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.

Messari Polkadot Q1 2024 Report: Daily Active Addresses Exceed 510,000, Setting a New Historical High

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.

Messari Polkadot Q1 2024 Report: Daily Active Addresses Exceed 510,000, Setting a New Historical High

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.

Messari Polkadot Q1 2024 Report: Daily Active Addresses Exceed 510,000, Setting a New Historical High

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.

Messari Polkadot Q1 2024 Report: Daily Active Addresses Exceed 510,000, Setting a New Historical High

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.

Messari Polkadot Q1 2024 Report: Daily Active Addresses Exceed 510,000, Setting a New Historical High

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.

Messari Polkadot Q1 2024 Report: Daily Active Addresses Exceeding 510,000 Hits All-Time High

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.

Messari Polkadot Q1 2024 Report: Daily Active Addresses Exceed 510,000, Setting a New Historical High

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.

Messari Polkadot Q1 2024 Report: Daily Active Addresses Exceed 510,000, Setting a New Historical High

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.

Messari Polkadot Q1 2024 Report: Daily Active Addresses Exceed 510,000, Setting a New Historical High

Messari Polkadot Q1 2024 Report: Daily Active Addresses Exceed 510,000, Setting a New Historical High

Messari Polkadot Q1 2024 Report: Daily Active Addresses Exceed 510,000, Setting a New Historical Record

Messari Polkadot Q1 2024 Report: Daily Active Addresses Exceed 510,000, Setting New Historical High

Messari Polkadot Q1 2024 Report: Daily Active Addresses Exceed 510,000, Setting a New Historical High

Messari Polkadot Q1 2024 Report: Daily Active Addresses Exceed 510,000, Setting a New Historical High

Messari Polkadot Q1 2024 Report: Daily Active Addresses Exceed 510,000, Setting New Historical High

Messari Polkadot Q1 2024 Report: Daily Active Addresses Exceed 510,000, Setting a New Historical High

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SignatureVerifiervip
· 07-08 13:50
hm... these growth metrics need independent verification. statistically improbable jumps tbh
Reply0
TokenRationEatervip
· 07-08 09:15
How many years without seeing, how many years without a rise.
View OriginalReply0
MEVictimvip
· 07-06 08:46
I've been waiting for you this year, little Polkadot.
View OriginalReply0
MetaMaskVictimvip
· 07-06 08:45
Polkadot has slowly simmered and finally made it.
View OriginalReply0
GasFeePhobiavip
· 07-06 08:32
Bull, when will the price catch up with the rise?
View OriginalReply0
MetaLord420vip
· 07-06 08:17
Polkadot yyds buy and collect
View OriginalReply0
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