The Cardano (ADA) network was able to take major steps within the world of decentralized finance (DeFi). Recently you could read in the Cardano news that the total value locked (TVL) of the network had exploded by a whopping 172%. The Cardano Foundation shared an encouraging tweet on Monday on chain data, this time for the month of April.
Growth Cardano network
In the past month, the number of transactions increased by 2.49% compared to the month of March. A total of 65.6 million transactions were registered on Cardano’s blockchain. In addition, the total number of wallets increased by 1.19% to a current number of 54.07 million. The number of delegated wallets also increased by a mere 0.06% to 1.28 million. The number of Plutus scripts, the scripting language for smart contracts, increased by 3.53% to 5,419.
#Cardano On Chain Stats 🚀
Let’s keep growing #CardanoCommunity! 💪 pic.twitter.com/6Ct5iGW67k
— Cardano Foundation (@Cardano_CF) May 1, 2023
Cardano’s TVL had another great month as well, growing from $138.61 million at the start of the month to a high of $171.3 million. However, a weak second half of the month saw a significant drop in TVL ending the month at $152.90 million. Despite this, the metric is still up 10.4% in April. The TVL refers to the total value that users have locked into DeFi applications.
In the past month, the company launched behind the layer-1 blockchain, Input Output Global (IOG), also the first native light wallet for the network. This new wallet, called Lace, is a browser-based wallet similar to MetaMask.
ADA rate
When the monthly performance of the network is discussed, the price of the underlying crypto obviously cannot be left behind. ADA performed excellently in the first half of April and was able to soar as high as $0.46. It started the month just below $0.40, which means that the ADA price was up as much as 15%. However, the month ended in the red with a price of $0.3956.