Cardano ($ADA) Sees Surge in User Activity
Cardano’s smart contract blockchain has experienced a significant increase in user activity in the last month. The number of active wallet addresses on the network has exceeded 600,000, reaching a one-year peak with a 40% surge over the same period.
Increased Activity on Cardano Blockchain
- Active wallet addresses on Cardano surpassed 297,000 in September 2023
- Price of ADA was trading at $0.24 before a wider cryptocurrency market rally began
- Approval of spot Bitcoin exchange-traded fund (ETFs) in the United States triggered market rally
Growth in DeFi Value Locked on Cardano
Cardano’s decentralized finance (DeFi) protocols have seen a significant increase in total value locked (TVL), rising from $60 million at the start of 2023 to over $480 million currently.
Surge in ADA Locked in DeFi Protocols
- 200 million ADA were locked in Cardano’s DeFi ecosystem in early 2023
- Currently, over 650 million ADA are locked in the DeFi ecosystem
- According to DeFiLlama
Leading DeFi Protocols on Cardano
Indigo, a collateralized debt protocol, leads the Cardano DeFi ecosystem with over $120 million in total value locked. It is followed by decentralized exchange Minswap with $100 million and lending protocol Liqwid with $63 million.
Active Wallet Address Rankings
Minswap leads in active wallet addresses over the past 30 days, as per Danogo’s data, with 30,677 active wallets. JPG Store follows with over 17,000 active wallets, and Spectrum with 9,600 active wallets.
Price Surge in Cardano
With the growing adoption and activity, Cardano’s price has risen nearly 200% over the past six months, reaching close to $0.75. This surge is part of a wider cryptocurrency market rally that also propelled Bitcoin’s price to a new all-time high above $73,000.
Hot Take: Embrace the Rise of Cardano
As Cardano continues to witness a surge in user activity, adoption, and value locked in its DeFi protocols, it is clear that the blockchain is gaining momentum. The price of ADA reflects this growth, showing significant gains in recent months. With a strong community and innovative projects on the platform, Cardano’s future looks promising for investors and enthusiasts alike. Stay tuned for more developments and opportunities within the Cardano ecosystem.
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