- According to blockchain and decentralized apps (dapps) analytics firm DappRadar, Cardano is now the third largest NFT protocol by trading volume behind Ethereum and Solana.
- Regardless of its current feat and huge potential, the Total value locked (TVL) of Cardano is said to be minimal compared to Ethereum and Solana.
Cardano has seen improved activity growth on its network following the recent market recovery. As of October 19, its network transaction count saw a 75 percent MoM increase to hitting 97,959 with its Non-Fungible Token (NFT) volume sitting at around 3 million on October 17.
According to blockchain and decentralized apps (dapps) analytics firm DappRadar, Cardano is now the third largest NFT protocol by trading volume behind Ethereum and Solana. In a 30-period ending on Sept.30, the network recorded an overall NFT volume of $191 million. In comparison, Ethereum recorded a volume of $338.21 million and Solana raked in $116.07 million over the same period. In the third quarter of 2022, Cardano’s NFT marketplace saw a surge of 40 percent in market volume, hitting $11.2 million.
The increase in network activity has been linked to the Vasil update that was launched on September 22. The update increased the network’s operating capacity and drastically reduced its transaction time. On top of this, the Cardano DApps are experiencing an increase in user engagement. Minswap, a decentralized exchange, recorded a 21 percent increase in unique active wallets in the past 30 days.
Is the future all roses for Cardano?
According to DappRadar’s report, JPG Stores surged by 17 percent. Despite the anticipation surrounding the Ethereum merge which was said to be the biggest upgrade in its blockchain history, Cardano stole the spotlight with the largest transaction number since May, recording 82,880.
According to data, the network has only increased in the last 15 days with a peak of 108,781 on October 25. Before the Vasil release date in September, the network activities recorded an all-time low in June when the scheduled date for Vasil was pushed from that month.
Regardless of its current feat and huge potential, the Total Value Locked (TVL) of Cardano is said to be minimal compared to Ethereum and Solana. This metric is used to measure the chain’s size. DappRadar estimates that Cardano’s TVL is $66 million. Ethereum, on the other hand, has a TVL of $31.4 billion while Solana has $955.5 million.
The Cardano network transactions are said to be just a fraction of Ethereum’s network transactions which boast of around one million a day. However, Cardano is preferred for its “scalability, interoperability, and sustainability.”
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Cardano is also facing the challenge of severe sales in the market according to reports, as investors drop their positions in ADA despite the recorded losses. As of the time of writing, ADA is down by 3.8 percent in the last 24 hours and trading at $0.40 according to market data.