Daily addresses on the Cardano blockchain hit 112,500 after a 167% rise

Cardano has recorded a surge in activity since the network integrated smart contracts. Moreover, the new daily addresses on the Cardano (ADA/USD) blockchain have increased by 167% to hit 112,500.

Growing activity on Cardano

Ali Martinez, an on-chain analyst, has pointed out this growth in Cardano’s on-chain activity, noting that the rise in on-chain activity contributed to increased price volatility for ADA tokens.

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Smart contracts on Cardano have played a major role in boosting this on-chain activity. DeFiLlama shows that the Cardano blockchain has $130 million in total value locked (TVL). The leading project on the Cardano blockchain is SundaeSwap, which accounts for 98% of the entire TVL.

The launch of SundaeSwap on Cardano was eagerly awaited by the community. Despite the challenges faced by the team during launch, such as congestions and failed transactions, the platform continues to grow. Moreover, Cardano plans on boosting the scalability of the network, which could trigger more adoption of the network and contribute to more success of projects such as SundaeSwap.

MuesliSwap was the first DeFi application to launch on the Cardano blockchain. The protocol has a TVL of more than $2.5 million.

The developer of the Cardano network, the Input Output Hong Kong (IOHK), has proposed boosting the scalability of the network to accommodate more DeFi projects. After SundaeSwap launched, the network load surpassed 90%. To increase the network’s capacity, IOHK wants to increase the block size from 72KB to 80 KB.

Number of ADA holders increase

In January, it was estimated that ADA whales increased their holdings significantly after ADA’s price succumbed to broader market volatility and dipped by over 30%. Additional data shows that the ADA wallet addresses holding between 10,000 and 1 million increased their holdings by 113%. These addresses accumulated $53.6 million worth of ADA tokens during the month. Moreover, new ADA addresses have also increased. In January, the number of Cardano holders increased by 10.9%, representing around 309,000. The overall number of addresses holding ADA reached a record high of 4.53 million during the same month.