Token Terminal has become a widely used platform for analyzing the financial and operational performance of blockchain networks and decentralized applications. By applying a standardized approach similar to traditional finance, it provides investors, builders, and researchers with clear insights into on-chain fundamentals.
Token Terminal aggregates blockchain data and transforms it into key financial metrics such as revenue, fees, active users, and market capitalization. This makes it easier to evaluate crypto projects in the same way that analysts review technology companies in traditional markets. For Polkadot and its parachains, Token Terminal tracks both Layer 1 (L1) and Layer 2 (L2) networks, enabling cross-comparison of ecosystems within the same standardized framework.
Polkadot on Token Terminal
As of August 28, 2025, Token Terminal lists 25 projects within the Polkadot ecosystem. These include parachains, application-specific blockchains, and infrastructure projects. The dashboard provides metrics such as:
- Active addresses (daily): A measure of user activity.
- Market capitalization (fully diluted): A forward-looking valuation metric.
- 30-day changes: Indicators of short-term growth or decline in adoption and valuation.
Polkadot itself is tracked as a Layer 1 blockchain, while its parachains—such as Moonbeam, Astar, and Hydration are categorized under Layer 2 blockchains.
Notable Ecosystem Highlights (Q3 2025)
1. Frequency (FRQCY)
With over 70,000 daily active addresses, Frequency leads Polkadot’s ecosystem in user activity. This indicates strong engagement despite a modest market capitalization compared to other projects.
2. Hydration (HDX)
Hydration experienced a 391% increase in daily activity over the past month, reflecting a surge in adoption. Its market capitalization sits at approximately $58.4 million, showing resilience despite a decline in valuation.
3. peaq (PEAQ)
Positioned as a Layer 1 parachain focused on machine economy applications, peaq reports 2,000 daily active addresses and a $289.4 million market cap. This highlights strong market confidence in its vision.
4. Moonbeam (GLMR) and Astar (ASTR)
These two parachains continue to play central roles in Polkadot’s smart contract and interoperability strategy. While activity levels are lower than Frequency, they remain key pillars of the ecosystem.
5. Centrifuge (CFG)
Centrifuge saw a 169% increase in market capitalization in the last 30 days, pushing its valuation to $246.2 million. This growth reflects momentum in real-world asset tokenization, one of Polkadot’s most promising use cases.
Why Token Terminal Matters for Polkadot
The Polkadot ecosystem is complex, with multiple parachains serving different purposes: DeFi, NFTs, real-world assets, and decentralized identity. Token Terminal simplifies this landscape by providing comparable, standardized metrics. This is valuable for:
- Investors: Identifying high-growth projects and monitoring risks.
- Builders: Benchmarking adoption against peers.
- Analysts and researchers: Understanding how Polkadot compares to other Layer 1 ecosystems.
By integrating financial statements and ecosystem metrics, Token Terminal contributes to a clearer picture of Polkadot’s economic health.
Conclusion
Token Terminal serves as a analytics layer for the Polkadot network, bridging blockchain data with financial insights. Its ecosystem dashboard highlights user growth, market capitalization shifts, and adoption trends across parachains. With Frequency leading in active users, Hydration showing sharp growth, and Centrifuge driving real-world adoption, the data points to a diverse and evolving ecosystem.
For stakeholders in Polkadot, Token Terminal is not just a monitoring tool but a guide for strategic decision-making in a rapidly changing market.