Author: Nicholas Garcia Messari Researcher, compiled: OneBlock+

Recently, Messari Crypto releasedPolkadot data report in Q1 in Q1 in 2024.OneBlock+ sort out the core data and content of this report for you to help each reader deeply grasp the status and future trends of Polkadot ecological development from the specific data report.Looking forward to a new breakthrough in the 2024 Boka ecosystem with every developer.

Core point

The daily active address of the POLKADOT ecosystem reached a record high, reaching514,000,,The month -on -month increase of 48% and increased by 192% within 6 monthsMoonbeam is still the leading parallel chain.
XCM cross -chain news consensus increased by 94% month -on -month, Achieved 314%within six months; also in the past year, XCM cross -chain message consensusEach quarter is increasing.
Gavin Wood shared the future development proposal of Polkadot, introducedJam chain——In combined Ethereum and POLKADOT functions,It aims to improve ecological scalability on the chain while maintaining toughness.
The referendum 457 seeks a diversified financial management with USDT and USDC to make Polkadot fiscal management, and allows a financial proposal in a stable coin.The referendum aims to use Hydradx’s DCA function to convert 340W DOT.

Polkadot Basic Introduction

Polkadot is aDecentralization blockchain computing platformAs otherParallel chain (Parachain)The foundation layer is used to verify and share security.PolkadotUse Substrate Blockchain Development FrameworkConstruction.In addition, the basic layer of Polkadot is calledRelay ChainIt uses itNomination Rights Certificate (NPOS) Consensus Mechanism, Its status machine compiles intoWebassembly (WASM)Essence

The core function of the Polkadot relay chain isVerify and provide security for its parallel chainEssenceThe parallel chain was added to the relay chain through the parallel chain slot auction.At present, the auction process is a kindCandle auction, Last a week.During this period, the potential parallel chain obtained a parallel chain slot by “bid” DOT token.However,This model will be updated in 2024Essence

Finally, the parallel chain on the POLKADOT can passCross consensus information format (XCM) communicates each otherEssenceXCM is a message format that standardizes the message between Polkadot cross -chain, so as to achieve a largerInteroperabilityEssence

Polkadot 2024 Q1

Overview of ecological development

Financial analysis

Market value:

Rank encryption item currently 16

The fourth quarter of 2023,The market value of DOT circulation has increased by 111% compared to the previous year, Reach $ 8.4 billion.After the rapid growth of the first quarter of 2024,The market value of DOT is further furtherGrow 16%It reached US $ 12.7 billion; the lowest point of DOT than the bear market rose by 270%.At the end of this quarter,Polkadot ranked 16th in all encryption protocolsAnd DOT is still the highest price of $ 55.5 billion on November 8, 202180%low.

Total income:

The continuous growth of the inscription drive external source

In the fourth quarter of 2023, Polkadot’s total revenue was 2.8 million US dollars, Increased by 2,880%month -on -month, and the surge in income was mainly due to the Polkadot inscriptions promoted in late December, of which Extrinsics increased sharply.In the first quarter of 2024, the income index fell sharply on the basis of a month-on-basis, with revenue of only $ 241,000 (-91% in a month-on-month), and the income (DOT) was 28,800 US dollars (-92%).Compared with the third quarter of 2023, it will be more accurate. From the perspective of this benchmark,Income (dollar) increased by 249%and income (DOT) increased by 97%.It is worth noting that because of the structural design of the network, Polkadot’s income is relatively low.

supply:

Keep dot liquidity

Polkadot’s token DOT has three main purpose:Governance, pledge and peace chain binding.As of the end of the first quarter of 2024,Polkadot’s pledge rate is 52%EssenceDOT has inflation monetary policy and does not have the maximum supply. DOT’s monetary policy is determined by its ideal pledge rate. This rate considers sufficient support for DOT to prevent possible security compromises while maintaining the liquidity of native token.If the amount of pledge is lower than the ideal rate, the pledge reward of the nominee will increase, and more pledge will be encouraged.Instead, if the pledge rate exceeds the ideal value, the pledge reward will decrease.

Treasury:

The diversified management mechanism is being formed

Pokka Guoshi’s funds come fromBlock rewards, verifications punishment, transaction feeandPledge efficiencyEssenceThe funds are stored in a system account, which is assigned to the 24 -day expenditure cycle, and the unused funds will be destroyed at a proportion of 1%.It is worth noting that all treasury expenditures will be automatically executed on the chain to ensure transparency and power and responsibility mechanisms.

POLKADOT referendum 457 seek to use USDT and USDC to diversify the Pokka State TreasuryAnd allow the state treasury proposal for stable currency pricing.The referendum aims to conduct transaction conversion daily by using Hydradx’s DCA function (100 usdt & amp; USDC per transaction, totaling 36,000 USDT & AMP; USDC per day,In the next year, the goal of converting 3.4 million DOT (1.7 million UDST and USDC)EssenceIn addition, the referendum will send 5,000 DOTs to Hydradx as a prepaid payment for transaction costs and use HydradX’s pure agency account for drop -off.Then the USDT and USDC will be sent to Pokka State in a regular basis for 5,000 UDST and 5,000 USDC.The state treasury, which is priced at stable currency, will increase predictability to the Pokka State Treasury.

As of the end of the first quarter of 2024, Pokka State Treasury held approximately 37 million DOT (US $ 347 million).Compared with the previous quarter, the US dollar and DOT decreased by 5.3% and 16%, respectively.

Network analysis

Use:

Governance activities to achieve rising relay chain account activities

Polkadot relay chain has several main functions,Include protectionandConnecting parallel chainEssenceTherefore, its end users are usuallyTrading and using the network by crossing different parallel chainsEssenceToday, the relay chain supports some end user functions, includingTokensal transfer, pledge, verification, election, governance votingandParticipate in parallel chain slot auctionEssenceHowever, throughRFC-0032: MINIMAL Relay’s proposal, Boka plans to migrate several subsystems into the system parallel chain.By minimizing the state conversion logic to the system chain,The Polkadot relay chain can maximize its core advantage of its “safe block space”.

In late October,DOT unlocking from the first batch of parallel chain auctions two years ago was completed,lead toOn October 24, the active address reached the annual highAnd continued to show a positive trend in the first quarter of 2024.Return address to reach8,200 (+9% month -on -month)The total number of new address is3,100 (+23% month -on -month), Activity address reaches11,300 (+12% month -on -month)Essence

In the blockchain framework of Polkadot,Extrinsic is a key factor in promoting the state conversion of the relay chain.It acts as a general -purpose transaction, and the packaging network needs to verify and track external data.Generally, the exogenous signed signature and reference to specific functions to realize the interaction of tokens between accounts.Through the external source, Polkadot handles external input efficiently to ensure the smooth operation of its blockchain network.

From December 20th to 23rd, the external source of Polkadot surged due to the Polkadot inscription.During this period, the Polkadot relay chain handles an average of 4.3 million exogenous daily.Polkadot network successfully processed this short -term influx,And did not reduce performanceEssenceIn the case of excluding these dates, the average daily exogenous number still increases 100%over the previous quarter, reaching 170 million.In the first quarter of 2024, compared with the fourth quarter of the past 2023, the daily output was a flat value compared to the same year.

Development:

One of the most developers with the most encrypted industry

Polkadot has one of the biggest developers in the crypto industry.According to Electric Capital data, in December 2023,The average total number of Polkadot’s total developers is close to 2,100, of which 792 are full -time developers, second only to Ethereum.

Polkadot provides comprehensive development support through its open source technology stack, coveringUser interface, tools, APIs and languages, smart contracts, chains and pallets, network maintenance tools, consensus, networkWait for all aspects.

The highlight of the 2024 Q1 quarterly includes:

Polkadot Blockchain Academy(Https://polkadot.network/blog/polkadot-blockchain-ACADEMY-MEETI NG-The-sEds-Builders-ALIKE) District growth plan,Remote option(Https://polkadot.network/blog/polkadot-blockchain-ACADEMY-Remote-Learning-Developers).
Polkadot Alpha Plan(Https://polkadot.network/blog/the-polkadot-all-need -new-ra -FOR-DECENTRIZED-BUILDING-COLLABORATION) (Agile countime).
Dune analytics(Https://polkadot.network/blog/polkadot-kusama-nalytics-dune) Integrate Polkadot and Kusama data.
Web3 Foundation willclosure(Https://medium.com/web3foundation/web3-foundation-will-down-w3f-registrar-registra-0-on-pOLKADOT-AD03C5C258A0) LKADOT and Kusama’s W3F registered trademarkEssence
Web3 FoundationDECENTERED Studio(Https://medium.com/web3foundation/decentralized-futures-nTroping-Decented-9EF4918be240) provides a gift for event production and community cooperation.
Polkadot launched a new SDK for the game industry ——Polkadot Play(Https://x.com/polkadot/status/1770135901824937?s=20)

also,Polkadot founder Gavin Wood posted a gray book to introduce the JAM chain, outlined an scalable virtual machineThe virtual machine merged the functions of Ethereum and Polkadot, combined with global single -case environment and cross -node security calculation,It can improve scalability and operating performance and meet compatibility requirements.

Decentralization and security:

Verifying the reward model is adopted by multiple entities

Polkadot uses a unique consensus mechanism called nomination equity proof (NPOS).Verifications receive payment every 24 hours based on the paid operation (called Era Points) completed.Every four hours, a randomly selects a part of the verifications to verify all parallel chains and apply a multiplication on its Era Points.The combination of such Era Points and random parallel chain verification creates almost the same reward probability guarantee.Since the verificationrs get almost equal rewards and allocate these rewards to their nominations proportionally, the nominee has the motivation to pledge with verifications with less pledge to get higher rewards.The award of the nominee nominee aims to make the collections of Polkadot’s authentication more decentralized.

Over the years,Active validators on Polkadot have been stable at 297, and there are no plans to change immediately.In the first quarter of 2024, the verified reward model continued to show its effectiveness of the centralization of the pledge of verification.Among the 297 verificationrs, 289 pledge amounts were between 2.19 million and 2.8 million dots.The uniform reward distribution of the verified model model encourages node operators to operate multiple verifications.This strategy has been adopted by multiple entities.

Nakamoto CoefficientIt refers to the minimum number of entities required to control the important part of the network.For POS blockchain,This threshold is related to the control of more than 33% of the total pledge.Polkadot’s verificationer model causesThe medium coefficient of Q1 in 2024 was as high as 93, which was higher than other major blockchain networks.

Governance: The proposal participation quantity achieves rapid growth

Polkadot’s new governance model OpenGOV launched in the second quarter of 2023, which changed the referendum life cycle and decentralized decision -making processEssenceThe system includes the guidance period, voting and approval decision -making period of the proposal, and the implementation period of implementation.OpenGOV allows multiple referendums at the same time to speed up the passage of motion.The council and the technical committee are replaced by Fellowship, who acts as developer DAO.Ensure decentralizationEssence

After the launch of OpenGOV, the volume of ecological governance activities of Pokka increased significantly.The number of referendum, representatives, and direct voters has increased for three consecutive quarters, which shows the practical impact of the system on governance participation.Specifically,The referendum increased to 217, an increase of 5%month -on -month, and achieved a 57%increase in the past six months.

Ecosystem analysis

XCM:

The number of active channels continues to increase

Cross -chain message format (XCM)It is a standardized message format and language that can achieve seamless communication between cross -chain and other consensus -driven systems.XCM plays a key role in promoting interoperability and complex cross -chain interaction.It allows various purposes such as switching messages, execution operations, and transfer of assets between blockchain.

In the first quarter of 2024,Polkadot’s XCM activity continues to increase. The daily XCM transfer reaches 2,700, showing an increase of 89% month -on -monthThe non -asset transfer cases called “XCM Other” increased to 185 per day, an increase of 214%month -on -month.The total number of daily XCM cross -chain news consensus was 2,800, an increase of 94% over the third quarter of 2023, and achieved a target of 314%.The number of active XCM channels increased to 230, indicating that it increased by 13%month -on -month.

Parallel chain:

AI AI protocol in Pokka Ecology leads the leading development

In the first quarter of 2024, Polkadot conducted 8 additional parallel chain auctions, with a total of 66 times.The auction caused 1 million DOT to be pledged, the highest amount since the second quarter of 2022.In the eight auctions, there are five timesDarwinia, Bifrost, Unique Network, LitentryandNeuroweb(Originally Origin Trail) Renewal.The other three grooves are allocated to the new parallel chain:Sora: A token framework based on non -debt, use encryption to promote global financial stability and tolerance;Mandala: A hybrid Layer1 blockchain, from Indonesia to the gap between the emerging global blockchain market;Hyperbridge: An interoperability processor.

As part of the Polkadot 2.0, parallel chain auction and general models will be completely reformed.It introduces through NFT allocation“Core time”The market allows more agile resources and on -demand access to resources.The new method is to solve the current pain points and encourage seamless application deployment and collaboration between chains.This transformation will transform the Polkadot ecology from “chain -centric” to “application -centric”.

In the first quarter of 2024, the active address of the parallel chain reached a record high of 514,000, an increase of 48% month -on -monthEssenceMoonBeam maintains its position as a top parallel chain, possess217,000Monthly live address (+110%).Nodle follows, there are54,000 monthsThe living address has doubled over the previous quarter; ASTAR has increased slightly to 26,000 (+8% month -on -month), Bifrost Finance’s active address increased to increase10,000 (+2% from the previous month)EssenceACALA’s monthly active address decreases to13,000 (-16% month-on-month)Essence

The first quarter of 2024,The average transaction value of parallel chain is 11.8 million per monthBecause of the fourth quarter of 2023, the first batch of parallel chain DOT cancellations have soared.Fall 34% from the previous monthCompared with the third quarter of 2023,The transaction volume increases by 30%EssenceThe leading parallel chain Phala Network reports4.3 million per monthThe transaction volume increased by 3%month -on -month.Moonbeam trading volumeSoaring to 2.7 million strokes(+71% month-on-month); NEUROWEB’s monthly transaction volume dropped to 2.1 million (-38% month-on-month), and ASTAR’s monthly transaction volume dropped to 940,000 (-27% in a month-on-month).

Other updates include:

Composable’s liquid Staked Dot (LSDOT) is now onlineIn addition, LSDDOT will be quickly accessibleRestAKing Layermiddle.
Picasso Network integrated IBC and Ethereum, Make COSMOS, Kusama and Polkadot’s assets and data transmission possible.
Ded Game launch onePromotional Brick Brick Gameand$ 1 millionMarketing activities.
Polkadot released a blog,Focus on introducing the leading artificial intelligence protocol in the ecosystem, Include Neuroweb of decentralized knowledge maps, decentralized computing network Phala Network, and comprehensive artificial intelligence development network BitTENSOR.

Roadmap:

Elastic Scaling and JAM ChainChengxin Boka ecological new hotspot

Polkadot has completed and shared the official release of Polkadot 1.0It marks the completion of the Polkadot White Book.also,The code library of the network via Polkadot OpenGOVandTechnical FellowshipIt has completely transitioned to the repository managed by the community.

The next version of Polkadot 2.0 determined by the communityIt will be determined through community discussions and consensus.Gavin Wood, the founder of Polkadot, put forward some ideas, such as “the mechanism used to allocate the Polkadot block space, add a more flexible and more efficient mechanism of capital, surpass the parallel chain model.And create a selective ‘ACCORDS Agreement “between multiple blockchain.

In addition, in his year -end review,Gavin Wood lists Parity’s core technology priority.These priorities include Agile CoreTime, on-Demand Parachains, Ethereum Snowbridge and Kusama Bridge.He also introduced the new technology-Elastic Scaling.andJam chainIt is expected to be launched in 2024.also,Dao’s original expansion,,Including new fellowship, multi -asset sub -library, extended XCMas well asDevelopment of new primitivesIn progress.Sassafras, a bifurcated block generating consensus algorithm, has been developed and will be tested in 2024.Parity Labs is actively developing various new technologies,Including Corejam, they will continue to shape the decentralized future of the network.

Conclusion

Polkadot continued its strong performance in the previous year since 2024.In the first quarter of 2024, the active address of the ecosystem reached a record high of 514,000, Increased by 48%month -on -month,Increasing 192% over six months agoEssenceMoonbeam is still the leading parallel chain. The XCM cross -chain message consensus reached a record high.In the past six months, it has increased by 94%month -on -month and 314%over six months.

It is worth noting that the introductionJoin-ACCUMULATE MACHINE (JAM)This is a from Ethereum and PolkadotTrust the virtual machineThe referendum 457 seeks to use USDT and USDC to make Polkadot Tresury diverse andAllows the state treasury proposal for stable coins, and Picasso combines IBC with ecologyEssence

Looking to the future,Polkadot community is ready to further shape Polkadot 2.0, Agile Coretime, on-Demand ParachainsandElastic scalingThe development of technologies will achieve further growth and innovation.Through a strong developer community and a variety of ecosystems, continue to promote the development of blockchain technology.Polkadot will usher in a hopeful year.