During the great movement in the crypto market Cardano The (ADA) network has reached a major milestone. According to data from Cardano-based Decentralized Exchange (DEX) Danogo, the number of active wallets on the network has exceeded 600,000 in the last 30 days. This represents a significant increase of 533,000 compared to the figure at the beginning of March and highlights the increase in user adoption.
This growth process did not follow a smooth course. However, it stands out as a clear sign of a turnaround from the turning point when the number of active wallets dropped to 297,268 on September 25, 2023. This significant increase in the number of active users indicates growing interest in Cardano’s capabilities and potential.
Active Wallets and dApp Usage
The data provided by Danogo offers deeper insight into user behavior on the Cardano network. Over the past week, the platform observed over 212,000 active addresses, with daily active addresses reaching 44,100 on March 12.
Notably, the data also examines interaction with Decentralized Applications (dApps) built on the Cardano blockchain. Indigo Protocol currently holds the leading dApp position in Cardano and plays a significant role in terms of total value locked (TVL), which represents the total cryptocurrency value deposited into a DeFi protocol.
With a TVL value of $167 million, Indigo Protocol demonstrates significant financial activity. However, despite its dominance in TVL, Minswap surpasses Indigo Protocol in terms of active wallets.
Notably, Minswap has 30,677 active wallets for the last 30 days, while Indigo Protocol has 1,794. This data shows that although Indigo Protocol has attracted significant investment, Minswap has a larger and more active user base.
In January, Cardano founder Charles Hoskinson predicted significant growth for Cardano in 2024. The increase in active Cardano addresses marks an impressive period of growth for ADA. This increase in user activity occurred alongside ADA’s attempt to break through the $0.8 resistance level, indicating a possible correlation between network activity and token price.
ADA is currently trading at $0.7489, up 1.58% in the last 24 hours. While many are focusing on the $0.8 resistance level, one analyst believes ADA could move towards $10.
Cardano’s development team also continues to actively build strategic partnerships and introduce new products and services. These initiatives aim to maintain the network’s momentum, increase its adoption rate, and raise its price.
