Cardano blockchain activity saw a quarter-over-quarter increase in both value locked and transactional metrics, according to a report by analytics firm Messari. The report, commissioned by Cardano developer Input Output, noted that while transaction activity grew, the number of active daily users decreased 4%. However, the Transaction/Active Address ratio of 1.19 was up 6.1% QoQ and 13.2% YoY, suggesting that the average user is more active now than they previously were. Blockchain load also rose to 50% from under 40% in the previous three months, peaking at 81% in May. DefiLlama data shows that some $175 million worth of tokens are locked on Cardano as of Monday, the highest level for this year.
This activity is attributed to key Cardano upgrades since the start of this year, such as a change to reduce epoch transitions and make the blockchain smoother for network users, and a feature on Milkomeda that allows Cardano blockchain users to gain access to Ethereum Virtual Machine (EVM) smart contracts with any Cardano (ADA) wallet. This feature will allow Ethereum application developers to build on Cardano’s network using Solidity, the computer language used to code Ethereum, without needing to install new toolkits or learn a new computer language.
The ratio of transactions to active addresses has been growing steadily over the past five quarters, suggesting that the average user is more active now than they previously were, said the report.