Cardano network activity is growing
cardano Blockchain has experienced an explosion in network activity. On October 19, according to Cardanoscan, network transactions increased to 97,959, the highest since the beginning of October. This represents an increase of 75% on a month-on-month basis.
Cardano now ranks among the top three NFT chains. According to openCNFT data, NFT volumes hit 3.0 million ADA and 2.8 million ADA on Oct. 17 and 18, which placed Cardano as the third largest NFT protocol.
Cardano has outperformed the immutable X over the past 24 hours, trading $1.2 million in NFTs, trailing only Ethereum and Solana.
The Vasil update was triggered on the Cardano mainnet on Sept. 22, while full capabilities were deployed on Sept. 27. The impact of the Vasil update is seen as Cardano dApps record significant increases in user activity. As reported by U.Today, Cardano DEX Muesliswap recorded 788% growth in user activity over the last 30 days.
Furthermore, Cardano multi-pool decentralized exchange MinSwap saw its highest volume in the past six months, exceeding 3 million daily.
However, the DeFi ecosystem as seen in the TVL remains unimpacted. This might be partly due to generally poor DeFi sentiment among investors. Cardano’s TVL is down nearly 6% in the last 24 hours at $62.25 million.
Sun, an analyst at Orbis, predicted the rise of Cardano DeFi: “The volume of NFTs on Cardano is amazing. But wait for the DeFi figures, when the real giants of the DeFi protocol go live on Cardano. This winter could be bad for the markets. . . but I think this winter we will see the rise of DeFi on Cardano.”
