Polkadot’s Relay Chain Achieves Milestone: One Million Daily Transactions

• Polkadot’s Relay Chain processed one million daily transactions, driven by inscriptions, signaling robust growth.

• The network’s revenue surged 300%, making it the second-highest blockchain by revenue rate after Avalanche.

Polkadot, a decentralized multi-chain network, has reached a new pinnacle with its Relay Chain handling a record-breaking one million transactions in a single day. This surpasses its previous record of 941,000 transactions recorded in May 2021, marking a substantial increase in blockchain activity. Crypto commentator asynchronous rob has shed light on this achievement, noting that daily transactions could soar to an impressive 3.6 million if this trend continues.

https://twitter.com/rphmeier/status/1737640760114340174?s=20 

Asynchronous rob further emphasized, “The Relay Chain is supporting this demand simultaneously with 50 parachains.” This indicates that Polkadot’s infrastructure can accommodate the growing demand for its services, ensuring the network’s efficiency even with increased activity.

Inscriptions, a concept similar to Bitcoin’s Ordinals, play a pivotal role in Polkadot’s surge in transaction volume. Since their introduction earlier this year, inscriptions have acted as data embeds, encouraging on-chain transactions and boosting revenue. The positive impact of inscriptions has contributed significantly to Polkadot’s current success.

Polkadot’s Impressive Revenue Growth

Polkadot’s recent performance extends beyond transaction volume, positioning it as a contender in blockchain revenue growth. Polkadot Insider reported a staggering 300% revenue growth over the past seven days, solidifying its position as the second-highest blockchain by revenue rate, trailing only behind Avalanche, which experienced a remarkable 1200% increase in revenue.

https://twitter.com/PolkadotInsider/status/1737340056833315203 

Polkadot’s revenues are remarkably robust. Polkadot (DOT) trades at more than $7.98, showing double-digit increases on hourly, daily, and monthly charts. Polkadot’s circulation market capitalization has increased by 24% to over $10 billion. The 500% increase in income over the previous 30 days, indicative of the rise in network fees, is consistent with the market value increase.

Given the impact of Ordinal Inscriptions, Polkadot might try to hit the $8 pricing benchmark again. If this goal is met, it will be at its highest point since mid-August 2022 and the highest of the year. Along with its price, DOT’s trading volume has increased, demonstrating the strong investor trust and interest in the project.

Asynchronous rob’s recent post also reveals that the blockchain’s transaction rate has escalated to approximately 250,000 per hour, translating to 400 and 450 transactions per block. This significant increase from the previous rate of 250-300 transactions per block demonstrates the network’s capacity to handle higher transaction volumes efficiently.

https://twitter.com/rphmeier/status/1737863699690295743 

Polkadot’s Future Outlook

Recent successes for Polkadot, such as its sharply rising transaction rates and significant revenue growth, establish the company as a formidable competitor in the blockchain space. The rise in developer activity, measured by code commits and core developers, has been negative over the last 30 days. It is important to remember that this element merits more investigation since it might have an effect on the network’s long-term viability.

Although there have been a few weighted sentiment spikes over the past week, overall sentiment for the DOT token is still good. Furthermore, DOT continues to see high social volume, which suggests active interest and engagement from the community.

Based on its green Binance funding rate, DOT is still in demand in the futures market. The demand indicates that traders and investors think Polkadot will perform well in the future.