State of Polkadot Q2 2024

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  • Post category:Ethereum News

Key Insights

Financial Analysis

Market Capitalization

The crypto market saw a sharp increase in market capitalization over the past six months but faced a downturn in Q2 2024. DOT’s Circulating Market Cap ended Q2 2024 at $8.6 billion, reflecting a 34% decrease. This decline shifted DOT’s ranking among all crypto protocols from 13th

The Polkadot Relay Chain’s revenue is derived from network transaction fees and tends to be relatively lower compared to its competitors due to the network’s structural design

The Polkadot Treasury

Usage

The Polkadot Relay Chain

Polkadot uses a Nominated Proof-of-Stake (NPoS)

OpenGov

Development

Polkadot boasts one of the largest developer bases in the crypto industry. According to Electric Capital

The Cross-Consensus Message Format (XCM)

There are multiple ways in which messages are passed on the Polkadot Network: from parachains to the relay chain is upstream message passing

The majority of activity on the Polkadot Network happens on parachains. In Q2 2024, Polkadot parachain active addresses saw a decline, with average daily active addresses of 28,200, reflecting a 13.8% decrease from the previous quarter.

While active addresses decreased, extrinsics saw a 46.7% increase QoQ, reaching 965,000 daily extrinsics in Q2 2024. The decrease in parachain addresses paired with the increase in extrinsics suggests users were more active in Q2 2024.

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