2024

Manta Network

Polkadot

Daily

According to a Messari <a href="https://messari.io/report/state-of-polkadot-q1-2024" target="_blank" rel="noopener nofollow">report</a>, the Polkadot (DOT) blockchain protocol made significant progress in the first quarter (Q1) of the year in terms of market capitalization, revenue, and Cross-Consensus Message Format (XCM) activity, as well as a record increase in daily active addresses. 
<h2 id="dot-s-market-cap-surges-16-qoq">DOT’s Market Cap Surges 16% QoQ</h2> 
During Q4 2023, Polkadot’s market capitalization experienced a notable 111% quarter-on-quarter (QoQ) increase, reaching $8.4 billion. Building on this momentum, Q1 2024 witnessed a further 16% QoQ rise, elevating the <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-bull-run-over-what-to-expect-now/" target="_blank" rel="noopener ">circulating market cap</a> to $12.7 billion.&nbsp; 
Despite these gains, DOT’s market capitalization remains 80% below its all-time high of $55.5 billion, set on November 8, 2021.&nbsp; 
<img loading="lazy" decoding="async" class="size-large wp-image-606509" src="https://www.newsbtc.com/wp-content/uploads/2024/05/Screenshot_113.jpg?w=860&amp;resize=860%2C420" alt="Polkadot" width="860" height="420" srcset="https://www.newsbtc.com/wp-content/uploads/2024/05/Screenshot_113.jpg?w=865 865w, https://www.newsbtc.com/wp-content/uploads/2024/05/Screenshot_113.jpg?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/05/Screenshot_113.jpg?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/05/Screenshot_113.jpg?w=860&amp;resize=860%2C420 860w, https://www.newsbtc.com/wp-content/uploads/2024/05/Screenshot_113.jpg?w=750 750w" sizes="(max-width: 860px) 100vw, 860px" data-recalc-dims="1"> 
In Q4 2023, Polkadot’s revenue also skyrocketed by 2,880% QoQ, amounting to $2.8 million. Per the report, this surge was primarily attributed to an exponential increase in extrinsics, driven by the Polkadot Inscriptions.&nbsp; 
However, <a href="https://www.newsbtc.com/news/solana/solana-projected-to-reach-500-this-year-despite-market-meltdown-expert-predicts/" target="_blank" rel="noopener ">revenue metrics</a> for Q1 2024 declined significantly on a QoQ basis, with revenue in USD dropping by 91% to $241,000 and revenue in DOT decreasing by 92% to 28,800. It is worth noting that Polkadot’s revenue tends to be relatively lower compared to its competitors due to the network’s structural design. 
Polkadot’s XCM activity continued to show growth in Q1 2024. Daily XCM transfers surged by 89% QoQ to reach 2,700, while non-asset transfer use cases, known as “XCM other,” witnessed a 214% QoQ increase, averaging 185 daily transfers.&nbsp; 
The total number of <a href="https://www.newsbtc.com/bitcoin-news/timing-the-breakout-when-will-bitcoin-escape-the-post-halving-consolidation/" target="_blank" rel="noopener ">daily XCM messages</a> grew 94% QoQ to 2,800, demonstrating the network’s dynamic ecosystem. In addition, the number of active XCM channels grew 13% QoQ to a total of 230. 
<h2 id="polkadot-s-parachain-network-soars-to-new-heights">Polkadot’s Parachain Network Soars To New Heights</h2> 
Q1 2024 marked a significant kick-off to the year for Polkadot’s parachains, with active addresses reaching an <a href="https://www.newsbtc.com/news/bitcoin/analyst-discusses-bitcoin-price-path-to-heighten-fear-factor/" target="_blank" rel="noopener ">all-time high</a> of 514,000, representing a substantial 48% QoQ growth.&nbsp; 
Moonbeam emerged as the leading parachain with 217,000 monthly active addresses, a solid 110% QoQ increase. Nodle followed closely with 54,000 monthly active addresses, doubling from the previous quarter.&nbsp; 
<img loading="lazy" decoding="async" class="size-large wp-image-606508" src="https://www.newsbtc.com/wp-content/uploads/2024/05/Screenshot_112.jpg?w=860&amp;resize=860%2C423" alt="Polkadot" width="860" height="423" srcset="https://www.newsbtc.com/wp-content/uploads/2024/05/Screenshot_112.jpg?w=876 876w, https://www.newsbtc.com/wp-content/uploads/2024/05/Screenshot_112.jpg?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/05/Screenshot_112.jpg?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/05/Screenshot_112.jpg?w=860&amp;resize=860%2C423 860w, https://www.newsbtc.com/wp-content/uploads/2024/05/Screenshot_112.jpg?w=750 750w" sizes="(max-width: 860px) 100vw, 860px" data-recalc-dims="1"> 
Astar on the other hand, experienced a modest 8% QoQ growth to reach 26,000 active addresses, while Bifrost Finance grew slightly by 2% QoQ to 10,000 addresses. However, Acala experienced a decline, with monthly active addresses falling to 13,000, down 16% QoQ. 
Notably, the <a href="https://www.newsbtc.com/news/bitcoin/standard-chartered-bitcoin-50000/" target="_blank" rel="noopener ">Manta Network</a> stood out among parachains in Q1 2024, with a significant surge in daily active addresses, reaching 15,000. According to Messari, this increase was fueled by the successful launch of the MANTA token TGE and subsequent listing on Binance, propelling Manta’s Total Value Locked (TVL) to over $440 million.&nbsp; 
<h2 id="polkadot-price-sees-upside-potential-ahead">Polkadot Price Sees Upside Potential Ahead</h2> 
In terms of price action, Polkadot’s native token DOT has regained bullish momentum following a sharp drop to the $5.8 price mark after reaching a yearly high of $11 on March 14.&nbsp; 
Currently, DOT has regained the $7.25 level, up 7% over the past week. However, DOT’s trading volume decreased slightly by 4.7% compared to the previous trading session, amounting to $320 million over the past 24 hours, according to CoinGecko <a href="https://www.coingecko.com/en/coins/polkadot" target="_blank" rel="noopener nofollow">data</a>. 
<img loading="lazy" decoding="async" class="size-large" src="https://www.tradingview.com/x/uMXPpF9P/" alt="Polkadot" width="1815" height="858"> 
If the bullish momentum persists, Polkadot faces its first resistance at the $7.4 zone, which serves as the last threshold before a potential retest of the $8 resistance wall.&nbsp; 
On the other hand, the $6.4 support floor has proven to be successful after being tested for two consecutive days this week, highlighting its significance as a key level to watch for the token’s upward movement prospects. 
Featured image from Shuttestock, chart from TradingView.com

Record-Breaking Q1 For Polkadot: Daily Active Addresses Hit 514,000 As DOT Price Surges 7%

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