- Network Activity Growth on Cardano
- Expansion of Network Representatives DReps
- Challenges and Prospects of Cardano
Cardano showcased significant growth in August 2024, increasing the number of smart contract transactions and preparing for new network updates.
Network Activity Growth on Cardano
Cardano (ADA) saw a 31% increase in smart contract transactions in August 2024 compared to the previous month. Leading up to the much-anticipated Chang hard fork, most of the network nodes upgraded in August, culminating in the hard fork event on September 1.
Expansion of Network Representatives DReps
In early September, Cardano is also expanding the number of its Direct Representatives (DReps). The representatives are in the process of registering directly on the platform with a permanent record. To register, a 500 ADA deposit is required, with about 400 representatives already on the list as of September 9.
Challenges and Prospects of Cardano
Despite the growth in activity, the Cardano network still lags in terms of active users. The network achieved a one-month peak of 52K daily active addresses, less than 10% compared to more active networks like Ethereum and Solana. Additionally, the network faces challenges with stablecoin adoption and attracting large-scale projects.
Cardano continues to increase its activity and prepare for further updates. Projections indicate that the network might attract more users and projects in the near future, despite current challenges.
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