Main Points
Recent Developments in Crypto Web3
Polkadot (DOT) Witnesses Unprecedented Surge in Transactions
Polkadot (DOT) is currently undergoing a significant surge in transactions, marking an extraordinary development within the protocol. According to on-chain data, the daily transaction count on Polkadot has surpassed the 1,000,000 milestone, establishing a new record for the layer-1 blockchain network.
Prior to this surge, Polkadot's highest recorded transaction count stood at 941,000 on May 5, 2021. While the earlier increase in transactions was a natural progression for the blockchain, the current surge is notably driven by the introduction of Ordinal Inscriptions.
Ordinal Inscriptions, which originated on the Bitcoin (BTC) blockchain earlier this year, involve creating digital collections registered on the smallest components of the blockchain. Their introduction led to a substantial rise in transaction count and miner revenue for Bitcoin, prompting their adoption by other prominent layer-1 blockchains like Litecoin (LTC).
Now a focal point in the Web3.0 ecosystem, Ordinal Inscriptions are significantly influencing sentiments across various protocols, extending beyond Polkadot to impact blockchains such as Avalanche (AVAX), Arbitrum (ARB), and Shiba Inu's Shibarium.
Polkadot's Price Response: Heading Towards $8?
The notable increase in total transactions on the Polkadot protocol has propelled the coin's price by 8.96% in the last 24 hours, reaching $7.54. Consequently, Polkadot has recovered from losses incurred in the previous week, posting gains of 3.13% during this period.
In light of the influence of Ordinal Inscriptions, Polkadot may target a retest of the $8 price threshold. Achieving this milestone would not only mark its highest level for the year but also represent the most significant surge since mid-August 2022. The potential success in reaching this target is further bolstered by other noteworthy innovations taking place within the Polkadot ecosystem.
