2024 Reviews

Below are excerpts from the Polkadot 2024: Year In Review on Dune.

Number of Validators¶

The number of validators increased significantly this year:

Top 15 Chains¶

There are over 50 parachains secured by Polkadot, here we show the top 15 by 3 metrics:

By Active Accounts¶

By Signed Extrinsics¶

By Transfer Count¶

Total DOT Staked VS Liquid DOT Staked (2024)¶

Total Staked DOT (By Staking Type)¶

The majority of DOT is Solo Staked, but nominated DOT increased steadily this year:

Liquid Staked DOT¶

Bifrost and Acala lead Liquid Staking:

Inflation¶

At the beginning of 2024, Polkadot's annual inflation rate was 10%. In November 2024, it was adjusted to the rate of 8%, with plans for a gradual decrease over time. This change was proposed, voted on, and executed on-chain by OpenGov Ref 1139.

Upon implementation, 8% of the total issuance equated to approximately 120M DOT per year (roughly 10M DOT per month) in inflation, with 15% allocated to the Polkadot treasury and 85% distributed to stakers.

Daily DOT Inflation Allocated to Inflation¶

OpenGov Voting and Expenditures¶

Monthly Proposals by Outcome¶

2024 saw nearly 1000 proposals:

Referendum With Most Voting Power¶

These proposals brought out the most voting power:

Top 20 Voters¶

Here are the top 20 voters of 2024:

Treasury Expenditures¶

Expenditures were higher in the first half of the year than the second half of the year:

Starting in Summer 2024, expenditures started in USDT+USDC from Polkadot Asset Hub:

Decentralized Voice (DV) Program Cohorts¶

The Web3 Foundation introduced the Decentralized Voice program in February 2024 to enable active voters be significantly involved in the OpenGov.Each cohort is delegated 42M DOT of voting power which is shared equally among each cohort's members. So far, there have been three Cohorts. The current cohort 3 began in Novemeber and will run through into 2025.

Participation Rate¶

Voting Times¶

Polkadot Gaming+Defi - Year In Review¶

Here we summarize some key chains that led Polkadot Defi in 2024:

Mythos¶

After completing migration to Polkadot in Summer from Ethereum, Mythos saw robust MAUs in Fall 2024 with 100K+ MAUs:

Over 450K DOT holders received Mythos in an airdrop via OpenGov Ref 643, see Mythos.

Hydration¶

Helped by incentives from Polkadot, liquidity in the Omnipool started to grow massively in Summer 2024.

The account analysis shows steady growth and good retention, with predictable bouts of churn after bursts of enthusiasm where prices jumped.

Bifrost¶

Bifrost's account analysis shows a peak of new customers in Spring 2024, with many not becoming regular active users. If people stake and forget, this may not be an issue.

Value staked peaked in March 2024, lost all of its gain for the year in 2024, only to rebound strongly again in the last 6 weeks and again reach a peak of 90m at the height of the 100k BTC frenzy.

GLMR staking moved elsewhere and MANTA was clearly #2 for 2024.

Centrifuge¶

For the two funds present on the Centrifuge chain, growth was steady:

Stellaswap¶

Liquidity in the top pools on Stellaswap surged massively starting in September 2024, thanks to a large grant of DOT to incentivize liquidity providers (LPs)

Volume surged in March 2024 and November 2024 in line with heightened activity everywhere. Just a handful of pairs dominate the volume.

Supported by OpenGov¶

The Polkadot-Dune integration has been led by Colorful Notion and supported by OpenGov throughout 2024. Colorful Notion thanks everyone for supporting our work in 2024.

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