More Adoption Coming
The adoption of the Cardano network has been one of the reasons behind this increased interest in the blockchain. More users are coming to know Cardano as a major contender in the decentralized finance (DeFi) space, thus prompting them to start using the network. The result of this was not only had daily new addresses hit 7,600 in a single day, there had been more than 200,000 new addresses added to the network in the space of a month.Related Reading | The Young Turks Embarrass Themselves Trying To Discuss Crypto Regulation
ADA price falls below $1 | Source:
No doubt the entrance of such a prominent figure into the Cardano space has spurred interest from followers of the superstar, who would want to take advantage of the network the rapper is using. also draws this same conclusion, tying the increased interest in the network to the rapper’s NFT launch.
Today 7687 new ADA wallets per day. Hard to be certain what caused this massive spike of new ADA wallets per day but we will take a guess and attribut this to and partnership. — Cardano Blockchain Insights (@InsightsCardano)
More People Building On Cardano
The Cardano DeFi space is still very young compared to its competitors but that has not meant that the network has staggered in its growth. IOHK, the developer behind Cardano, in a recent report, revealed that there are almost 900 projects that are currently being built on the Cardano network, and what’s more, this number is growing by the day.Related Reading | Conquering Terrain: Terra’s Stablecoin UST Is Now Crypto’s Third Biggest
Featured image from CoinFunda, chart from TradingView.com