The Cardano network has recorded a significant jump in on-chain activities, with its daily address activity growing by more than 90% as the number of delegated wallets surged to 1.2 million.
Cardano’s On-Chain Activity Surges
On Friday, November 25th, Charles Hoskinson, the founder of Cardano and head of Input Output Global (IOG) took to Twitter to celebrate the increasing on-chain activity amidst the crypto market crash.
Hoskinson quote-tweeted an update reporting that the Cardano (ADA) network had experienced a 90% increase in daily active addresses performing on-chain transactions.
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Meanwhile in Cardanoland https://t.co/YazNexsgKd— Charles Hoskinson (@IOHK_Charles) November 24, 2022
In addition, on-chain data shows that the number of delegated wallets on the network hit a massive milestone of 1.23 million addresses. However, the surge in address activity could be linked to the increased sell-off recorded during the FTX collapse.
Cardano Grows Through the Market Turmoil
The growth in Cardano’s 24-hour address activity is not an isolated occurrence. Messari reported on November 14th that the network’s daily active address surged to a whopping 116,249 from 70,000 recorded early in the month.
Cardano also remains one of the most actively developed crypto projects, only behind Ethereum and open-source blockchain projects Polkadot (DOT) and Kusama (KSM).
On the Flipside
- Despite Cardano’s rapid growth, the ecosystem has not enjoyed correlating VC support, with Ardana stablecoin forced to halt development due to a lack of funding.
Why You Should Care
The milestone highlights the increasing activity on the Cardano network since it launched the Vasil hard fork in September, improving smart contracts functionality.
The halt of Ardana is covered below:
Ardana, a Decentralized Stablecoin Building on Cardano, Abruptly Halts Development
Read about other developments on Cardano below:
Tuition Coin Announces Teach to Earn on Cardano