Cardano Active addresses grow by over 200% despite falling prices
According to Messari, the number of active addresses on Cardano rose by more than 25% in November, hovering around 161,000 at the beginning of the month and reaching over 485,000 locally and then just over 191,500 at this point.
Cardanos number of active addresses | Source: Messari
The Cardano network and its native ADA asset have done well after a number of upgrades this year. The most important of these is the Alonzo upgrade, which introduces smart contracts.
With Smart Contracts, Cardano has gained a lot more potential and led to many developments related to the DeFi area. Many DEXs, like SundaeSwap, are currently under development and developers are also working on other dApps.
It may surprise you that the number of active addresses is increasing as there were some minor problems with the network. Recently, eToro announced that it would be taking ADA off the list for US customers, the ADA price has dropped a bit.
ADA hit a new all-time high (ATH) of $ 3.09 in early September 2021.
A bright future for Cardano?
While ADA price may fall, Cardano’s future looks pretty bright. Upgrades have improved the capabilities of the network, and developers are taking advantage of that.
There is renewed interest in developments in the Cardano network, especially in DeFi-related developments on Cardano. Ardadex has become the first DEX and NFT marketplace on Cardano, and COTI is issuing a new stablecoin for it. A new credit protocol, ADALend, will also become an important part of the ecosystem.
Much of Cardano’s success will come from the strength of the ecosystem. It looks like it is well prepared to be a viable alternative to Ethereum, which is still the king of the DeFi market. Ethereum is also working on technical innovations so that next-generation networks will quickly take advantage of their own to build a resilient ecosystem.
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According to Beincrypto