Cardano Network Load Exceeds 90% As DeFi Adoption Grows
Over the past few days, the average blockchain load on the Cardano network has steadily been over 90%, mainly driven by decentralized finance (DeFi) applications on the network.
Cardano blockchain insights shared on Google’s Data Studio revealed that the network load started growing between January 14 and 15, just weeks after the launch of the network’s first usable DeFi application MuesliSwap, which reached over $1 million in total value locked in two days since launch.
Cardano blockchain network’s load started experiencing growth ahead of the launch of SundawSwap, a native, scalable decentralized exchange (DEX) and automated liquidity provision protocol, backed by cFund, Alameda Research, and Double Peak Group.
Cardano’s blockchain transaction volume on its network surged to briefly exceed that of the Ethereum blockchain.
Cardano has 1.5 Billion more transactions than ETH in the past 24hrs.
Since the launch of SundaeSwap, the total value locked on its platform has exceeded $71 million, while MuesliSwap’s total value locked has since grown to over $2.6 million. DeFiLlama data shows DeFi on Cardano currently has $73.6 million of total value locked. While the number is still small compared to $117 billion are locked on Ethereum and $7.7 billion on Solana, it’s a start.
