Cardano's DeFi Explosion: Active Wallets Surge, What's Driving the Boom?

Cardano ($ADA), the smart contract blockchain, experiences a surge in user activity, witnessing a remarkable rise in active wallet addresses over the past 30 days. The number of active wallets has soared to over 600,000, marking a one-year peak and representing a nearly 40% increase during this period.

The number of active wallet addresses has significantly increased, reaching a peak of 297,000 in September 2023

Cardano's decentralized exchange, Danogo, reports a significant increase in active wallet addresses, hitting a peak of 297,000 in September 2023. This surge coincided with a price of $0.24 for ADA. The recent spike in user activity follows a broader rally in the cryptocurrency market, triggered by the approval of spot Bitcoin exchange-traded funds (ETFs) in the United States earlier this year.

Cardano's active addresses surge coincides with the growth of its decentralized finance (DeFi) sector. The total value locked (TVL) in Cardano's DeFi protocols has surged from around $60 million at the beginning of 2023 to over $480 million currently.

Significant increase in ADA locked in DeFi protocols, with total value rising from 20 million to over 65 million

In terms of ADA, the amount locked in DeFi protocols has significantly increased. The total value locked surged from 200 million ADA in early 2023 to over 650 million ADA presently. This growth suggests that the rise in total value locked is not solely attributed to asset price appreciation.

Cardano DeFi Ecosystem: Indigo Leads in Locked Value with Minswap Tops in Active Wallets

Among Cardano's DeFi protocols, collateralized debt protocol Indigo leads with over $120 million in total value locked, followed by decentralized exchange Minswap with $100 million and lending protocol Liqwid with $63 million.

While Indigo leads in total value locked, Minswap emerges as the leader in active wallet addresses over the past 30 days, boasting 30,677 active wallets. Following closely are JPG Store with over 17,000 active wallets and Spectrum with 9,600 active wallets.

Cardano price surges to near $0.75, up nearly 200% over the past six months

As adoption of Cardano grows, its price has surged, currently trading close to $0.75. This represents a nearly 200% increase over the past six months, coinciding with a broader cryptocurrency market rally that propelled Bitcoin's price to a new all-time high above $73,000.