Polkadot (DOT) network has reached a significant milestone by recording one million transactions in a single day. On-chain data indicates record activity on the network, which was achieved through the execution of inscriptions transactions. Crypto analyst Asynchronous highlighted that Polkadot has surpassed its previous record of 941 thousand transactions set on May 5, 2021, and suggested that if this trend continues, the daily transaction count on the network could rise to 3.6 million.
Inscriptions Fuel Polkadot Network Activity
Inscriptions, similar to Bitcoin‘s Ordinals, serve as data placements on blockchains. Since their launch this year, inscriptions have been a positive driving force for on-chain transactions and network revenue.
Polkadot has recently emerged as a significant force in increasing network revenue with the support of inscriptions. Data from Polkadot Insider shows that 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. Polkadot trails behind Avalanche (AVAX), which recorded an increase of over 1200%, with Avalanche facing criticism due to over 60 million inscriptions and rising transaction fees reaching $400 during this period.
On the other hand, Polkadot’s DOT is also showing a strong performance, powered by its network. At the time of writing, DOT’s price is above $8, exhibiting double-digit growth in hourly, daily, and monthly time frames.
Network Revenue Increased by 500% in Monthly Time Frame
According to data from Token Terminal, Polkadot’s market value has reached $10 billion with a 24% increase. The revenue obtained in the last 30 days has increased by 500%, in line with the growth in network fees.
Data presented by Asynchronous shows that the transaction speed of the Polkadot network has risen to approximately 250,000 per hour or 400 to 450 transactions per block. This marks a significant increase from the previous 250-300 transactions per block.
Polkadot’s strong recent performance, with an increased number of transactions and significant revenue growth, has made it a powerful choice within the ecosystem. However, the growth in developer activity shown through core developers and code contributions was negative over a 30-day period.
