Cardano’s On-Chain Metrics Soar With 4.87 Million Wallets and Counting
The Cardano Foundation recently released data on their official X page indicating significant growth in wallet creation, transaction volume, and native token support on the Cardano network. This surge occurred shortly after the completion of the highly anticipated Chang Hard Fork.
Overview of the Transaction Activity
In terms of transaction activity, the Cardano blockchain processed a total of 95.9 million transactions in the month, marking a 1.51% growth from July.
Notably, 31% of these transactions involved smart contracts, highlighting Cardano’s relevance in decentralized finance (DeFi) and decentralized applications (dApps). Simple peer-to-peer transfers accounted for 49% of the total transaction activity, while transactions with metadata but without smart contracts made up 20%.
Cardano’s Active Wallet Rises
The number of active wallets on Cardano rose to 4.87 million, signifying a 0.67% increase. However, delegated wallets participating in Cardano’s Proof-of-Stake (PoS) mechanism experienced a slight decline of 0.98%, totaling 1.33 million. Moreover, Cardano supported 10.3 million native tokens in August, demonstrating a 0.85% increase.
In terms of smart contracts, 6,709 Plutus scripts were deployed by the end of August, reflecting a 0.75% increase. This indicates growing developer interest in leveraging Cardano’s features for dApp development.
Additionally, the number of policies overseeing token issuance on the network grew by 6.53%, reaching 160,299 active policies, ensuring effective governance and regulation of assets within Cardano’s ecosystem.
Read Also: Litecoin Price: Is Litecoin About To Unleash A Major Breakout and Kickstart A Bullish Rally?
Follow us on Twitter, Facebook, Telegram, and Google News
Meet Daniel Abang: Crypto guru, content creator, and analyst. With a deep understanding of blockchain, he simplifies complex concepts, guiding audiences through the ever-changing crypto landscape. Trusted for his insightful analysis, Daniel is the go-to source for staying informed and empowered in the world of cryptocurrency.
