Polkadot (DOT) has reached a significant milestone by processing over one million transactions in a single day. This peak in activity is attributed to the execution of inscriptions, similar to Ordinals on the Bitcoin network, which serve as data placements on blockchains. The increase in network activity has been highlighted by crypto analyst Asynchronous, who notes that if the trend continues, daily transactions on the network could potentially rise to 3.6 million, surpassing the previous high of 941,000 transactions recorded on May 5, 2021.
Inscriptions have been a positive force for on-chain transactions and network revenue since their introduction this year. Polkadot, with the support of inscriptions, has recently emerged as a significant force in boosting network revenue. According to Polkadot Insider, the network has seen a revenue increase of over 300% in the last seven days, ranking it second among the top networks by revenue rate, behind Avalanche (AVAX), which recorded an increase of over 1200%.
The DOT token itself is also showing strength, with its price trading above $8 at the time of writing. DOT is exhibiting double-digit growth across hourly, daily, and monthly timeframes, reflecting the network’s robust performance.
Data from Token Terminal indicates that Polkadot’s market value has increased by 24%, reaching $10 billion. In the last 30 days, the revenue generated has risen by 500%, in line with the growth in network fees.
Asynchronous’s data reveals that Polkadot’s transaction speed has increased to approximately 250,000 per hour or 400 to 450 transactions per block, a significant rise from the previous 250-300 transactions per block.
Polkadot’s recent strong performance, characterized by an uptick in transaction volume and a substantial increase in revenue, positions it as a powerful choice within the ecosystem. However, developer activity, as indicated by core developer contributions and code commits, has seen a decline over a 30-day period.