The active address count on the Cardano network increased by more than 200% this month. The number currently stands at 191,500, though it peaked at 485,000 towards the tail end of November.
The number of active addresses on Cardano has jumped by more than 25% in November 2021, according to data from Messari. The ADA active address count peaked at over 485,000, though it now stands at just over 191,500. At the start of the month, the figure hovered around 161,000.
The Cardano network and its native ADA asset have been performing well this year after a slew of upgrades. The most significant of these was the Alonzo upgrade, which introduced smart contracts to the platform.
With smart contracts, the network has become far more capable and has led to a lot of development related to the DeFi space. Numerous DEXs, like SundaeSwap, are currently in the works, and developers are working on other dapps as well.
It may come as a surprise that the number of active addresses is increasing, given that there has been some minor bad turn of events for the network. Recently, eToro delisted ADA for U.S. customers, the ADA price has taken a bit of a drop, and there have been some delays.
The token reached a new all-time high in early September 2021, reaching $3.09. Up until that month, ADA was doing very well, though it has struggled to keep that momentum going into October
A bright future for Cardano?
While ADA might be dropping in price, the future of Cardano looks fairly bright. The upgrades have boosted the network’s capabilities, and developers are taking to it. Certainly, there has been a newfound interest in developing on the Cardano network.
There has been a noticeable uptick 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 a major part of the ecosystem.
A large part of Cardano’s success will come from the strength of its ecosystem. It seems well prepared to serve at least as a viable alternative to Ethereum, which remains the king of the DeFi market. Ethereum, too, is working on its technical improvements, so next-generation networks will quickly want to utilize their strengths to build a robust ecosystem.