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Cardano Network Transactions Record 75% Increase as Activity Skyrockets: Details

Wed, 10/19/2022 - 13:24
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Tomiwabold Olajide
Cardano network activity is growing
Cardano Network Transactions Record 75% Increase as Activity Skyrockets: Details
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The Cardano blockchain has experienced an explosion in network activity. On Oct. 19, network transactions rose to 97,959, the highest since the start of October, according to Cardanoscan. This represents a 75% increase on a month-to-month basis.

Cardano now ranks among the top three NFT chains. According to openCNFT data, NFT volumes hit 3.0 million ADA and 2.8 million ADA on Oct. 17 and 18, which placed Cardano as the third largest NFT protocol.

Cardano ranked ahead of Immutable X in the last 24 hours, with $1.2 million traded in NFTs, trailing only Ethereum and Solana.

The Vasil update was triggered on the Cardano mainnet on Sept. 22, while full capabilities were deployed on Sept. 27. The impact of the Vasil update is seen as Cardano dApps record significant increases in user activity. As reported by U.Today, Cardano DEX Muesliswap recorded 788% growth in user activity over the last 30 days.

Also, the Cardano multi-pool decentralized exchange Minswap saw its highest volume in the last six months at over three million daily.

Cardano DEX Sets New Record Mere Weeks After Vasil, Here It Is

However, the DeFi ecosystem as seen in the TVL remains unimpacted. This might be partly due to generally poor DeFi sentiment among investors. Cardano's TVL is down nearly 6% in the last 24 hours at $62.25 million.

Sooraj, an analyst at Orbis, predicts the rise of Cardano DeFi: "The NFT volume on Cardano is amazing. But wait for the DeFi stats, when the real behemoths of DeFi protocols go live on Cardano. This winter may be bad for the markets, but I have a feeling that this winter we will see the rise of DeFi in Cardano."

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.