Polkadot Network Hits Milestone, Surpasses 600,000 Active Addresses

Polkadot's network activity has seen a surge, with active addresses reaching an all-time high of over 600,000 in March. Cross-chain platform Moonbeam significantly contributed to this growth, accounting for 41% of active addresses. Despite the rise in active addresses, total transactions remain subdued, and Polkadot's DED memecoin has failed to gain traction post-airdrop.

Polkadot Network Records Surge in Active Addresses, Surpassing 600,000 Mark

The Polkadot blockchain has achieved a significant milestone, reaching an unprecedented high in active addresses on its network. By the conclusion of March, as per data compiled by DotLake and disseminated by Polkadot on April 7, the network had amassed an impressive 600,000 active addresses.

This surge in activity is attributed to the expanding Polkadot ecosystem, where numerous applications leverage dedicated blockspace to circumvent network congestion and spam. According to DotLake's data, a substantial portion of the active addresses, totaling 248,000 or approximately 41%, can be attributed to Moonbeam, a cross-chain smart contract platform. Additionally, 191,000 addresses were established directly on the Polkadot blockchain.

Furthermore, the number of unique accounts possessing non-zero balances is also witnessing a steady upward trend. At the end of March, this metric exceeded 5.59 million accounts, reflecting a notable increase from the 5.53 million accounts recorded at the end of February.

Despite the encouraging rise in active addresses and unique accounts, total transactions on the Polkadot network remain relatively subdued. In March, Polkadot processed approximately 11.58 million monthly transactions, marking a modest increase compared to the 10.8 million transactions in April. However, this figure remains considerably lower than the peak of 31.78 million transactions recorded in December 2023.

Polkadot's DED Memecoin Fails to Gain Traction

In an attempt to capitalize on the prevailing popularity of memecoins and attract a wider audience to the blockchain, the Polkadot community launched its own memecoin, DOT is $DED (DED). This memecoin garnered significant attention on March 23, sparking a surge in discussions on social media platforms. Polkadot holders were eligible to receive 36 DED tokens for every 1 DOT they possessed.

However, investor sentiment quickly soured when the team responsible for DED reduced the initial airdrop allocation from 100% of the token supply to a mere 5% in order to extend the financial runway for the memecoin. This decision, as explained by one of the project's pseudonymous developers, Giotto De Filippi, during a March 24 video call on Spaces, contributed to the negative sentiment among investors.

Currently, DED is valued at approximately $0.001, with minimal interest observed following the airdrop distribution. The DOT/DED trading pair on Hydradx liquidity pool has recorded a meager $20,536 in 24-hour trading volume, indicating a lack of liquidity and traction for the memecoin.