Polkadot blockchain activity has surged to unprecedented levels, marked by consecutive months of record-breaking active addresses.

DotLake data reveals that the network boasted approximately 650,000 active addresses on-chain by the end of April, continuing the upward trajectory that surpassed the previous high of 605,000 in March.

Polkadot views this achievement as a significant milestone, representing a surge in activity and establishing a new all-time high for monthly active accounts since the introduction of parachains in 2022.

The substantial increase in active addresses is largely credited to Moonbeam, a smart contract parachain compatible with Ethereum on Polkadot. During the reporting period, Moonbeam accounted for over 60% of these addresses, totaling 397,515, while Polkadot alone had 136,612 addresses.

Moonbeam's Ethereum compatibility has garnered significant attention from the community, as evidenced by data from Polkadot Insider showing the highest user acquisition among Polkadot's parachains in April.

However, Polkadot experienced a slight decrease in the number of unique addresses with non-zero balances, declining from 6.96 million in March to 6.8 million at the end of April. Additionally, the total number of transactions on the network saw a modest dip to 11.07 million in April, slightly down from 11.5 million in March.

Despite the positive performance metrics, Polkadot's native token, DOT, has not witnessed a corresponding increase in price. DOT's price has declined by more than 20% in the last 30 days, currently standing at $6.9. This trend aligns with the broader crypto market, which has struggled to reclaim earlier highs.

Crypto analyst Michaël van de Poppe believes that Polkadot is undervalued and anticipates a price increase with the upcoming JAM Upgrade, which is expected to enhance the network's functionality.