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Cardano Reports Monthly On-chain Growth as Significant Milestones Are Hit

Wed, 04/05/2023 - 12:26
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Tomiwabold Olajide
Cardano monthly on-chain stats reveal spike in wallets and native tokens
Cardano Reports Monthly On-chain Growth as Significant Milestones Are Hit
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Positive on-chain statistics for the past month, March, have been shared by the Cardano Foundation. The published graphic shows the total number of transactions reaching 64 million transactions, an increase of 2.96% in March.

The total number of wallets rose by 1.44% to 4.02 million at the same time, while the number of delegated wallets only slightly increased by 0.48% to 1.28 million.

At 5,234, Plutus scripts were up 1.67% in the given time frame. A total of 8.07 million native tokens are now in existence, a rise of 2.63%. The number of minting policies likewise increased by 1.40% to 71,160.

Smart contracts were used in 30% of transaction types. Twenty-two percent of transaction types were made without smart contracts; these are metadata types. Simple transaction categories made up 48%.

The TVL metric shows how the blockchain's DeFi ecosystem is absorbing the good energy surrounding it. On March 22, Cardano's total value locked, or TVL reached record highs of 378.24 million ADA.

According to data from DefiLlama, Cardano's TVL is presently worth $144.24 million in dollars, an increase of 2.38% over the previous day. The value is even greater when staking is taken into account, coming in at $155.3 million.

Paima Studios announces new innovation

Cardano users will be able to play on-chain games using ADA thanks to new cross-chain network integration, and users of other networks will be able to play Cardano-based games.

Paima Studios has recently released this functionality for the Cardano blockchain. Paima is an independent Layer 2 network that bundles transactions onto a base blockchain for quicker speeds and lower costs.

Any blockchain-based game can be played by Cardano users without the need to bridge coins to another network.

Paima additionally enables the migration of games created for other networks to 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.