The Cardano network has recorded a significant jump in on-chain activities, with its daily address activity growing by more than 90% as the number of delegated wallets surged to 1.2 million.

Cardano’s On-Chain Activity Surges

On Friday, November 25th, Charles Hoskinson, the founder of Cardano and head of Input Output Global (IOG) took to Twitter to celebrate the increasing on-chain activity amidst the crypto market crash.

Hoskinson quote-tweeted an update reporting that the Cardano (ADA) network had experienced a 90% increase in daily active addresses performing on-chain transactions.

In addition, on-chain data shows that the number of delegated wallets on the network hit a massive milestone of 1.23 million addresses. However, the surge in address activity could be linked to the increased sell-off recorded during the FTX collapse.

Cardano Grows Through the Market Turmoil

The growth in Cardano’s 24-hour address activity is not an isolated occurrence. Messari reported on November 14th that the network’s daily active address surged to a whopping 116,249 from 70,000 recorded early in the month.

Cardano also remains one of the most actively developed crypto projects, only behind Ethereum and open-source blockchain projects Polkadot (DOT) and Kusama (KSM).

On the Flipside

• Despite Cardano’s rapid growth, the ecosystem has not enjoyed correlating VC support, with Ardana stablecoin forced to halt development due to a lack of funding.

Why You Should Care

The milestone highlights the increasing activity on the Cardano network since it launched the Vasil hard fork in September, improving smart contracts functionality.