Polkadot Active Addresses Surge
NAIROBI (Coinchapter.com) - In a major milestone, the number of active addresses on the Polkadot blockchain has surpassed 600,000, setting a new all-time high. The Polkadot network continues to remain active, with many applications taking advantage of dedicated block space to prevent issues such as network spam. This flexibility combined with a focus on resilience has proven to be a winning formula for the project.
Polkadot active address chart. Source: Polkadot
Ecosystem Growth and Decentralization
There is no doubt that the growth of active addresses on Polkadot proves the increase in activity and adoption within the ecosystem. 41% addresses, or 248,000, are attributed to the cross-chain smart contract platform Moonbeam. According to DotLake data, 191,000 addresses were created directly on Polkadot.
The number of unique accounts is also increasing. This number exceeded 5.59 million accounts at the end of March, an increase from 5.53 million at the end of February. This shows that the user base and decentralization of the Polkadot network are steadily growing.
Trading volumes remain low
However, the total transaction volume on the Polkadot network remains low-key. In March, the network recorded 11.58 million monthly transactions, a slight increase, but still far below the 31.78 million transactions recorded in December 2023.
Additionally, despite a slight weakening in transaction activity, the continued growth in active addresses and unique accounts suggests that the Polkadot ecosystem is attracting more users and developers, laying the foundation for future expansion.
Polkadot’s Technical Stance
At the time of writing, Polkadot (DOT) is priced at $9.01, having fallen by 4.84% in the past 24 hours. The price is slightly above the 200-day moving average but slightly below the 50-day moving average, suggesting that support may be at $6.8.
DOT/USD price chart. Source: TradingView
The relative strength index (RSI) is 48, indicating that market sentiment is neutral with no bias towards overbought or oversold. Traders are closely watching the current price as it is within a rising wedge pattern on the one-day chart, a pattern that could signal a reversal or continuation of the trend.
There is no doubt that Phala Network's announcement of a shift from Phat Contracts to AI-Agent Contracts for Smart Agents marks an important shift. This move also highlights Polkadot's commitment to promoting the development, ownership, and monetization of AI in Web3. Phala Network's introduction of AI agent contracts is expected to revolutionize the way artificial intelligence and blockchain technology intersect, enhancing the appeal of the protocol.
AI agent of Phala Network smart agent contract: Source X
Notably, the move to AI agent contracts represents a strategic shift in Phala Network’s integration of artificial intelligence with the Web3 ecosystem. Most importantly, this development will enable the creation, ownership, and economic utilization of decentralized AI agents. As Polkadot welcomes these innovations, it opens up new possibilities in the Web3 space.