The number of active addresses on the Cardano network has increased by more than 200% this month. The number is currently at 191,500, but peaked at 485,000 towards the end of November.
According to Messari, the number of active addresses on Cardano rose by more than 25% in November 2021. The number of active ADA addresses peaked at over 485,000, although it is now just over 191,500. At the beginning of the month the number was around 161,000.
The Cardano network and its native ADA asset have done well this year after a number of upgrades. The most significant of these was the Alonzo upgrade, which introduced smart contracts on the platform.
With smart contracts, the network has become much more powerful and has led to many developments in the DeFi area. Numerous DEXs, such as SundaeSwap, are currently in the works, and developers are also working on other dapps.
It may surprise you that the number of active addresses is increasing as there have been some minor negative events for the network. EToro recently removed ADA from its list for US customers, the ADA price dropped a bit and there have been some delays.
The token hit a new all-time high in early September 2021, hitting $ 3.09. ADA has been doing very well up to that month, although it struggled to maintain this momentum into October
A bright future for Cardano?
While ADA could fall in price, Cardano’s future looks pretty bright. The upgrades have improved the capabilities of the network and the developers are taking it. Certainly the interest in the development in the Cardano network has been rediscovered.
DeFi-related developments on Cardano have seen a noticeable increase. Ardadex became the first DEX and NFT marketplace on Cardano, and COTI is issuing a new stablecoin on the network. 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 its ecosystem. It seems well prepared to serve at least as a viable alternative to Ethereum, which remains the king of the DeFi market. Ethereum is also working on its technical improvements, so that next-generation networks want to quickly use their strengths to build a robust ecosystem.
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