According to Messari reportThe Polkadot (DOT) blockchain protocol made significant progress in terms of market capitalization, revenue, and Cross-Consensus Message Format (XCM) activity in the first quarter (Q1) of this year, while also recording a record increase in daily active addresses. .
DOT market capitalization surges 16% QoQ
During the fourth quarter of 2023, Polkadot’s market cap grew 111% quarter-over-quarter (QoQ), reaching $8.4 billion. Based on this momentum, QoQ will increase by a further 16% in the first quarter of 2024. Circulating Market Capitalization It amounts to $12.7 billion.
Despite these gains, DOT’s market capitalization remains 80% below its all-time high of $55.5 billion set on November 8, 2021.
In the fourth quarter of 2023, Polkadot’s revenue also surged 2,880% QoQ, reaching $2.8 million. According to the report, this surge is largely due to the exponential growth of external factors driven by Polkadot Inscriptions.
but, profit indicator In the first quarter of 2024, there was a significant decline on a QoQ basis. USD revenue decreased 91% to $241,000 and DOT revenue decreased 92% to $28,800. It is worth noting that Polkadot’s revenues tend to be relatively low compared to its competitors due to the structural design of the network.
Polkadot’s XCM activity continued to grow in the first quarter of 2024. Daily XCM transfers increased 89% QoQ to 2,700, while non-asset transfer use cases known as “XCM Other” increased 214% QoQ to an average of 185 transfers per day.
total number Daily XCM message The number increased by 94% QoQ to 2,800, proving the network’s dynamic ecosystem. Additionally, the number of active XCM channels increased by 13% compared to the previous quarter, reaching a total of 230.
Polkadot’s parachain network soars to new heights.
The first quarter of 2024 marks a significant launch for Polkadot’s parachain, with active addresses Best ever This represents significant growth of 48% QoQ to 514,000.
Moonbeam emerged as the top parachain with 217,000 monthly active addresses, a 110% QoQ increase. Nodle has 54,000 monthly active addresses, double the number from the previous quarter.
On the other hand, Astar grew 8% quarter-on-quarter to reach 26,000 active addresses, and Bifrost Finance grew slightly 2% quarter-on-quarter to reach 10,000 addresses. But Acala has seen a decline. Monthly active addresses decreased 16% QoQ to 13,000.
especially, manta network Among parachains, the number of daily active addresses surged significantly in the first quarter of 2024, reaching 15,000. According to Messari, this increase was driven by the successful launch of the MANTA token TGE and its subsequent listing on Binance, which increased Manta’s total value locked (TVL) to over $440 million.
Polkadot price sees upside potential in the future.
In terms of price action, Polkadot’s native token, DOT, has regained bullish momentum after reaching a yearly high of $11 on March 14 before its price plummeted to $5.8.
Currently, DOT has recovered to the $7.25 level, up 7% compared to last week. However, according to CoinGecko, DOT’s trading volume reached $320 million in the last 24 hours, down slightly by 4.7% compared to the previous trading session. data.
If the bullish momentum continues, Polkadot will face its first resistance in the $7.4 area. This is the final threshold before a possible retest of the $8 resistance barrier.
Meanwhile, the $6.4 support level has been tested and proven successful on two consecutive days this week, highlighting its importance as a key level to watch for the token’s upside prospects.
Featured image from Shuttestock, chart from TradingView.com
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