The Polkadot network's central chain, known as the Relay Chain, is in charge of overseeing blockchain security and coordination. The separate blockchains that operate in parallel and are linked to the Relay Chain are referred to as its parachains.
The network has processed $400 million worth of transactions so far this month, which is a 56% decrease from the $916 million reported in March. Since the end of January, Polkadot's monthly transaction volume has decreased by 90% from $4 billion.
Polkadot experiences a lack of users
The low user activity in April on the Polkadot Relay Chain and associated parachains is the reason for the drop in economic throughput.
The number of unique addresses that are currently active as senders or receivers on the network's Relay Chain has decreased by 43% during the last 25 days, according to data from The Block.
The Polkadot Relay Chain has seen a sharp decline in demand from new users.
This month, there have been 44,000 distinct addresses that have shown up on the network for the first time. This is a 60% decrease from the 112,000 fresh requests for Layer-0 blockchain that were made in March.
The month has seen a commensurate drop in user engagement throughout its numerous parachains. The number of monthly active addresses closed March at a YTD high of 6 million, based on data from The Block.
Just 2.2 million active addresses have been detected over the last 25 days in Polkadot's parachains, indicating a decrease in network activity in April.
Additionally, there is less of a new market for these parachains. Just 101,000 new addresses have used these networks in the last 25 days. They registered 1.52 million new addresses in March.
April 2024, Cryptoniteuae