Polkadot Ecosystem Surges: Monthly Signed Transactions Up 33%

• The Polkadot (DOT) ecosystem records 7 million unique accounts and a 33% increase in signed transactions in June, positioning it as one of the most active networks within the period. 

• According to data available to us, the number of proposals on the network increased by 66% with 43% approved and 17% rejected. 

Polkadot (DOT) has announced a detailed report on its monthly performance with a specific focus on key ecosystem activities. According to our review of the intercepted data, the month ending June 30 saw the number of unique accounts stabilizing at 7 million.

Out of this, Polkadot had the lion’s share with 1.34 million unique accounts recorded, followed by Polkadot Asset Hub, Nodle, and Moonbeam which recorded 1.31 million, 1.2 million, and 973k respectively. 

Our additional review of data shared by Polkadot’s analytical handle on X, DotLake, also disclosed an incredible surge of 33% in signed transactions in June. Out of the total of a little over 16 million recorded within the month, Frequency took the lead with a total of 5.4 million monthly signed transactions, followed by Phala and Neuroweb which recorded 4.2 million and 2.9 million transactions respectively. 

1/June on Polkadot Let’s take a look at some of the highlights.@Polkadot Ecosystem had a 33% (+4M) increase in Monthly Signed Transactions, mostly driven by @one_frequency (+3M MoM) taking the monthly lead, @playmythical (+800k ) and Neuroweb @origin_trail (+300k… pic.twitter.com/2a3Q3WpSxt— DotLake (@dotlake_xyz) July 5, 2024

One other area that witnessed incredible growth was the staking category. According to the data shared, a total of 853 million DOT was staked with a staking rate of 58.28% in addition to 37,00 total nominators. 

Polkadot (DOT) Booms in Direct Voters, Total Proposals, and Treasury Assets

Under the governance category, there was a 66% month-over-month increase in the number of proposals, pushing the total number to 151. Out of this, 43% was reportedly approved with 17% rejected. Additionally, 7.3% of these proposals were timed out, 1.3% were canceled, and 31.3% are currently ongoing. 

According to a chart shared by the analytical platform, the direct voters recorded within the month were around 47, with about 22 delegated voters and 102 referenda. Unexpectedly, some voters reportedly experienced WiFi issues, causing the total number of distinct voters to reduce to 1,131, representing a 29% decline in June. 

Finally, the Treasury Assets on the Polkadot Relay Chain and Asset Hub recorded a total of 157 Million DOT, 3.9 Million USDC, and 3.8 Million USDT.

Polkadot’s incredible numbers could partly be linked to the several technical upgrades including the recently enabled Asynchronous Backing. As earlier reported by Crypto News Flash, this initiative boosted its network to produce blocks faster while also increasing the block space by a maximum of 10 times. 

Async Backing boosts throughput by 8x, without sacrificing security, paving the way for supporting Web3 applications across verticals such as gaming and DeFi. It brings Web2 scale into the reach of Web3, which is crucial for large-scale platforms like Mythical Games.

However, DOT has failed to react positively to the ecosystem boom as it declined by 1.1% in the last 24 hours and 4.5% in the last seven days. According to our data, the asset is currently trading at $6.2 with its trading volume down by 21%. At press time, around $240 million was changing hands. 

For some crypto analysts including CryptoYoddha, DOT could certainly bounce back to reach $20. Similarly, Michael van de Poppe expects the asset to stage a bullish reversal as he claims DOT has the necessary “fundamental progress.”