Polkadot Witnesses Surge in Active User Activity
NAIROBI (Coinchapter.com) – Achieving a significant milestone, the number of active addresses on the Polkadot blockchain has exceeded 600,000, reaching an all-time high. The Polkadot network continues to experience a surge in activity, with numerous applications utilizing dedicated blockspace to prevent network spam. This adaptability, combined with a focus on resilience, has proven to be a successful formula for the project.
Chart showing active addresses on Polkadot. Source: Polkadot
Ecosystem Growth and Decentralization
The growth in active addresses on Polkadot is a clear indication of the increasing activity and adoption within the ecosystem. Of these addresses, 41%, or 248,000, are attributed to the cross-chain smart contract platform Moonbeam. According to data from DotLake, 191,000 addresses were directly created on Polkadot.
Number of unique accounts. Source: Dotlake
Furthermore, the number of unique accounts with non-zero balances is also on the rise. By the end of March, this number had surpassed 5.59 million accounts, an increase from 5.53 million at the end of February. This signifies a continuously growing user base and expanding decentralization within the Polkadot network.
Transaction Volume Remains Subdued
However, the total transaction volume on the Polkadot network remains relatively low. In March, the network recorded 11.58 million monthly transactions, a slight increase from 10.8 million in April, but still significantly lower than the 31.78 million transactions observed in December 2023.
Despite the modest transaction activity, the ongoing growth in active addresses and unique accounts suggests that the Polkadot ecosystem is attracting more users and developers, laying a solid foundation for future expansion.
Polkadot’s Technical Outlook
As of now, the price of Polkadot (DOT) is trading at $9.01, experiencing a 4.84% decline in the past 24 hours. The price is currently above the 200-day moving average but slightly below the 50-day MA, indicating a potential support level at $6.8.
DOT/USD price chart. Source: TradingView
With a Relative Strength Index (RSI) of 48, the market sentiment for Polkadot remains neutral, without venturing into overbought or oversold territory. Traders are closely monitoring the current price, as it resides within a rising wedge pattern on the one-day chart, a pattern that can signal trend reversals or continuations.
Phala Network’s Technological Advancements
Significantly, Phala Network’s announcement of transitioning from Phat Contracts to AI-Agent Contracts for Smart Agents marks a pivotal shift. This move underscores Polkadot’s commitment to promoting the development, ownership, and monetization of AI in Web3. The introduction of AI-agent contracts by Phala Network is set to revolutionize the intersection of AI and blockchain technologies, enhancing the protocol’s appeal.
Phala Network AI-Agent Contract for Smart Agents: Source X
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 expected to catalyze the creation, ownership, and economic utilization of decentralized AI agents. As Polkadot embraces these innovations, it paves the way for a new realm of possibilities within the Web3 domain.
