- According to blockchain and decentralized applications (dapps) analytics firm DappRadar, Cardano is now the third-largest NFT protocol by transaction volume behind Ethereum and Solana.
- Regardless of its current achievement and huge potential, Cardano’s Total Value Locked (TVL) would be minimal compared to Ethereum and Solana.
Cardano has seen improved activity growth on its network following the recent market rally. As of October 19, its number of transactions on the network has increased by 75% MoM to 97,959 with its non-fungible token (NFT) volume standing at around 3 million on October 17.
According to blockchain and decentralized applications (dapps) analytics firm DappRadar, Cardano is now the third largest NFT protocol by transaction volume behind Ethereum and Solana. In a 30-year period ending September 30, the network had an aggregate NFT volume of $191 million. In comparison, Ethereum recorded a volume of $338.21 million and Solana harvested $116.07 million over the same period. In the third quarter of 2022, Cardano’s NFT market saw a 40% increase in market volume, reaching $11.2 million.
The increase in network activity has been linked to the Vasil update which was launched on September 22. The update increased the network’s operating capacity and significantly reduced its transaction time. On top of that, Cardano DApps are seeing an increase in user engagement. Minswap, a decentralized exchange, saw a 21% increase in unique active wallets over the past 30 days.
Is the future all rosy for Cardano?
According to DappRadar’s report, JPG stores jumped 17%. Despite the anticipation surrounding the Ethereum merger which would be the biggest upgrade in its blockchain history, Cardano stole the show with the highest number of transactions since May, registering 82,880.
According to the data, the network has only grown in the last 15 days with a peak of 108,781 on October 25. Ahead of Vasil’s September release date, network activity hit an all-time low in June when Vasil’s scheduled date was pushed back. from this month.
Regardless of its current achievement and huge potential, Cardano’s Total Value Locked (TVL) would be minimal compared to Ethereum and Solana. This metric is used to measure the size of the string. DappRadar estimates Cardano’s TVL to be $66 million. Ethereum, on the other hand, has a TVL of $31.4 billion while Solana has $955.5 million.
Cardano network transactions are said to be only a fraction of Ethereum network transactions, which boast about one million per day. However, Cardano is preferred for its “scalability, interoperability and sustainability”.
Cardano is also facing the challenge of severe selling in the market according to reports, as investors dump their positions in ADA despite the losses recorded. At the time of writing, ADA is down 3.8% in the last 24 hours and is trading at $0.40 according to market data.