Polkadot ecosystem thriving with $210 million treasury amid record transactions in 2024
Polkadot’s Treasury, a vital component of the blockchain network’s ecosystem, now holds approximately $210 million worth of assets, equivalent to 31 million DOT.
On Dec. 31, Tommi Enenkel, Polkadot’s Head Ambassador, shared this update on social media platform X while highlighting the network’s financial standing as the year concludes.
Polkadot Treasury
Enenkel said 90% of Treasury’s assets are in DOT, with $15 million in stablecoins and $1 million in MYTH tokens.
However, the Treasury saw a decrease of 2 million DOT in equivalent holdings quarter-over-quarter. A detailed financial report is expected in January.
Meanwhile, this update follows concerns raised earlier in the year about Polkadot Treasury’s sustainability. At the time, critics argued that the Treasury’s operational funds might last only two years while highlighting spending on marketing.
However, stakeholders clarified that Polkadot’s inflationary mechanism ensures continuous Treasury replenishment, offsetting spending over time.
Key developments
Polkadot achieved notable milestones in 2024, reflecting its growing adoption within the broader crypto ecosystem.
A report from Parity Technologies, the development team behind Polkadot, revealed that transaction volumes across parachains surged by 300%, showcasing increased network activity.
The report also noted that Kusama, the blockchain’s canary network, recorded a historic peak of 140,000 transactions per second during the “Spammening” event on Dec. 4.
Additionally, three trustless bridges were introduced to enhance interoperability. These included Snowbridge (Polkadot-Ethereum), the Polkadot-Kusama bridge, and Hyperbridge, enabling seamless interactions within and beyond the ecosystem.
Moreover, Polkadot Hub further strengthened the network, offering a centralized platform for collaboration, governance, staking, and access to smart contracts, tokens, and NFTs. It added:
“By utilizing three cores, the Polkadot Hub will go three times the speed of the Polkadot Relay Chain, confirming a full block every two seconds instead of the usual six. This provides an “unprecedented upgrade path for teams who care about future-proofing their solution.”
Despite these advancements, DOT’s price faced challenges, declining over 20% in 2024, according to CryptoSlate data. This dip highlights the broader market volatility, even as the blockchain network’s infrastructure and adoption grow.
The post Polkadot ecosystem thriving with $210 million treasury amid record transactions in 2024 appeared first on CryptoSlate.
Read More
Polkadot ecosystem thriving with $210 million treasury amid record transactions in 2024
Polkadot’s Treasury, a vital component of the blockchain network’s ecosystem, now holds approximately $210 million worth of assets, equivalent to 31 million DOT.
On Dec. 31, Tommi Enenkel, Polkadot’s Head Ambassador, shared this update on social media platform X while highlighting the network’s financial standing as the year concludes.
Polkadot Treasury
Enenkel said 90% of Treasury’s assets are in DOT, with $15 million in stablecoins and $1 million in MYTH tokens.
However, the Treasury saw a decrease of 2 million DOT in equivalent holdings quarter-over-quarter. A detailed financial report is expected in January.
Meanwhile, this update follows concerns raised earlier in the year about Polkadot Treasury’s sustainability. At the time, critics argued that the Treasury’s operational funds might last only two years while highlighting spending on marketing.
However, stakeholders clarified that Polkadot’s inflationary mechanism ensures continuous Treasury replenishment, offsetting spending over time.
Key developments
Polkadot achieved notable milestones in 2024, reflecting its growing adoption within the broader crypto ecosystem.
A report from Parity Technologies, the development team behind Polkadot, revealed that transaction volumes across parachains surged by 300%, showcasing increased network activity.
The report also noted that Kusama, the blockchain’s canary network, recorded a historic peak of 140,000 transactions per second during the “Spammening” event on Dec. 4.
Additionally, three trustless bridges were introduced to enhance interoperability. These included Snowbridge (Polkadot-Ethereum), the Polkadot-Kusama bridge, and Hyperbridge, enabling seamless interactions within and beyond the ecosystem.
Moreover, Polkadot Hub further strengthened the network, offering a centralized platform for collaboration, governance, staking, and access to smart contracts, tokens, and NFTs. It added:
“By utilizing three cores, the Polkadot Hub will go three times the speed of the Polkadot Relay Chain, confirming a full block every two seconds instead of the usual six. This provides an “unprecedented upgrade path for teams who care about future-proofing their solution.”
Despite these advancements, DOT’s price faced challenges, declining over 20% in 2024, according to CryptoSlate data. This dip highlights the broader market volatility, even as the blockchain network’s infrastructure and adoption grow.
The post Polkadot ecosystem thriving with $210 million treasury amid record transactions in 2024 appeared first on CryptoSlate.
Read More