The number of active wallets on the Cardano blockchain has surged by 40%, and the scale of its DeFi ecosystem has reached $500 million

According to CryptoPotato, the user engagement of Cardano (ADA) blockchain has significantly increased over the past month. According to data from Danogo, a decentralized exchange (DEX) on Cardano, the number of active wallets on this network surged to 600,000, an increase of 40%, which is twice as much as the lowest number in the past 30 days. The surge in active wallet numbers on Cardano's blockchain coincides with its growth in decentralized finance (DeFi) ecosystem. According to DefiLlama's data, this ecosystem is approximately $500 million in size. Similarly, total value locked (TVL) into DeFi protocols on this network also shows steady growth; both DEX and lending platforms have seen double-digit growth rates over the last 30 days.

Charles Hoskinson, founder of Cardano plans to integrate FireFly API from Hyperledger into Cardano - a full stack for building and expanding Web3 applications. This integration will test whether Firefly meets the needs of stake pool operators (SPOs) at Cardano. If successful it could bring more scalability and throughput for this network. However despite all recent indicators being green and continuous development at Cardano ADA has struggled to keep up with bullish trends across crypto markets overall . As per CoinGecko's data , ADA was trading at $0 .74 at time of writing , up about 35% over last 30 days . But compared with other leading altcoins performance has been quite flat over last two weeks . Ripple coin XRP too remains stagnant hesitatingly hopping onto bullish train while other altcoins hit new historical highs but some analysts believe that after Bitcoin halving XRP may welcome a new bull market.