Cardano’s network activity spiked significantly in October: DappRadar

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on Nov 1, 2022
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  • Cardano network transactions jumped 75% month-to-month after the Vasil upgrade.
  • Unique Active Wallets also rose 19% and 13% for Cardano DEX Minswap and JPG Store respectively.
  • Cardano is now the third-largest NFT platform by trading volume, according to DappRadar.

Cryptocurrency prices today show that Cardano (ADA/USD) is trading around 7% down over the past 30 days.

But as well as gains of over 13% in the past week, data shows the blockchain platform experienced significant network activity in October.

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According to DappRadar’s latest Blockchain Behaviour Report, the Cardano blockchain witnessed a surge across three major metrics: network transactions, unique active wallets across top native dApps and NFT trading volume.

The surge in the metrics follows Cardano’s successful rollout of the highly anticipated Vasil upgrade, DappRadar highlighted.

Cardano dApps’ activity soar after Vasil upgrade

The Vasil upgrade went live on the Cardano mainnet on 22 September, with the blockchain platform’s developer team releasing full functionality a few days later on 27 September.

Following the upgrade, network transactions skyrocketed to hit a high of 82,880 on 19 October, registering its highest level since May. Per DappRadar, Cardano ended up recording a 75% increase in network transactions month-to-month compared to 30 days before the upgrade.

Cardano dApps also registered massive jumps in user engagement, with 30-day unique active wallets on the Cardano DEX Minswap number up by more than 19%. The dApp’s month-on-month trading volume rose by more than 15% to $77 million, DappRadar noted in the report.

Elsewhere, JPG Store, a leading Cardano NFT marketplace, saw a 13%+ jump in unique active wallets and 40% growth in trading volume. As covered here, data has shown growth in unique active wallets has remained high even as crypto markets navigate the crypto winter.

For Cardano, the growth across the metrics, particularly in NFT trading, has pushed the network into the top three among blockchains with the highest NFT trading volume in the last 30 days.

As DappRadar points out in the report published on Tuesday 1 November 2022, Cardano’s NFT volume hit $191 million, with Solana and Ethereum in second and first place among largest blockchains by NFT volume in October.

Despite the above gains though, Cardano’s TVL continued to feel the pain of the broader crypto market and DeFi ecosystem malaise. In the past 30 days, Cardano’s TVL declined 20% to around $83 million. In comparison, DeFiLlama data shows Ethereum’s TVL currently stands at over $31 billion, while BNB Chain and Tron both have over $5 billion in TVL.