Cardano Network Transactions Increase by 75% as Activity Skyrockets

The Cardano blockchain has seen a surge in network activity

The Cardano blockchain has seen a surge in network activity. According to Cardanoscan, network transactions reached 97,959 on October 19, the highest level since the beginning of October. On a monthly basis, this is a 75% gain.

Cardano is now one of the top three NFT chains. According to openCNFT data, NFT volumes reached 3.0 million ADA and 2.8 million ADA on Oct. 17 and 18, putting Cardano in third place among NFT protocols.

In the last 24 hours, Cardano ranked ahead of Immutable X, with $1.2 million traded in NFTs, trailing only Ethereum and Solana.

On September 22, the Vasil upgrade was activated on the Cardano mainnet, and full capabilities were released on September 27. Cardano dApps have seen large increases in user activity as a result of the Vasil update.

Cardano DEX Muesliswap’s user activity increased by 788% in the last 30 days. In addition, the Cardano multi-pool decentralized exchange Minswap experienced its biggest day volume in the last six months, with over three million transactions.

The DeFi ecosystem, as shown in the TVL, is unaffected. This could be attributable in part to investors’ general lack of enthusiasm about DeFi. Cardano’s TVL is now worth $62.25 million, down roughly 6% in the last 24 hours.


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