Cardano Blockchain Hits ATH in This Important Metric, Can The Price of ADA Keep Up?
The Cardano (ADA) blockchain has experienced a significant uptick in user engagement over the past month.
According to data from Danogo, a decentralized exchange (DEX) on Cardano, the number of active wallets on the network surged to 600K, a 40% increase that doubles the lowest amount in the past 30 days.
The surge in active wallets in the Cardano blockchain coincides with a boost in its decentralized finance (DeFi) ecosystem, which stands at roughly $500M, according to data from DefiLlama.
Likewise, the total value locked (TVL) across DeFi protocols on the network has seen steady growth, with DEXs and lending platforms taking the lead with double-digit gains in the last thirty days.
Can ADA Follow?
Cardano’s founder, Charles Hoskinson, plans to integrate Cardano with Hypelredger’s FireFly API, a full stack for building and scaling Web3 apps.
This integration would test whether Firefly meets the needs of Cardano’s Stake Pool Operators (SPOs). If successful, it could lead to more scalability and throughput for the network.
However, despite all the recent metrics in the green and the ongoing developments within Cardano, ADA has had a hard time keeping up with the overall bullish trend within the crypto market.
ADA is trading at $0.74 at the time of this writing — up roughly 35% in the last 30 days, according to data from CoinGecko. However, its performance in the last two weeks has been rather lackluster compared to other leading altcoins.
Ripple (XRP) also remains dormant, hesitant to hop on the bullish train as other altcoins hit new ATHs. However, several analysts believe a new bull run for XRP might come after the Bitcoin halving.
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