Cardano (ADA) Attains Notable Milestone

Amid the massive crypto market resurgence, Cardano (ADA) has achieved a significant milestone in network activity. According to data from Danogo, a Decentralized Exchange (DEX) built on Cardano, the number of active wallets on the network surpassed 600,000 in the last 30 days. This represents a substantial increase of 533,000 compared to the figure recorded at the beginning of March, highlighting a surge in user adoption.

This growth trajectory hasn’t been linear throughout the year. However, it marks a clear reversal from the network’s low point on September 25, 2023, when the number of active wallets dipped to 297,268. This substantial rise in active users indicates a growing interest in Cardano’s capabilities and potential.

Active Wallets and dApp Usage

Danogo’s data offers further insights into user behavior on the Cardano network. Over the past week, the platform observed over 212,000 active addresses, with daily active addresses reaching 44,100 on March 12.

Interestingly, the data also explores engagement with Decentralized Applications (dApps) built on the Cardano blockchain. Indigo Protocol currently holds the position of the leading dApp on Cardano in terms of total value locked (TVL), a metric representing the total cryptocurrency value deposited within a DeFi protocol.

With a TVL of $167 million, Indigo Protocol demonstrates significant financial activity. However, despite its dominance in TVL, Minswap surpasses Indigo Protocol in terms of active wallets.

Specifically, Minswap boasts an active wallet count of 30,677 for the past 30 days, compared to Indigo Protocol’s 1,794. This data suggests that while Indigo Protocol attracts substantial investment, Minswap enjoys a larger and more active user base.

Is the Ecosystem’s Growth A Potential Price Driver?

In January, Cardano creator Charles Hoskinson predicted remarkable growth for Cardano in 2024. The surge in active Cardano addresses coincides with a period of impressive growth for ADA. This spike in user activity also occurred alongside ADA’s attempt to surpass the $0.8 resistance level, suggesting a possible correlation between network activity and token price.

ADA is currently trading at $0.7489, up 1.58% in the past 24 hours. Although many are looking to the $0.8 resistance level, one analyst believes ADA might be on its way to $10.

Cardano’s development team is also actively pursuing strategic partnerships and introducing new products and services. These initiatives aim to sustain the network’s momentum, propel its adoption rate, and boost its price.

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Tobi Loba

Tobi Loba is a passionate writer with a vast interest in the stock market. She joined the crypto ecosystem about three years ago and has written lots of ebooks and articles in relation to cryptocurrency and blockchain projects. Tobi Loba earned her degree at the University of Ibadan.