Polkadot’s Active Addresses Surge to a Record 600K

NAIROBI (Coinchapter.com) – In a significant milestone, the number of active addresses on the Polkadot blockchain has surpassed 600,000, setting a new all-time high. The Polkadot network continues to see increased activity, with many applications leveraging dedicated blockspace to prevent issues like network spam. This flexibility, combined with a focus on resilience, has proven to be a winning formula for the project.

Ecosystem Growth and Decentralization

Certainly, the growth in active addresses on Polkadot is a testament to the increasing activity and adoption within the ecosystem. Over 41% of these addresses, or 248,000, are attributed to the cross-chain smart contract platform Moonbeam. According to DotLake data, 191,000 addresses were created directly on Polkadot.

Moreover, the number of unique accounts with non-zero balances has also been increasing. This number surpassed 5.59 million accounts at the end of March, a rise from 5.53 million at the end of February. This indicates a steadily growing user base and expanding decentralization within the Polkadot network.

Transaction Volume Remains Subdued

However, the total transaction volume on the Polkadot network remains subdued. In March, the network saw 11.58 million monthly transactions, a slight increase from 10.8 million in April but still far below the 31.78 million transactions recorded in December 2023.

Moreover, despite the muted transaction activity, the continued growth in active addresses and unique accounts suggests that the Polkadot ecosystem is attracting more users and developers, laying the groundwork for future expansion.

Polkadot’s Technical Stance

At the time of writing, the price of Polkadot (DOT) is trading at $9.01, down 4.84% in the last 24 hours. The price is hovering above the 200-day moving average but slightly below the 50-day MA, indicating a potential support level at $6.8.

The Relative Strength Index (RSI), at 48, suggests a neutral market sentiment without veering into overbought or oversold territory. Traders are closely watching the current price, as it sits within a rising wedge pattern on the one-day chart—a pattern that can signal trend reversals or continuations.

Certainly, Phala Network’s announcement of transitioning from Phat Contracts to AI-Agent Contracts for Smart Agents marks a pivotal shift. In addition, this move underscores Polkadot’s commitment to fostering the development, ownership, and monetization of AI in Web3. Phala Network’s introduction of AI-agent contracts is poised to revolutionize the way AI and blockchain technologies intersect, enhancing the protocol’s appeal.

Notably, the transition to AI-Agent Contracts represents Phala Network’s strategic redirection towards integrating AI with the Web3 ecosystem. Above all, this development is set to catalyze the creation, ownership, and economic utilization of decentralized AI agents. As Polkadot welcomes these innovations, it sets the stage for a new realm of possibilities within the Web3 domain.