• Fri. Mar 1st, 2024

Briefly –

  • ADA saw its active addressee rising past 485,000.
  • Cardano price received support from the network’s multiple upgrades.
  • Developers can now utilize the Cardano ecosystem to create their DeFi projects.

Cardano network saw its active addresses increasing by over 200% during this month. For now, the figure hovers at 191,500, though it touched 485,000 in most of November.

Messari’s data shows that working crypto addresses on the Cardano platform jumped by over 200% in 2021 November. Though the number stands at 181,500 for now, ADA active addresses were above 485,000. Moreover, the count was near 161,000 in the first week of November.

The Cardano ecosystem and ADA, its native coin, have recorded impressive performance this year. Analysts found that several upgrades in 2021 boosted the network. The leading project on the ADA platform was the Alonzo update that brought smart contracts capabilities.

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With smart contracts, ADA achieved increased capabilities, developing many projects related to the decentralized finance (DeFi) space. Developers are now working on Daaps, and SundaeSwap is among the DEX’s that joined the crypto platform.

What may surprise investors is active addresses count increasing, while Cardano’s events suffered minor negative cases. For example, eToro, a crypto trading site, delisted Cardano trading services for United States investors. That had ADA encountering a price dip accompanied by delays.

Meanwhile, the token touched a new ATH in early 2021 September, exploring $3.09. ADA enjoyed lucrative actions until attaining its record high. However, the altcoin struggled to maintain the momentum during October’s sessions.

What about Cardano’s Future?

Though ADA might be plunging at the moment, the alternative coin has a bright future. Indeed, the upgrades attracted developers as they boosted Cardano’s capabilities. Furthermore, market experts have noted a new interest in Cardano projects.

The ADA platform has witnessed an increase in developments related to decentralized finance (DeFi). Ardadex remains the first NFT and DEX marketplace on ADA’s ecosystem. Moreover, COTI utilizes the site to issue a new stablecoin. ADALend is another vital project the Cardano network awaits.

ADA’s top-notch ecosystem will trigger massive success for Cardano. The crypto prepares to solve problems encountered by Ethereum clients. However, Ethereum also works on technical improvements for now. Let us wait for what these cryptocurrency projects will have soon. Stay tuned.

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