Polkadot's bustling activity is reflected in its record-breaking number of active addresses, with over 605,200 accumulated, according to Parity Data. Nearly half of these addresses are associated with Moonbeam, a leading cross-chain smart contract platform. Other contributors include decentralized IoT network Nodle, Polkadot's top parachain protocol Astar, and decentralized liquid staking protocol Bifrost.

The number of unique accounts holding non-zero balances is also on the rise, surpassing 5.59 million by the end of March. However, total transactions on the network remain relatively subdued, with 11.58 million monthly transactions recorded in March, a slight increase from April but significantly lower than December 2023's 31.78 million transactions.

Despite this, Polkadot's native DOT token has seen a modest recovery, rising by nearly 5% over the past 24 hours and trading at $9.03. Last month, venture capital firm Electric Capital identified DOT as a crypto to watch in the upcoming cycle, reinforcing the optimistic outlook for Polkadot's market performance.