Cardano Sees Notable Increase in Daily Active Users: CryptoCompare

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Cardano (ADA), one of the most used smart contract blockchains, saw a 15.6% increase in daily active users in November, despite the collapse of the prominent cryptocurrency exchange FTX, according to research released by crypto analytics company CryptoCompare.

Following the implosion of FTX, customers were increasingly shifting their assets away from centralized cryptocurrency platforms and toward decentralized and self-custody options, according to CryptoCompare’s most recent Asset Report.

According to CryptoCompare, the action increased Cardano’s average daily active user base. The total number of the platform’s daily active users increased by 15.6% last month to 75,800, the highest figure since May.

Source: CryptoCompare

Similar to this, the Cardano network’s monthly transactions increased 5.34% to 2.32 million last month, which was the highest monthly transaction volume since April. According to data from the cryptocurrency’s network, which CryptoGlobe published, the number of wallets there increased by over 100,000 in November alone.

Source: Blockchain Insights

After the exchange suffered a bank run, FTX’s demise sped up the growth of Cardano’s on-chain metrics. FTX stopped making withdrawals as a result of the bank run and later filed for Chapter 11 bankruptcy protection.

Following FTX’s bankruptcy proceedings, the bitcoin market experienced contagion, which negatively impacted trust in centralized systems. As a result of FTX’s failure, cryptocurrency lender BlockFi, which depended on it after experiencing liquidity problems earlier this year, has also filed for bankruptcy.

DeFi on Cardano on the Rise

The report from CryptoCompare also mentions that DeFi on the Cardano blockchain celebrated its first anniversary on November 28. Late in 2021, MuesliSwap made its debut on the network, and soon after, it had locked in a total value of $1 million.

Last month, the total value locked on the Cardano network dropped 16.6% to $58 million, marking the lowest value seen all of 2018. That said, with a 48.7% market share, MinSwap, a multipool decentralized exchange, rules the Cardano DeFi market.

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.