Polkadot Hits Record 600K Active Addresses


Polkadot (DOT), the blockchain platform designed to enable interoperability between blockchains, has reached a significant milestone with a record-breaking 600,000 active addresses.    

Polkadot Hits New All-Time High. 

According to data from DotLake, shared in an April 7 post by Polkadot, the blockchain network has exceeded 600,000 active addresses at the end of March. 

“Activity continues to grow in the Polkadot ecosystem, where many apps use dedicated blockspace to prevent issues like network spam,” Polkadot said. 

The rise in active addresses indicates a growing interest in Polkadot’s unique strategy for solving the scalability and interoperability issues commonly faced by traditional blockchain networks.  

Unlike many protocols, Polkadot uses a multi-chain framework that allows multiple blockchains to operate concurrently, all interconnected through a central relay chain. 

According to data from DotLake, over 41% of the 605,00 addresses, or 248,000, are associated with the cross-chain smart contract platform Moonbeam, while 191,000 addresses were directly created on the Polkadot network.  

Additionally, the number of unique accounts holding non-zero balances is increasing steadily, reaching over 5.59 million by the end of March, compared to 5.53 million at the end of February.   

Polkadot’s Transactions

Interestingly, Polkadot recorded 11.58 million monthly transactions in March, a slight increase from 10.8 million in April, yet lower than the 31.78 million transactions recorded in December. However, the total transaction volume on the network continues to remain subdued.

As of 12:38 pm UTC, DOT had decreased by 3.3% over the past 24 hours, trading at $8.95, making it the 14th largest crypto asset by market cap. According to CryprocurrenciesToWatch, DOT is currently 83% down from its all-time high of $55, which it achieved on November 4, 2021. 

Polkadot’s Memecoin

Meanwhile, to seize the moment of the ongoing memcoin craze and attract more participants to the blockchain, the Polkadot community initiated its memecoin, $DED (DED).  

The memecoin started trending on the X platform on March 23. Investors holding Polkadot could receive 36 DED tokens for each 1 DOT held.  

DED is currently at $0.0000001383, of which it accumulated limited interest following the airdrop distribution. According to the liquidity pool on Hydradx, the trading pair DOT/DED recorded $20,536 in volume over the last 24 hours.