Polkadot Ecosystem Continues to Thrive
In the first quarter of 2024, the Polkadot ecosystem reached a new record in the number of active addresses, totaling 514,000 per day. This represents a 48% increase from the previous reporting period and a remarkable growth of 192% over the last six months, according to the latest report from research company Messari.
Despite the impressive activity in the network, the revenue of Polkadot has shown fluctuations. In the fourth quarter of 2023, revenue soared to 2.8 million dollars, a significant 2880% increase compared to the previous quarter, attributed to the rise of Inscriptions, a new type of asset resembling Bitcoin NFTs. However, in the first quarter of 2024, revenue plummeted to 241,000 dollars, marking a 91% decrease due to market conditions and network changes.
Experts compared revenue from the first quarter of 2024 with the third quarter of 2023 and observed a rise of 249%, highlighting the income volatility of Polkadot. The network’s revenue tends to be lower compared to competitors, mainly due to its structural design.
The DOT token, used for staking and voting, has 52% of its coins locked in staking. With no maximum supply limit in its tokenomics, the long-term prospects of DOT may be affected.
Recent milestones for Polkadot include the launch of the Join-Accumulate Machine (JAM) virtual machine, integrating Ethereum and Polkadot features, as well as the approval of proposal 457 to diversify the network’s treasury with stablecoins like USDT and USDC.
Manta Network, built on Polkadot, has also experienced growth, with the launch of the MANTA token and its listing on Binance contributing to a locked value surpassing 440 million dollars and an increase in active addresses to 15,000.
Currently, DOT holds the 15th spot in cryptocurrency market capitalization, with a valuation of 9.6 billion dollars and a trading price of 7.06 dollars per coin, despite a 14% decrease since the start of the year.
