"The Polkadot Network Surpasses 600,000 Active Addresses, Setting a New Record"

In a recent announcement by Polkadot, it has been revealed that the blockchain platform has achieved an unprecedented milestone in terms of active addresses.

As of the end of March, Polkadot has seen a surge in active addresses on its network, reaching over 600,000, as reported by DotLake and shared in a post on April 7.

The growth in activity within the Polkadot ecosystem signifies a thriving community and increased utilization of the platform's features. Notably, many applications are utilizing dedicated blockspace to maintain network integrity and prevent issues such as network spam.

Among the active addresses, a significant portion, totaling 41%, or 248,000 addresses, can be attributed to Moonbeam, the cross-chain smart contract platform built on Polkadot. Additionally, 191,000 addresses were directly created on the Polkadot network itself, according to data from DotLake.

Furthermore, the number of unique accounts holding non-zero balances has also seen an uptick, surpassing 5.59 million accounts by the end of March. This marks a notable increase from the previous month, where there were 5.53 million such accounts.

The growing activity and user base within the Polkadot ecosystem reflect its increasing prominence and adoption within the blockchain space.

However, despite the surge in active addresses, the total number of transactions on the Polkadot network remains relatively subdued. In March, Polkadot recorded a total of 11.58 million monthly transactions, showing a slight increase from 10.8 million in April but significantly lower than the 31.78 million transactions seen in December 2023.

As for the performance of Polkadot's native token, DOT, it experienced a decline of 3.3% in the 24-hour period leading up to 12:38 pm UTC, trading at $8.95. Currently ranked as the 14th-largest cryptocurrency by market capitalization, DOT has seen a substantial decrease of 83% from its all-time high of $55 reached in November 2021, according to data from CoinMarketCap.

Additionally, the attempt to introduce a new memecoin within the Polkadot community, called DOT is $DED (DED), failed to meet expectations. Launched to capitalize on the memecoin craze and attract more participants to the blockchain, DED gained traction on X starting from March 23. Investors holding Polkadot were promised 36 DED tokens for every 1 DOT held.

However, sentiment among retail investors soured after the team behind DED decided to reduce the initial airdrop allocation from 100% of the token supply to just 5%. This adjustment was made to ensure a longer financial runway for the memecoin, as explained by one of its pseudonymous developers, Giotto De Filippi, during a March 24 X Spaces session.

Despite the initial interest, DED's value is currently hovering slightly above $0.001, with minimal trading activity observed after the airdrop distribution. The DOT/DED trading pair has only accumulated $20,536 in 24-hour trading volume, according to data from the liquidity pool on Hydradx.