Observation and Perspective
First, let’s talk about the situation of slot auctions. Polkadot is currently conducting its 69th slot auction, and only the enterprise-level Layer2 blockchain Aventus is participating in the auction.
On the Kusama side, the first batch of three usable cores has been sold, with an average price of 23.4 KSM. Less than 10 months after Dr. Gavin Wood introduced the concept of Agile Coretime to the world, the first transaction of bulk purchase of cores appeared on Kusama!
At 10 p.m. on April 30th, someone purchased a core for 24 KSM (about $680), which gives the buyer the right to produce blocks in the Kusama production zone within 28 days.
According to Alice_und_bob, a member of the Polkadot community, with the cessation of traditional auction models and the transition of parachains to core time, more and more cores will be available. Parity Technologies’ official Twitter account also excitedly stated, “The sale of the first cores is an important milestone in introducing Agile Coretime into the Polkadot mainnet roadmap.”
However, it is important to note that the core time revenue generated from this sale has been destroyed. In July of last year, Jonas from the Web3 Foundation proposed the destruction of core time revenue generated from Polkadot’s core time sale. The related Fellowship74 proposal was approved in February this year, which means that all revenue generated from core time sales will not flow into the treasury, but will be destroyed.
According to Jonas, the destruction of core time revenue brings three benefits: balancing inflation, providing clear incentives, and realizing collective value. In the long run, the destruction of core time revenue can form a token burning mechanism, which may gradually reduce the number of tokens and enhance the entire system’s ability to resist inflation. However, in the short term, the destruction of core time revenue does not effectively adjust inflation. We have also discussed this in detail in the article “Can Polkadot Explore Inflation Reduction?”.
In summary, as an important innovation in the Polkadot ecosystem, the introduction of core time will make the utilization of block space more flexible and efficient. For more detailed information about Agile Coretime, you can refer to the article published by Parity:
https://www.parity.io/blog/agilecoretime-explained
Last week, Messari officially released a deep research report on the Polkadot ecosystem for the first quarter of 2024. It provides a detailed analysis from key indicators, market value, revenue, DOT supply, treasury situation, and ecosystem governance.
In the first quarter of 2024, the number of active addresses in the Polkadot ecosystem reached 514,000, reaching a historical high, with a 48% increase compared to the previous period and a 192% increase compared to six months ago. Moonbeam continues to maintain its leading position, and Manta Network has the largest increase. At the same time, XCM messages also reached a new high, with a 94% increase compared to the previous period and a 314% increase compared to the past six months. The circulating market value of DOT increased by 16% compared to the fourth quarter of 2023, reaching $1.27 billion.
In terms of revenue, in the fourth quarter of 2023, Polkadot’s revenue was $2.8 million, with a significant increase of 2,880% compared to the previous period. This surge is mainly attributed to the increase in on-chain transactions on Polkadot in late December. Therefore, comparing the first-quarter revenue of 2024 with the third-quarter revenue of 2023 would be more accurate. Compared to that baseline, the first-quarter revenue (measured in USD) increased by 249%.
Notable progress in the first quarter includes the introduction of Join-Accumulate Machine (JAM), an untrusted virtual machine that combines the functionalities of Ethereum and Polkadot; Proposal 457, aiming to diversify the Polkadot treasury with USDT and USDC and allow pricing in stablecoins; and Picasso’s integration of IBC with the ecosystem.
Overall, Polkadot has continued its strong performance in the beginning of 2024. Looking ahead, Polkadot will further move towards 2.0, and the continuous development of technologies such as Agile Coretime, On-Demand Parachains, and Elastic Scaling will ensure further growth and innovation in the ecosystem.
For more details, please refer to the report:
https://messari.io/report/state-of-polkadot-q1-2024
Polkadot Updates
【Kusama completes the sale of the first batch of three usable cores, with an average price of 23.4 KSM】
Ecosystem News
【Bit.Country releases the May 2024 development update report, continuing to improve BitCountry dApp and MNet platform, multiple updates are in the testing phase】
Bit.Country has released the May 2024 development update report, continuing to improve BitCountry dApp and MNet platform, with multiple updates in the testing phase. For more details, please refer to:
https://twitter.com/BitDotCountry/status/1786302846268231733
【Fearless Wallet has now updated to Android v3.4.4 and iOS v3.5.3, fixing staking dashboard issues caused by Polkadot and Kusama runtime upgrades】
Fearless Wallet has now updated to Android v3.4.4 and iOS v3.5.3, fixing staking dashboard issues caused by Polkadot and Kusama runtime upgrades. For more details, please refer to:
https://twitter.com/FearlessWallet/status/1784678520376934666
【HydraDX proposal passed and executed, transferring 1 million DOT from HydraDX treasury to Bifrost for liquidity staking, and subsequently using DOT LST to generate revenue for HydraDX treasury】
The HydraDX proposal has passed and executed, transferring 1 million DOT from the HydraDX treasury to Bifrost for liquidity staking, and subsequently using DOT LST to generate revenue for the HydraDX treasury. For more details, please refer to:
https://twitter.com/Bifrost/status/1784836364074164242
【Nova Wallet adds support for KILT tokens on HydraDX, allowing users to manage and trade the token】
Nova Wallet has added support for KILT tokens on HydraDX, allowing users to manage and trade the token. For more details, please refer to:
https://twitter.com/NovaWalletApp/status/1784922098403533244
【peaq announces that its $PEAQ token will be listed on CoinList, with community distribution, and the official launch will take place in a few weeks】
peaq has announced that its $PEAQ token will be listed on CoinList, with community distribution, and the official launch will take place in a few weeks. For more details, please refer to:
https://twitter.com/peaqnetwork/status/1786470989318017505
【Parallel Network releases the latest testnet guide, including how to receive testnet tokens on Parallel】
Parallel Network has released the latest testnet guide, including how to receive testnet tokens on Parallel. For more details, please refer to:
https://twitter.com/ParallelFi/status/1785021247098904804
【StellaSwap’s public data dashboard is now live on the Dune platform, providing key metrics such as daily trading volume and active accounts】
StellaSwap’s public data dashboard is now live on the Dune platform, providing key metrics such as daily trading volume and active accounts. For more details, please refer to:
https://twitter.com/StellaSwap/status/1785972721870094770
【Velocity Labs announces the launch of the Polkadot DeFi infrastructure and tool bounty program, allocating 590,000 DOT to drive the growth of the Polkadot block ecosystem, applications are now open for submission】
Velocity Labs announces the launch of the Polkadot DeFi infrastructure and tool bounty program, allocating 590,000 DOT to drive the growth of the Polkadot block ecosystem, applications are now open for submission. For more details, please refer to:
https://twitter.com/v_labs/status/1784967108440232234
Ecosystem Collaboration
【CESS and Stability World AI announce strategic cooperation, CESS’s decentralized storage and CDN solutions will support Stability World AI’s content creation tools】
【Nodle and fintech company Watu reach a strategic cooperation to track real-time location data of East African motorcycle taxis using Nodle’s blockchain infrastructure】
【OriginTrail announces cooperation with the EU-funded DMaaST project to promote data interoperability and secure cross-organizational integration for electronics and aerospace, driving reliable industry-level AI applications】
【Supra announces cooperation with Astar Network to provide secure and on-demand price feeds for Astar, enhancing the flexibility of smart contracts and reducing on-chain interaction costs】
【Tanssi collaborates with no-code SaaS platform Sonica, Sonica’s application chain has been successfully deployed on Tanssi’s testnet Dancebox】
Upcoming Events
【The Polkadot 2024 North America Hackathon will be held in Austin, Texas from April 15th to May 6th, focusing on smart contracts, Web3 and tools, and XCM integration】
The Polkadot 2024 North America Hackathon will be held in Austin, Texas from April 15th to May 6th, focusing on smart contracts, Web3 and tools, and XCM integration. For more details, please refer to:
https://twitter.com/AngelHack/status/1770978762462503089
【The next Polkadot Blockchain Academy will be held in Singapore from May 20th to June 20th, applications are now open】
The next Polkadot Blockchain Academy will be held in Singapore from May 20th to June 20th, and applications are now open. For more details, please refer to:
https://polkadot.network/development/blockchain-academy/?utm_source=wiki.polkadot.network&utm_medium=referral&utm_campaign=pba
【Polkadot official will hold the “Telekom&Friends” social event with Deutsche Telekom, Aleph Zero, Fetch.ai, and NEAR Protocol at the Deutsche Telekom headquarters in Berlin, Germany on May 22nd】
Polkadot official will hold the “Telekom&Friends” social event with Deutsche Telekom, Aleph Zero, Fetch.ai, and NEAR Protocol at the Deutsche Telekom headquarters in Berlin, Germany on May 22nd. For more details, please refer to:
https://twitter.com/mms_Blockchain/status/1783450789169545257
【Polkadot Decoded2024 event will be held in Brussels, Belgium from July 11th to 12th, applications and reservations are now open】
Polkadot Decoded2024 event will be held in Brussels, Belgium from July 11th to 12th, and applications and reservations are now open. For more details, please refer to:
https://twitter.com/PolkadotDecoded/status/1777335656005447942
【The Web3 Summit 2024 will return to Berlin, Germany from August 19th to 21st, speaker and workshop applications are now open】
The Web3 Summit 2024 will return to Berlin, Germany from August 19th to 21st, and speaker and workshop applications are now open. For more details, please refer to:
https://twitter.com/Web3summit/status/1763162673540161783
