Cardano Sees Surge in On-Chain Metrics as User Base Expands to 4.87M Wallets; Smart Contract Transactions Up 31%

Cardano experienced a surge in multiple on-chain metrics in August amid steady growth in its ecosystem. 

According to data released by the Cardano Foundation, the network saw an increase in wallet creation, transaction volume, and native token support, marking a notable period of expansion for the blockchain. This update comes only days after the network completed its most anticipated update, Chang Hard Fork. 

Transaction Activity and Smart Contract Use

Transaction metrics reveal a diversified usage of Cardano’s blockchain. A total of 95.9 million transactions were processed during the month, reflecting a modest 1.51% growth from July. This rise highlights Cardano’s consistent usage as the network expands.

Notably, 31% of these transactions involved smart contracts, further solidifying Cardano’s presence in decentralized finance (DeFi) and decentralized applications (dApps).

Simple transactions, however, made up nearly half of the total activity at 49%, representing the standard peer-to-peer transfers that remain dominant on the network.

Also, transactions featuring metadata but without smart contracts accounted for 20%, showcasing the versatility of Cardano’s blockchain. 

Wallet Metrics and Token Growth

Cardano’s user base also saw steady growth in August, with active wallets reaching 4.87 million, a 0.67% increase. This continued rise points to an expanding user base as more individuals engage with the network.

However, delegated wallets, which participate in Cardano’s Proof-of-Stake (PoS) mechanism, saw a slight decline of 0.98%, totaling 1.33 million. This marginal decrease could be linked to short-term market fluctuations or a shift in staking preferences.

In addition to wallets, Cardano supported 10.3 million native tokens in August, showing a 0.85% increase. 

Growth in Smart Contracts and Policy Adoption

Smart contracts also showed progress, with 6,709 Plutus scripts deployed by the end of August, a 0.75% increase. The gradual growth of Plutus scripts indicates an expanding developer interest in Cardano as a platform for dApp development.

Moreover, this growth suggests that developers are taking advantage of the blockchain’s features to build more complex applications.

Additionally, the number of policies governing token issuance on the network grew by 6.53%, reaching 160,299 active policies. These policies ensure proper governance and regulation of assets within Cardano’s ecosystem.