Cardano Sees Surge in User Engagement and DeFi Ecosystem
The Cardano (ADA) blockchain has experienced a significant uptick in user engagement over the past month. According to data from Danogo, a decentralized exchange (DEX) on Cardano, the number of active wallets on the network surged to 600K, a 40% increase that doubles the lowest amount in the past 30 days. This surge in active wallets coincides with a boost in its decentralized finance (DeFi) ecosystem, which stands at roughly $500M, according to data from DefiLlama.
The total value locked (TVL) across DeFi protocols on the network has also seen steady growth, with DEXs and lending platforms leading with double-digit gains in the last thirty days.
Integration with Hypelredgerโs FireFly API
Cardanoโs founder, Charles Hoskinson, plans to integrate Cardano with Hypelredgerโs FireFly API, a full stack for building and scaling Web3 apps. This integration aims to test whether Firefly meets the needs of Cardanoโs Stake Pool Operators (SPOs), potentially leading to more scalability and throughput for the network.
ADA Struggles to Keep Up
Despite the positive metrics and ongoing developments within Cardano, ADA has had a hard time keeping up with the overall bullish trend in the crypto market. While ADA is trading at $0.74 at the time of this writing โ up roughly 35% in the last 30 days โ its performance in the last two weeks has been lackluster compared to other leading altcoins.
Ripple Remains Dormant
Similar to ADA, Ripple (XRP) has been hesitant to join the bullish trend as other altcoins hit new all-time highs. However, some analysts believe that a new bull run for XRP might occur after the Bitcoin halving.
Hot Take: ADAโs User Engagement and DeFi Ecosystem Surge
The Cardano (ADA) blockchain has experienced a significant surge in user engagement, with active wallets on the network increasing by 40% in the past month. Additionally, the decentralized finance (DeFi) ecosystem on Cardano has reached approximately $500M, demonstrating steady growth in total value locked (TVL) across DeFi protocols. This rise in user engagement and DeFi activity positions Cardano as a promising blockchain platform in the crypto market.
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