Polkadot sees 33% transaction growth as DOT hits seven-month low

Polkadot’s ecosystem remains robust despite recent market downturns that briefly pushed DOT’s value to a seven-month low.

Polkadot ecosystem thriving

Data from DotLake shows a 33% month-on-month increase in transactions within Polkadot’s ecosystem, rising to 16 million in June from 12 million in May.

The growth was primarily driven by One Frequency, a Layer 1 blockchain enabling decentralized social apps, which saw a 3 million transaction increase to reach 5.4 million.

Additionally, Mythos Chain, a gaming network associated with developer Mythical Games, processed about 800,000 transactions during the reporting period.

Meanwhile, the number of unique addresses with non-zero balances on Polkadot rose slightly to over 7 million, up from 6.96 million in May and 6.8 million in April. DotLake commented:

“Number of Unique Accounts was stable at 7 million with Mythos’ strong entrance bringing in 800,000 new accounts, and from what we hear of what’s to come, that’s just the tip of the iceberg.”

Polkadot’s open governance platform, OpenGov, saw a 66% month-on-month increase in proposals, reaching 151. The platform allows DOT token holders to directly influence the network’s operations through different proposals focusing on marketing, business development, and other network development.

Furthermore, DotLake reported that Polkadot’s treasury assets comprise 26 million DOT, $3.9 million USDC, and 3.8 million USDT, totaling $167 million.

Over the past week, concerns arose when reports suggested that the treasury only had a “two-year runway.” However, Polkadot stakeholders debunked this news, assuring that the treasury could never run out of funds as it was continually replenished.

DOT price briefly falls under $5

Despite Polkadot’s rising metrics, DOT’s price has struggled considerably amid the broader market trend.

During the past day, Bitcoin, the bellwether digital asset, saw its price crash following heavy selling activity, triggering the fifth biggest realized loss since FTX collapsed in 2022.

This event impacted other top assets, such as DOT, which fell to a seven-month low of $4.98 due to the bearish market situation. However, it has slightly recovered to $5.79 as of press time.

Meanwhile, market observers noted that Whales are taking advantage of the price drop to scoop tokens for staking. On-chain data shows that a whale purchased 2.6 million DOT tokens, valued at $15 million, via the Binance exchange and directly sent them to the network’s staking address.

Disclaimer: CryptoSlate has received a grant from the Polkadot Foundation to produce content about the Polkadot ecosystem. While the Foundation supports our coverage, we maintain full editorial independence and control over the content we publish.

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