The Cardano blockchain has seen a 40% increase in active wallets over the past month, surging to 600,000. This growth coincides with an expanding Cardano DeFi ecosystem, now worth around $500 million in total value locked (TVL).
However, despite this user engagement boost and positive ecosystem developments, Cardano’s native ADA token has struggled to keep pace price-wise. ADA is up about 35% over 30 days but has lagged many other altcoins hitting new highs recently.
Founder Charles Hoskinson aims to integrate Cardano with Hyperledger’s FireFly to improve scalability and throughput. If successful, this could catalyze further growth.
Like ADA, XRP has also been sluggish lately, prompting analysts to predict a potential bull run after the next Bitcoin halving event shakes up market dynamics.
While Cardano’s fundamentals look solid, the token has yet to reflect the enthusiasm around the expanding ecosystem and user base. Markets will be watching closely for ADA to potentially play catch up.
