The network activity on the Cardano blockchain has skyrocketed. According to Cardanoscan, network transactions reached 97,959 on October 19, the highest level since the beginning of the month. This indicates a month-over-month increase of 75%.
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Cardano Network transactions record
Currently, Cardano is one of the top three NFT chains. NFT volumes reached 3.0 million ADA and 2.8 million ADA on October 17 and 18, according to openCNFT data, placing Cardano as the third-largest NFT protocol.
With $1.2 million transacted in NFTs over the past 24 hours, Cardano ranked third after Ethereum and Solana and ahead of Immutable X.
On September 22, the Cardano mainnet received the Vasil update; on September 27, full functionalities were made available. The Vasil update’s effects are being seen as Cardano dApps experience a sharp rise in user engagement. According to U.Today, user activity on Cardano DEX Muesliswap increased by 788% during the previous 30 days.
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Additionally, the daily volume on the decentralized Cardano multi-pool exchange Minswap reached its highest level in the previous six months at over three million.
The DeFi ecosystem as it is shown in the TVL, however, is unaffected. This may be partially attributable to investors’ usually negative perceptions of DeFi. At $62.25 million, Cardano’s TVL has decreased by over 6% during the past 24 hours.
