, stating that activity continues to grow in its ecosystem, where many apps use dedicated blockspace to prevent issues like network spam. The platform emphasized its commitment to flexibility without compromising resilience, which ultimately benefits the users. Furthermore, the count of unique accounts holding non-zero balances has been steadily increasing, surpassing 5.59 million by the end of March, compared to 5.53 million at the end of February. However, despite this bustling activity, total transactions on the network remain relatively subdued. In March, Polkadot recorded a total of 11.58 million monthly transactions, a slight increase from April’s 10.8 million but significantly lower than the 31.78 million transactions registered in December 2023. Meanwhile, Polkadot’s native DOT token underwent a modest recovery in tandem with its peer altcoins. Over the past 24 hours, DOT was up by nearly 5% and was trading at $9.03. Last month, Palo Alto venture capital firm Electric Capital claimed that DOT is a crypto to watch in the upcoming cycle.