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HomeCrypto NewsCardanoCardano (ADA) DApps Completes a Staggering 16 Million Transactions

Cardano (ADA) DApps Completes a Staggering 16 Million Transactions

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The Cardano chain’s decentralized applications (dApps) have performed up to 16 million transactions, a great milestone. The accomplishment highlights the growing popularity of Cardano-based projects.

Additionally, data from Dapps on Cardano, an analytics portal devoted to offering information on projects developed on the Cardano chain, shows that the total number of unique accounts across all DApps has soared to a staggering 255.2K. The platform praised the achievement on Tuesday using its Twitter account.

Read also: Cardano Claims Top Spot of Overall Development Activity For 2022

Furthermore, data indicates that the total volume across all projects indexed is 5.3 trillion ADA, with an average transaction size of 4.8K. At the time of reporting, the total transaction fees were 7.4M ADA, with an average transaction fee of 0.473 ADA. Also, the combined total balance for all the indexed projects is an astounding 121.3M ADA.

The largest NFT marketplace on Cardano, JPG Store, has handled the most transactions out of the 16M total, totaling 8.1M. This accounts for more than half of all transactions. With 2.9M transactions processed, decentralized exchange Minswap ranks second. Following closely behind with 2.6M total transactions is another DEX named Sundaeswap.

Meanwhile, Cardano projects, particularly DEXs, have seen tremendous growth in trade volume, according to DappRadar, a major app store for decentralized apps on several blockchains. Last September, DappRadar started monitoring the Cardano network.

The platform reports that Cardano DEX Minswap, with a trading volume of $11.09M, has recently experienced the highest activity volume. But in the last week, JPG Store’s trading volume was $2.44M. Nevertheless, with 14.49K UAW, JPG Store had nearly three times as many unique active wallets (UAW) as Minswap did in the previous week. In the past week, there were 5.93K UAW in Minswap.

Cardano Adoption Increases

DappRadar’s report from October of last year highlighted the increased popularity of Cardano. According to the research, the trade volume of Cardano NFTs increased to $19M in the 30 days before October 27, 2022, making it the third-largest NFT protocol. The research also showed that Cardano DApp activity increased on October 19 when network transactions reached 82,880, the highest level in the previous five months.

Additionally, a significant increase in Cardano DApps’ unique accounts was observed in less than a week in November of last year, with DeFi project Indigo Protocol leading.

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