Cardano’s ADA active addresses surged by more than 200% in November to peak at 485,000, driven by network upgrades and the growth in the DeFi ecosystem.
The number of active addresses now stands at 191,500 compared to 161,000 at the beginning of the month.
The jump is attributed to the network’s upgrades that have attracted DeFi developers. Cardano’s Alonzo upgrade opened up the platform’s smart contracts capability. The move has attracted DEXs like SundaeSwap and developers working on dApps.
COTI is issuing a stablecoin on the network, and Ardadex is another DEX and NFT marketplace based on Cardano. ADALend is also another lending protocol in the fast-growing Cardano space.
The rise in Cardano’s addresses comes despite its delisting from the eToro platform and the bearish momentum that has subdued its price. The network aims at giving users an alternative to Ethereum, the DeFi market leader.