The number of active addresses on the Cardano (ADA) network has increased by more than 200% this month. As a result, the number of active addresses stands at just over 191,500. However, this number peaked at around 485,000 towards the end of November.
Cardano performs well
The number of active addresses on Cardano increased by more than 25% in November 2021, data from Messari shows. The number of active ADA addresses peaked at over 485,000, although it now stands at just over 191,500. At the beginning of the month, the figure hovered around 161,000.
The Cardano network and its native ADA coin have performed well this year after a slew of upgrades. Chief among these was the Alonzo upgrade, which introduced smart contracts to the platform.
With smart contracts, the network has become much more capable. Also, it has led to a lot of development related to DeFi. Numerous DEXs, such as SundaeSwap, are currently in the works and developers are working on other dapps as well.
Surprisingly, the number of active addresses has increased, as the network has been slowing down lately. Recently, eToro has canceled ADA for US customers, the ADA price has dropped slightly and there have been some delays.
The token hit an all-time high at $3.09 in early September 2021. Until that month, ADA was doing very well, although it struggled to maintain that momentum into October.
The future of Cardano
Despite ADA dropping in price, Cardano’s future looks pretty bright. The various upgrades that have been carried out have already considerably increased the possibilities of the network and developers have also started working with them.
There is a noticeable increase in DeFi-related developments on Cardano. Ardadex became the first DEX and NFT marketplace on Cardano and COTI is issuing a new stablecoin on the network. A new lending 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 could serve as an alternative to Ethereum, which is still at the top of the DeFi market. Ethereum is also working on its technical improvements, so next-generation networks will quickly want to use their strengths to build a robust ecosystem.