Messari highlighted Polkadot’s year-over-year growth in Q4 2023 in its recently published State of Polkadot report.
The cryptanalysis company he highlighted Polkadot was one of the blockchains that saw significant growth in the last quarter of 2023. The number of active addresses, blockchain developers, and active XCM channels all grew significantly at the end of last year, as did the market capitalization of DOT.
According to Messari, Polkadot experienced strong growth in Q2023 XNUMX thanks to its commitment to interoperability, scalability, and decentralization of the blockchain ecosystem.
200 thousand active parachain addresses
Polkadot saw the number of active parachain addresses grow by 93% in Q4. According to Messari's report, these addresses grew from a total of 104 in September to 200 in December 2023.
The report emphasized that the growth in the number of active addresses was noticeable across all parachains that make up the Polkadot ecosystem, which, in turn, reflects a Greater use and adoption of the solutions offered by the Polkadot ecosystem, generally by users of the crypto community.
It is worth remembering that parachains are specialized chains created in Polkadot to meet specific needs, allowing a high level of scalability by handling a large volume of transactions without saturating the main network.
In addition to the notable growth in the number of active addresses, the active channels of its XCM messaging system also registered significant growth, with a total of 203 active channels late last year. This marks a significant milestone for Polkadot, as these channels have nearly tripled by 2023. XCM transfers also increased by 150% quarter-over-quarter, Messari noted, reaching an all-time high of 133.000 transactions.
More than 2.000 active blockchain developers
The number of blockchain developers in the Polkadot ecosystem also grew significantly in the last 3 months of 2023.
According to data from the crypto analysis platform, Polkadot has a total of 2.100 active blockchain developers. Of these, 800 developers work on the network full-time.
Thanks to these results, Electric Capital has ranked Polkadot among the three largest blockchain ecosystems by number of active developers, Messari said.
DOT, the 13th most capitalized cryptocurrency today
Although the DOT price, the native cryptocurrency of the Polkadot network, grew only 59% from September to the end of December, the circulating market capitalization of this cryptocurrency increased by 111% quarter-on-quarter, reaching $11.630 billion dollars, in December.
However, at the time of writing, DOT’s market cap is $9.000 billion, making it the XNUMXth largest cryptocurrency in the crypto industry.
Finally, Messari highlights that Polkadot supported several initiatives through its community treasury, which were focused on boosting the growth of the blockchain ecosystem.
Polkadot introduced OpenGov in June 2023, to facilitate governance processes. Through this initiative, the ecosystem has been allocating resources to competing projects and proposals related to its maintenance, expansion and other improvements.
Continue reading: Polkadot adds Code4rena audits to reinforce the security of its Web3 ecosystem
