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Polkadot's daily active users reached a new high in Q1, with XCM message volume surging by 314%, demonstrating strong momentum in ecosystem development.
Messari: Overview of Polkadot Q1 2024 Report
The Polkadot ecosystem maintained strong momentum in the first quarter of 2024. The number of daily active addresses reached a historic high of 514,000, a month-on-month increase of 48%, and a growth of 192% over six months. Moonbeam continues to lead, while Manta Network shows the most significant growth.
The volume of XCM messages has also reached a new high, with a month-on-month increase of 94% and a growth of 314% over the past six months. The number of XCM messages and channels is steadily increasing each quarter.
Polkadot founder Gavin Wood proposed the concept of Join-Accumulate Machine (JAM), which is a scalable virtual machine that integrates the features of Ethereum and Polkadot, aimed at enhancing cross-chain interaction efficiency and security.
The referendum 457 has been passed, which will introduce USDT and USDC into the Polkadot treasury and allow for financial proposals priced in stablecoins. The proposal plans to exchange 3.4 million DOT through the dollar-cost averaging feature of HydraDX.
As of the end of the first quarter of 2024, the Polkadot treasury holds approximately 37 million DOT (worth $347 million), a decrease of 5.3% in USD terms and a decrease of 16% in DOT terms compared to the previous quarter.
In terms of development, Polkadot continues to maintain its industry-leading position. According to data from Electric Capital, Polkadot had an average of nearly 2,100 developers in December 2023, of which 792 were full-time.
The governance model OpenGov of Polkadot continues to promote increased participation. The number of referendums has risen to 217, a month-on-month increase of 5%, and a growth of 57% over the past six months.
In terms of parallel chains, there were a total of 8 auctions in the first quarter of 2024, bringing the total to 66. These auctions were bound by 1 million DOT, setting a record for the highest amount since the second quarter of 2022.
Looking to the future, the Polkadot community will continue to advance the development of Polkadot 2.0. Technologies under development such as Agile Coretime, on-demand parachains, and Elastic Scaling are expected to bring further growth and innovation to the ecosystem.