New Addresses on Polkadot Parachains Surge 400% in March

Activity on the Polkadot ecosystem has intensified this year thanks to projects built via parachains.
source: TheBlock

The number of new addresses on Polkadot parachains hit a monthly record in March, surging over 400% to exceed the 1.5 million mark. Asset Hub accounts for the lion’s share of the surge, adding 1.3 million new addresses.

Asset Hub, formerly known as Statemint, is a system parachain that offers an interface to issue, manage, and use digital assets, including non-fungible tokens (NFTs). There is a similar parachain on Polkadot’s sister chain, Kusama.

Factors Contributing to Surge in Asset Hub Activity

At the end of 2023, Circle added Polkadot to its list of chains that host USDC. The stablecoin is generated on the Polkadot Asset Hub, which may partially explain the increase in new addresses.

Another reason behind the inflow of new users may be the anticipation of Polkadot 2.0, a major upgrade expected to be released as a one-time rollup later this year.

The upgrade will focus on offering a smooth app experience and will represent a base layer offering a high degree of interoperability, scalability, customization, and a straightforward onboarding process.

However, a more direct impact might have come from the launch of a few new tokens on Polkadot via Asset Hub, including two meme coins.

Polkadot Joins Meme Coin Craze with PINK and DED

In mid-March, the Polkadot community saw the launch of PINK, promoted as the first meme coin on the chain. The token has over 9,000 followers on X.

Another meme coin that launched at the end of March is DED, which already has over 30,000 followers on X. The meme coin is airdropped to DOT holders.

The Polkadot ecosystem is attracting more crypto users thanks to its new projects, and it remains to be seen how much impact the upcoming upgrade will have.

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