Polkadot Achieves One Million Transactions in a Day
Polkadot’s relay chain has reached a significant milestone by processing one million transactions in a single day. This surge in activity is driven by inscriptions embedded in the transactions. A crypto commentator on Twitter highlighted that this surpasses the previous record of 941,000 transactions on May 5, 2021. If this trend continues, daily transactions on Polkadot could potentially reach 3.6 million. The network’s Relay Chain is currently supporting this demand with the help of 50 parachains.
Polkadot’s Uptrend Fueled by Inscriptions
Inscriptions play a crucial role in driving on-chain transactions and revenue for Polkadot. Similar to Bitcoin’s Ordinals, inscriptions serve as data embeds within the transactions. Additionally, Polkadot has experienced significant revenue growth, with a 300% increase in the last seven days. This places Polkadot as the second highest blockchain by revenue rate, following Avalanche which saw a 1200% rise.
Monthly Revenue Up 500%
Polkadot’s financial performance has been impressive, with its price (DOT) showing double-digit gains across hourly, daily, and monthly charts. The circulating market cap for Polkadot has exceeded $10 billion, a spike of 24%. Revenue over the last 30 days has also increased by 500%, aligning with the growth in network fees. The blockchain’s transaction rate has significantly escalated to about 250,000 per hour or between 400 and 450 transactions per block.
Hot Take: Polkadot Demonstrates Strong Growth in Transactions and Revenue
Polkadot’s recent performance showcases its strength in terms of transaction rates and revenue growth. However, there has been a negative trend in developer activity within the ecosystem. Despite this, Polkadot remains a promising pick in the crypto space.
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