Messari data indicates that Cardano active users averaged approximately 100,000 during the week. While this is down from the 210,000 recorded at the beginning of March, active addresses remain higher than previous year’s record. This figure was around 59,831 a year ago, signifying a 53.06 percent growth.
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The overall increase in the number of active addresses on the Cardano network has occurred in lockstep with the overall growth of the blockchain and the emergence of multiple Cardano use cases. Decentralized exchange with many pools Minswap made its Cardano mainnet debut earlier this week. Its users can now deposit liquidity in exchange for rewards and conduct decentralized token swaps.
SundaeSwap was launched in January as the first Cardano-based DEX and the largest in terms of TVL. According to DefiLlama, the Cardano network’s total value locked (TVL) has increased significantly in recent months as a result of the deployment of DEXes and an increasing number of decentralized products.
As previously reported, the overall value of the Cardano network has increased significantly, from around $199.74 million to $253.42 million. The largest increase in the total amount of funds locked in the network’s smart contract occurred between March 1 and March 9, when the total value of funds reached the current all-time high of $253 million.
When staked governance tokens are factored into the TVL calculation, the DefiLlama dashboard displays that Cardano’s TVL is significantly higher. Cardano’s TVL has increased to about $246.35 million as a result of this inclusion.
Minswap presently has $52.3 million in total value locked, according to statistics provided by cryptocurrency analytics platform DefiLlama. Muesliwap, another Cardano DEX, presently has a total value lock of $12.53 million.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.