- For the second consecutive month, Polkadot’s active addresses reached a new all-time high.
- With two straight months of all-time highs for active addresses, Polkadot blockchain activity has skyrocketed to record heights.
As of the end of April, the network had approximately 650,000 active addresses on-chain, according to data from DotLake. The increase maintains the upward trend that saw the quantity of blockchain addresses in use surpass the 605,000 mark set in March.
This milestone, according to Polkadot, signifies a notable increase in activity and sets a new record for the number of monthly active accounts since the launch of Parachains in 2022.
The primary cause of the increasing number of active addresses is Moonbeam. Polkadot had 136,612 addresses throughout the reporting period, but the parachain accounted for nearly 60% of these addresses, totaling 397,515.
The community is paying close attention to Moonbeam, a Polkadot smart contract parachain that is compatible with Ethereum. The network saw the highest user acquisition rate among Polkadot’s parachains in April, per statistics from Polkadot Insider.
In the meantime, there were 6.8 million unique Polkadot addresses with non-zero balances at the end of April, down from 6.96 million in March. In addition, the network’s overall transaction count decreased marginally from 11.5 million in March to 11.07 million in April.
DOT’s pricing was muted
The network’s native DOT token has not yet seen an improvement in price performance despite Polkadot’s growing metrics.
As of the time of publication, DOT was trading for $6.8, down more than 21% over the previous 30 days. The performance is consistent with the overall pattern seen in the cryptocurrency market during the reporting period, wherein digital assets such as Bitcoin have been unable to attain the higher levels reached earlier in the year.
However, Polkadot’s value is “super low compared to Ethereum,” according to cryptocurrency analyst Michaël van de Poppe, who also claimed that Polkadot was “heavily undervalued” due to the upcoming JAM Upgrade, which will enhance the network’s functionality.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
