A significant transaction explosion is occurring on Polkadot (DOT), which is thought to be an unprecedented move on the protocol. Polkadot’s daily transactions have surpassed the 1,000,000 threshold, according to on-chain statistics, setting a record high for the layer-1 blockchain network.
Prior to this significant blowout, Polkadot’s best-recorded transaction total was 941,000 on May 5, 2021. Although the earlier transaction surge was a result of the blockchain’s natural adoption, the advent of Inscriptions is largely responsible for the present explosion.
https://x.com/rphmeier/status/1737640760114340174?s=20
This year, the Bitcoin (BTC) blockchain saw the introduction of inscriptions. These inscriptions serve as the foundation for the creation of digital collections that are registered on the smallest portions of the blockchain. When they surfaced, they caused a significant increase in the number of transactions and miner earnings for Bitcoin. As other popular L1s began to recognise the significance of these Ordinals, as they are also known, the innovation began to spread to them, including Litecoin (LTC).
The newest buzz in the Web 3.0 community is Ordinal Inscriptions, which are significantly influencing opinions on several protocols other than Polkadot. The blockchains Avalanche (AVAX), Arbitrum (ARB), and Shiba Inu’s Shibarium are among those that are now being impacted by inscriptions.
Polkadot price reacts, road to $8?
The price of the currency has increased 8.96% to $7.54 in the last day due to the spike in the total number of transactions on the Polkadot protocol. Polkadot has effectively reduced the losses it incurred over the previous week, increasing its profits to 3.13% for the duration.
Due to the influence of Ordinal Inscriptions, Polkadot could try to retest the $8 price benchmark. If successful, this would be the largest level since mid-August 2022 and would also be the highest level for the year. When other significant developments occurring on Polkadot are taken into consideration, this accomplishment becomes feasible.
