By: Eliza Bennet
Blockchain-based social application, Friend.Tech, has seen a boost in their money metrics ahead of an expected airdrop and the release of its latest version. This follows a period of decreased usage last year despite a promising period as a top revenue generator.
In parallel, Polkadot, a known blockchain platform that allows interoperability across diverse blockchains, is witnessing a surge in new accounts. Attaining an all-time high in March, the active wallets and unique accounts reached beyond 600,000 and 5.59 million respectively. A key contributor to this surge includes Moonbeam, a prominent parachain connected to the Polkadot chain, which fronted almost 250,000 active addresses.
Nevertheless, despite the growth in user base, Polkadot's transaction volume has remained relatively low compared to its peak in December. Whilst network activity is not matching the influx of new user accounts, Polkadot's native token, DOT, appears to find support around $9. This could indicate a consolidation phase following a slide from its previous highs of over $11.
The situation with Polkadot is creating a paradox of sorts with the increase in user base not converting to an uptick in network participation potentially due to users holding or staking their DOT tokens awaiting fully built applications or technical advances. To maximize its potential, it is critical for Polkadot to convert this wave of interest into active network usage.