TL;DR
- Polkadot experienced a 200% increase in monthly transactions in the fourth quarter of 2024, driven by the use of rollups like Neuroweb and Frequency.
- The network launched bridges like Snowbridge and Hyperbridge, enhancing interoperability and the security of cross-chain transfers between DOT and other networks like Ethereum.
- Over 1,200 active developers use the Substrate framework, which has supported the growth of decentralized applications and the DeFi ecosystem.
Polkadot had tremendous success and subsequent growth in the fourth quarter of 2024, solidifying its position as a key player in the blockchain industry.
During this period, monthly transactions in its ecosystem grew by 200%, from 20 million in January to nearly 60 million in November. This increase was driven by the adoption of rollups like Neuroweb and Frequency, which have stood out for their high transaction volume. Neuroweb, in particular, had an average of 26 million transactions per month, a 136% increase compared to the previous quarter.
Interoperability has also been a key pillar for Polkadot in this last quarter. The network launched Snowbridge, a trustless bridge between DOT and Ethereum, and Hyperbridge, a multi-channel bridge connecting DOT to various networks such as Ethereum, Arbitrum, and BNB. Hyperbridge has improved cross-chain asset transfers through the use of zk-proofs and coprocessor technology, enhancing the security and efficiency of transactions.
The Ideal Framework for Developers
On the other hand, Polkadot has become a crucial space for the development of blockchain solutions. Over 1,200 active developers use its native framework, known as Substrate. The network has fostered the creation of decentralized applications (dApps) and the integration of new technologies that expand its capabilities. This is also reflected in the growth of the DeFi ecosystem, with incentive programs that have significantly increased the total value locked on platforms like StellaSwap.
The Tremendous Efficiency of Polkadot
The network’s performance has also been exceptional. In November, Polkadot conducted a stress test on its sister network Kusama, known as Spammening, which demonstrated the scalability of the infrastructure. During this event, the network achieved a performance of up to 143,343 transactions per second (TPS) with only 23% of the capacity used, indicating a much greater capacity to handle large transaction volumes in the future.
Finally, the market capitalization of DOT, its native token, saw a 71% increase during the quarter, reaching a peak of $16.4 billion in early December. This reflects clear investor confidence in the network, which continues to gain relevance in the crypto market
