MESSARI released Boka Last year Q4 Report: DOT circulation market value increased 111% quarterly increase

Source: POLKAWORLD community

Critical insight

The monthly active address of parallel chain increased by 93% year -on -year, Increased from 104,000 to 200,000.This growth exists in all mainstream Parachain.
XCM transfer increases by 150% year -on -year, Reached 133,000,000 historical highs.By the end of the year, the total number of active XCM channels reached 203, which increased almost tripled in 2023.
As of December, Polkadot had 800 full -time developers and 2,100 total developers.According to the data of Electric Capital, Polkadot ranks in the number of developersThe top three globalLarge encryption ecosystem.
DOT’s circulation market value increased 111% quarterly, Reached 8.38 billion US dollars.In the fourth quarter, the annual growth rate of DOT reached 94%, making it one of the top 15 encryption projects in the market value.
Polkadot has a 93 Satoshi coefficientEssenceThe verified as a reward model encourages the nomination to pledge the lower pledged verifications, effectively promoting a more decentralized authentication collection.

Polkadot Introduction

Polkadot (DOT) is a distributed blockchain computing platform. As the basic layer of other sovereign blockchain (referred to as Parachain), it is used to verify and share security.Polkadot is built with the Substrate blockchain development framework.In addition, the basic layer of Polkadot is called Relaychain, which uses Nominated Proof-OF-Stake (NPOS) consensus mechanism, and its status machine is compiled to Webassembly (WASM).

The core function of the Polkadot relay chain is to verify and provide security guarantee for its Parachain.Parachain was added to the relay chain through the auction slot.The auction process is a one -week candlelight auction. The parallel chain won a parallel chain slot through the “bid” DOT.However, this model will be canceled in 2024 and changed to the CoreTime model.

Finally, the parallel chain on the Polkadot can communicate with each other cross -consensus mechanism format (XCM).XCM is a message format that standardizes the message between Polkadot’s parallel chain, allowing greater interoperability.

Critical data

Financial analysis

Market value

In the fourth quarter of 2023, the market value of the entire cryptocurrency market has gone through sharp growth, mainly due to the expectations of spot BTC ETFS.The market value of DOT has increased by 111% quarterly to $ 8.38 billion.It is more than twice the growth rate of 54% of the entire encryption marketEssenceIn the fourth quarter, the annual growth rate of DOT reached 94%.The market value of DOT ranks among the top 15 of all encrypted projects.

income

Compared with the typical transaction fee model for GAS, Polkadot usesWeight -based expense modelThe transaction fee is determined and charged before execution.The cost calculation includes three components: reflect the weight of the computing resources, the length of the transaction size, and the optional tips for motivating the block authors.These expenses come from various activities, such as tokens transfer, pledge, verifier elections, and governance voting peaceful chain grooves.It is worth noting that this trading cost model is not suitable for transactions on parallel chains.

In the fourth quarter, Polkadot’s revenue reached 2.8 million US dollars, an increase of 2880%year -on -year.This soaring is mainly due to the significant increase in external transactions in late December. This is due toPolkadot inscription activityCause.Even without considering the four -day peak of the inscription activity, Polkadot’s income will double more than the previous quarter.It is worth noting that because of the structural design of the network, Polkadot’s income is usually lower than its competitors.

supply

Polkadot’s native currency DOT has three main purposes: governance, pledge peace chain Crowdloan.As of the end of the fourth quarter, the pledge rate of Polkadot was 52%.Because DOT uses inflation, there is no maximum supply.DOT’s monetary policy is designed around the “ideal pledge rate”. The “ideal pledge rate” refers to the ratio of DOT pledge that the network wants to achieve in order to maintain sufficient security.EssenceIf the amount of pledge is lower than the ideal rate, the pledge reward of the nominee will increase, encouraging more pledge.Instead, if the pledge rate exceeds the ideal value, the pledge reward will decrease.

Treasury

Polkadot’s national treasury obtains funds through block rewards, verification punishment, transaction costs, and inefficient pledge.The national treasury funds are stored in a system account. It is used to allocate various expenses within the 24 -day expenditure cycle, and unused funds will be destroyed by 1%.It is worth noting that all treasury expenditures are automatically executed on the chain, ensuring transparency and accountability.

In the fourth quarter, the Polkadot State Treasury supported various initiatives.OpenGOV introduced on June 15 has completely reformed the management of the state treasury and allows proposals of different tracks to conduct parallel.As of the end of the season, the Polkadot State Treasury held a contract44 million DOT (equivalent to $ 367 million)Essence

Network analysis

use

The Polkadot relay chain has multiple main functions, including guarantee and connecting parallel chain.Therefore, its end users usually transaction and network through a parallel chain.

At present, the relay chain does support some end user functions, including the participation of tokens transfer, pledge, verification elections, and governance voting and voting.However, with the proposal of the RFC-0032: minimum trunice chain, several subsystems are planned to migrate several subsystems into the system parallel chain.By migrating the status conversion logic to the system chain, the status conversion logic on the relay chain is minimized.Polkadot relay chain can maximize its main provision: safe block spaceEssence

With the launch of OpenGOV in June, the account event of the Polkadot relay chain increased.This growth is due to the increase in governance activities, because the relay chain plays a key role in promoting governance.In late October, the DOT locked in the first batch of parallel chain auctions two years ago completed the final unlock.This led to the annual high of the year’s active address of the Polkadot relay chain on October 24, because users received their lock -up DOT tokens.

Overall,In the fourth quarter, the average daily active address of the relay chain exceeded 10,000, Increased by 90%month -on -month.Excluding activities related to DOT on October 24, the average daily value of the active address was 9,000, an increase of 70%month -on -month.

In the blockchain framework of Polkadot, Extrinsic is a key element that promotes the state conversion of the relay chain.It acts as a general transaction that encapsulates external data that needs to be verified and tracked by the network.Generally, external transactions carry signatures and quote specific functions, making interaction such as tokens transfer between accounts.Through external transactions, Polkadot handles external input efficiently to ensure the smooth operation of its blockchain network.

From December 20th to 23rd, the number of external transactions surged due to the Polkadot inscription activity.During this period, the Polkadot relay chain is processed average per day43 million external transactionsEssenceThe network successfully held the increase in this volume, and the performance did not decrease.Excluding these dates, the average daily external transaction volume still shows more than 100%month -on -month growth, and the average number of external transactions processed daily has reached 17,000.

Develop

Polkadot has one of the largest developers in the encryption industry.According to Electric Capital data, the total number of developers of Polkadot in December 2023 was nearly 2,100, of which 792 were classified as “full -time”, which made the ecosystem second only to Ethereum.Ranked secondEssence

Polkadot provides comprehensive support for developers through its open source technology stack, covering the user interface, tools, APIs and languages, smart contracts, chains and modules, network maintenance tools, consensus, networks and other categories.

The highlights of the fourth quarter include:

Cardano announced that it plans to use the Polkadot’s Substrate framework as part of its “cooperation chain” plan to develop a global interconnect blockchain network.
The decentralized future plan equipped with $ 20 million and 5 million DOT tokens was launched, which is dedicated to promoting growth in the Polkadot ecosystem.
The expansion of the Polkadot Blockchain College (PBA), including the opening of the founder’s courses and plans to further grow in the Asia -Pacific region.

Decentralization and security

Polkadot uses a unique consensus mechanism called nomination equity proof (NPOS).Verifications get payment every 24 hours according to their payment of payment (called Era Point).Every four hours, a part of the verifications are randomly selected to verify all the parallel chains and doubled their Era Point.The combination of Era Point and random parallel chain verification provides a probability guarantee for almost the same rewards for verifications.Because the rewards earned by the verifications are almost equal, and the nominations are allocated to them in proportion, the nominee is inspired to choose the lower pledged verifications to get higher rewards.This authenticator + nominee reward model aims to decentralize the collection of Polkadot verifications.

The active verifications on Polkadot have been stable in 297 for many years, and there are currently no plans to change immediately.In the fourth quarter of 2023, the verified reward model continued to prove the effectiveness of the promotional pledge of the pledge of verification.Among the 297 verificationrs, 296 pledge volume was between 2.13 million and 2.73 million DOT.

The equal reward of the verification model of the model to allocate incentive node operators to operate multiple verifications.This strategy has been adopted by multiple entities.

Satoshi Nakamoto refers to the minimum amount of entity required to control a considerable part of the resources in the control network, which usually leads to consensus failure.For the POS blockchain, this threshold is associated with the ability to control more than 33% of the total pledge.By the end of 2023, PolkAdot’s verification model model brought aNakamoto coefficient of Nakamoto, 93, Higher than other major networks in the industry.

Govern

OpenGOV, Polkadot’s new governance model launched in the second quarter of 2023 marks an important milestone after several months of expectations.In the OpenGOV system, the referendum has undergone a structured life cycle for implementation, including the decision -making period of the introduction of the proposal, the decision -making period of voting and approval, and the implementation period of implementation.OpenGOV allows multiple referendums to conduct simultaneously, thereby speeding up the passage of the bill.In the first six months of OpenGov’s operation on Kusama, the number of proposals increased compared to the previous yearMore than four timesEssence

In the OpenGOV system, the council and the technical committee are replaced by Fellowship. It is a developer DAO to ensure decentralization through community voting and power checks and balances.In addition, the new model introduces the flexibility of agency, allowing users to entrust their voting power based on faith and the number of tokens.

After launch, Parity Technology shared its details with Polkadot’s continuity and it in the networkEvolution of the characterEssenceParity said, “Marketing will be driven by a broader Polkadot community.” Therefore, “it is diluing its market promotion function to make room for the emergence of new ecosystem leaders. These leaders will surpass Parity.” According to the team, according to the teamIn terms of statement, the future plan will focus on “the next -generation technology of Polkadot, improve the developer experience, and cultivate a strong developer community.”

Ecosystem analysis

XCM

Cross -consensus message format (XCM) is a standardized message format and language that allows seamless communication between parallel chains and other consensus -based systems.XCM plays a vital role in promoting interoperability and complex cross -consensus interaction.It allows blockchain to exchange messages, execute operations, and transfer assets.

On June 15, the launch of the XCM V3 was greatly excited.This new version of the message format introduces high -level programming, bridge capabilities with external networks, cross -chain locking, improved cost payment mechanisms, and support for non -homogenized tokens (NFTS).

In the fourth quarter, Polkadot’s XCM transfer volume increased by 150%in the quarter, from 557 daily to 1,385.Non -asset transfer cases are classified as “XCM others”, with a daily growth rate of 8.2%, from 61 to 66.The proportion of non -asset transfer cases in the total amount of XCM messages dropped to 5%, a decrease of 10% in the previous quarter.At the end of the year, the total number of active XCM channels reached 203, which was almost three times that of 2023Essence

Parallel chain

In the fourth quarter, Polkadot conducted an additional eight parallel chain competition, with a total of 58.The results of these auctions were locked at 671,000 DOT ($ 5.6 million).In this eight competitions, there are six renewal of Centrifug, Clover, Parallel, Hydradx, Interlay and Phala.The two other slots have been won by two new projects: Polimec, which focuses on decentralized financing, and introduces LOGION for the concept of legal proof for asset conversion.

As part of the Polkadot 2.0, parallel chain bidding and general models will be completely reformed.It introduced oneDistribute the “core time” market through NFT, Allow more flexible and required access resources.The new method is designed to solve the shortcomings and encourage seamless application deployment and cooperation across the chain.This transformation will shift the key key in the Polkadot ecosystem from the chain center to the application center.

In the fourth quarter of 2023, the active address of the parallel chain increased significantly, an increase of 93%in the quarter, from 104,000 to 200,000.This growth exists in all major parallel chainsEssence

MoonBeam keep it as a position as a head parallel chainThe monthly active address reached 103,000 (81%of the quarter).For more details on the fourth quarter performance of MoonBeam, you can refer to the “Moonbeam 2023 Situation” report (https://messari.io/project/moonbeam/quarterly- reports/q4-2023).Nodle and ASTAR have won second and third places with a monthly active address of 27,000 (75%in quarterly) and 24,000 (quarterly increased 51%).

In the fourth quarter,Bifrost Finance has experienced the most significant growth in the head parallel chain, Quarterly growth reached 1,400%.This growth was mainly driven by the surge in user activities in November. At that time, the user pledged the liquidity of the DOT unlocked by them from the first round of slot racing, making the Bifrost’s total liquidity pledge of more than 3 million.

In the fourth quarter, the transaction volume of parallel chain reached the annual high, and the average monthly transaction volume reached 12 million strokes.EssencePhala network has maintained a lead with 4.2 million monthly transactions (quarterly increased by 15%), and Origintrail followed closely with 3.5 million (quarterly increased 150%). Moonbeam was 1.6 million (22%quarterly), ASTAR was 1.3 millionPen (25%of the quarter).It is worth noting that Frequency has experienced the most significant growth, with a quarterly growth of 1050%. This growth is driven by its support in October.

Other noticeable parallel chain progress in the fourth quarter:

Projects supported by VISAAgrotokenIt is announced that they are about to start a parallel chain in Polkadot, making the tokens of agricultural products possible.So far, Agrotoken has been worth $ 105 million in grains.
ComposableLIquid Staked Dot (LSDOT) is now online.In addition, LSDDOT will soon be connected to the upcoming RESTAKING LAYER.
DisClosure, a two -person electronic music group nominated for Grammy, released 1,000 unique NFTs, which provides different versions of their track “Simply Won n’t Do”.BeatportPublished.
SNowbridge, A bridge that does not require trust, connecting Polkadot and Ethereum, is currently on the Roccoco testing network, and with the stop use of the Görli test network, it connects to the new SEPOLIA test network.

Ecosystem data is derived from the Parity Data Dotlake platform.

Roadmap

Polkadot has been completed and shared the official release of Polkadot 1.0, marking the completion of the Polkadot White Paper.In addition, the code library of the network has completely transitioned to a warehouse managed by the community through Polkadot OpenGov and Technical Fellowship.

The next version of Polkadot, that is, the Polkadot 2.0 determined by the community, will be determined by the community discussion and consensus.Polkadot founderGavin woodSome ideas are put forward, such as “providing additional, more flexible and more efficient mechanisms for block space allocation of Polkadot, surpassing parallel chain models, and creating multiple blockchains.The protocol is called ‘accounts’ “.

In addition, in hisYear -end reviewAmong them, Gavin Wood lists Parity’s core technology priority.These priorities include Agile Coretime, on -demand parallel chain, Ethereum Snowbridge and Kusama Bridge.The fifth technology, elastic scaling, is also expected to be introduced in 2024.In addition, the expansion of DAO primitives including new Fellowships, multi -assets, extended XCMs, and new primitive development are underway.Sassafras, a block production consensus algorithm that does not require a fork, has been developed and will be tested in 2024.Parity is actively studying various new technologies including Corejam and continue to shape the future of the network.

Summarize

Polkadot ended in 2023 with a high -rise trend, and its key indicators have achieved significant growthEssenceThe monthly active address of the parallel chain increased by 93%in the quarter to 200,000.The top three parallel chains are MoonBeam, NODLE and ASTAR.In addition, the XCM transfer volume increased by 150%in the quarter, a record high of 133,000.By the end of the year, the total number of active XCM channels reached 203, which increased almost tripled in 2023.

In terms of development, Polkadot continues to be one of the largest developer ecosystems.It is worth noting that Cardano announced the use of Substrate, decentralized future plans to announce a $ 20 million fund, and the Polkadot Blockchain College has expanded its influence in the Asia -Pacific region.

Looking forward to 2024, Polkadot 2.0 will be shaped by its community.Gavin Wood, the founder of Polkadot, put forward several forward -looking proposals.These include agile core time, on -demand parallel chain, Ethereum Snowbridge and Kusama.The fifth technology is elastic expansion.Polkadot is expected to usher in another strong development of a strong development.