Cardano, one of the major networks showing consistent growth in terms of development activity, saw a surge in activity over the last few days. Despite previous challenges in attracting a large number of addresses to Cardano, there was a notable increase in daily active addresses on the network, surpassing the 30,000 mark.
Along with the rise in active addresses, the number of transactions on the network also experienced growth, although not as significant. By March 10th, the number of active addresses had doubled to over 60,000, indicating positive momentum for the Cardano ecosystem’s health.
The uptick in activity on the Cardano network also led to a surge in the total value locked (TVL) on the protocol, signaling increased interest in Cardano’s DeFi sector. If this trend continues, there is potential for a revival in the ecosystem as Cardano aims to attract more users to its DeFi dApps.
However, challenges lie ahead as interest in Cardano’s NFT sector has decreased, impacting the overall growth trajectory. Analysis of TapTools’ data showed a decrease in the floor price of popular Cardano NFT collections, such as EarthNode and The Ape Society, as well as a significant drop in trading volume for these NFTs.
Despite waning interest in Cardano NFTs, interest in ADA remained high, with the price of ADA increasing by 8.11% over the past week. The trading velocity of ADA also experienced significant growth during this period.
As Cardano navigates these challenges and opportunities, the ecosystem’s future growth will depend on its ability to balance development in its DeFi sector with revitalizing interest in its NFT offerings. By continuing to attract users and drive activity across various sectors, Cardano aims to maintain its positive momentum and position in the cryptocurrency market.