The number of active addresses on the Cardano network has increased rapidly
As indicated by data from Messari, active Cardano users averaged the 100,000 mark during the week. While that’s still down from the 210,000 tally hit in early March, active addresses are still up from last year’s record high. About a year ago, this figure was around 59,831, which represents an increase of 53.06%.
The general increase in the number of active addresses on the Cardano network has grown in tandem with the blockchain’s overall growth and the appearance of numerous use cases for Cardano. Multi-pool decentralized exchange Minswap announced its debut on the Cardano mainnet earlier in the week. Its users are now able to deposit liquidity in exchanges for rewards and to swap tokens in a decentralized way.
SundaeSwap, the first Cardano-based DEX and the largest by TVL, launched in January. The Cardano network has seen a rapid increase in Total Value Locked (TVL) following the launch of DEX and a growing number of decentralized products on the network, per DefiLlama.
TVL grows
As previously reported by U.Today, the total value locked in the Cardano network has seen a rapid increase from approximately $199.74 million to $253.42 million. The spike in the total value of funds locked in the network’s smart contract was observed from March 1 to March 9, when the value of funds reached the current ATH of $253 million.
When staked governance tokens are included in the TVL valuation, the DefiLlama dashboard reveals that Cardano’s TVL is much larger. With this inclusion, Cardano’s TVL now stands at approximately $246.35 million.
According to data provided by cryptocurrency analytics platform DefiLlama, Minswap currently has $52.3 million in total value locked. Muesliwap, another Cardano DEX, currently has $12.53 million in total value locked.
