Home Uncategorized The number of active addresses on the Cardano network in November skyrocketed

The number of active addresses on the Cardano network in November skyrocketed

The number of active addresses on the Cardano network in November skyrocketed

According to the analytical resource Messari, in November 2021, the number of active addresses in the Cardano blockchain network peaked at around 485 thousand, demonstrating an increase of 200 +% at the moment.

However, as of the end of the month, this figure has already dropped noticeably. Now the number of active addresses in the network is more modest 191,500 against about 161 thousand at the beginning of November. Thus, the current intra-month gain is now 25 +%.

Active addresses on the Cardano network: Messari

A good year for Cardano

The Cardano blockchain and its native ADA token have performed well this year thanks to a series of network updates. The most significant of these was the Alonzo update.

This hard fork was a landmark event for the project, as it added long-awaited support for smart contracts to its ecosystems. At one time, it was smart contracts and decentralized applications (dApps) that gave the Ethereum network a powerful impetus to growth, bringing it to the second place in popularity after Bitcoin.

Support for smart contracts has significantly increased the functionality and competitiveness of Cardano, and also led to the growth of new developments in the DeFi and dApps segment.

It is noteworthy that the growth in the number of active addresses occurred even despite some negative factors for the network. So, recently, the eToro crypto exchange limited ADA support for clients in the United States, which led to a drawdown in the ADA rate.

Earlier, in early September this year, the ADA hit its all-time high to reach $ 3.09, but failed to maintain this bullish momentum in October. At the time of writing, the coin rate was about $ 1.60.

Bright future?

However, despite the current weakening of the ADA price, the overall future of Cardano continues to look quite bright. Developers have appreciated the latest network updates, and interest is growing, as is the number of DeFi developments on Cardano.

So, in this ecosystem, the Ardadex project appeared – the first decentralized exchange (DEX) and NFT marketplace. Also, the Cardano blockchain is preparing to add support for payments in stablecoins, which was announced in the announcement of a partnership between the Ardana stablecoin hub and the COTI payment system. Another important component of the ecosystem will be the new ADALend lending protocol.

All this gives Cardano a chance to soon challenge the Ethereum blockchain, which continues to be the king of the DeFi industry for now.

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