Growth of Cardano Network
Cardano’s blockchain network has been experiencing tremendous growth, as evidenced by the increase in the total value locked (TVL) in DeFi applications, which soared by 172%. The number of transactions rose by 2.49% in April, with a total of 65.6 million transactions recorded. In addition, the total number of wallets increased by 1.19% to a current number of 54.07 million. The number of delegated wallets also increased by 0.06% to 1.28 million. The number of Plutus scripts, which is the scripting language for smart contracts, also increased by 3.53% to 5,419.
As with any other cryptocurrency, ADA’s price has a significant impact on the network’s overall performance. The initial price of ADA during the month was just below $0.40 and increased to a high of $0.46, which marks a 15% gain. However, the month ended in the red with a price of $0.3956.
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Despite the weak second half of the month, Cardano’s TVL performed well, growing from $138.61 million at the start of the month to a high of $171.3 million. However, this figure slumped towards the end of the month, closing at $152.90 million- at a 10.4% gain in April. TVL is the total value that users lock into DeFi applications.
The Launch of IOG and Lace Wallet
Cardano’s parent company, Input Output Global (IOG), launched a new browse-based light wallet for the network. The new wallet, named Lace, is the first native light wallet for Cardano and is similar to MetaMask.
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Cardano’s impressive growth in April is a sign of an optimistic outlook for the network and its investors. The company’s TVL metric skyrocketed, transaction numbers on the blockchain grew, and the launch of Lace adds value to the network. However, the cryptocurrency market is volatile, and by extension, ADA is no exception. Despite Cardano’s upcoming roadmap, it is essential for investors to engage their minds with market realities before investing in the network.