Cardano (ADA), the largest proof-of-stake (PoS) blockchain, is currently experiencing a surge in network activity. On the network, there has been a massive increase in daily transaction volume. Many other metrics, including total volume locked (TVL), are showing that the smart contracts platform is growing steadily.
Cardano network has recently attained another notable milestone in terms of total value locked (TVL), according to the data provided by DeFi LIama, a decentralized finance on-chain data analytic firm.
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Going by the data shared, Cardano (ADA) has reached a new all-time high of $137.71 million across all decentralized exchanges (DEXs).
The data also reveals that the decentralized exchange SundaeSwap dominates the TVL by 85.73%, followed by Minswap with $17.72 million of the TVL.
Cardano Developer Activity on the Increase
Activity on the Cardano network has been increasing lately, with the number of daily new addresses being created on the network jumping 167% on 18th February, a metric that on-chain analyst Ali Martinez said generally “precedes a spike in price volatility for ADA.”
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The price of ADA has indeed seen its volatility surge, along with the rest of the crypto market. Its transaction volume and developer activity surged after the launch of SundaeSwap, which commands 85.73% of the total value locked on its DeFi ecosystem.
Data from Binance Research shows that contributions to Cardano’s GitHub have surged in November last year, ahead of its mainnet launch. Since then the number of addresses holding ADA also went up sharply, to hit a new 4.53 million all-time high last month, according to CryptoCompare’s latest Asset Report.
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