In an unprecedented development for the Polkadot (DOT) protocol, daily transaction counts have skyrocketed to an all-time high (ATH), exceeding the 1,000,000 mark, according to on-chain data. This milestone represents a historic peak for the layer-1 blockchain network.
Prior to this significant surge, Polkadot’s previous record for daily transactions stood at 941,000 on May 5, 2021. Unlike the organic growth witnessed in the earlier spike, the current surge is notably attributed to the introduction of Ordinal Inscriptions.
The trend of Ordinal Inscriptions began this year on the Bitcoin (BTC) blockchain, offering a framework for creating digital collections registered on the smallest units of the blockchain.
This innovation has not only led to a substantial increase in transaction counts but has also boosted miner revenue for Bitcoin. Recognizing the significance of these Ordinals, they have rapidly spread to other prominent layer-1 blockchains, including Litecoin (LTC).
Polkadot Leads The Charge
Ordinal Inscriptions have emerged as a central theme in the Web3.0 ecosystem, exerting a profound influence on sentiments across diverse protocols. Notably, Polkadot spearheads this transformative trend, with other blockchains like Avalanche (AVAX), Arbitrum (ARB), and Shiba Inu’s Shibarium following suit and witnessing the ripple effects of this innovative development.
Ordinal Inscriptions have become a focal point in the Web3.0 ecosystem, influencing sentiment on various protocols beyond Polkadot. Blockchains such as Avalanche (AVAX), Arbitrum (ARB), and Shiba Inu’s Shibarium are currently experiencing the impact of this novel development.
The surge in Polkadot’s total transaction count has contributed to an 8.96% increase in the coin’s price over the past 24 hours, reaching $7.54. Consequently, DOT has successfully recovered from losses incurred in the previous week, achieving a 3.13% gain during this period.
With the influence of Ordinal Inscriptions, DOT may aim to retest the $8 price threshold. If successful, this accomplishment would not only represent the highest level for the year but also mark the most significant milestone since mid-August 2022.
The potential for achieving this feat is further heightened when considering other noteworthy innovations taking place on the Polkadot network.