Cardano’s remarkable performance in May has solidified its position as a formidable contender in the industry, making significant strides in the DeFi space. The network’s development team has been tirelessly working on new solutions and expanding the network to meet the growing demand for DeFi protocols.
As Cardano continues to gain prominence in the DeFi space, its native token ADA is making notable progress towards reaching the coveted $1 mark. In the monthly development report released by IOHK, Cardano’s parent company, on May 31, the network’s remarkable growth in decentralization, development, and network activity was emphasized.
Among the many accomplishments, Cardano introduced 150,000 new native tokens on the network and included 2,218 token policies, contributing to increased network activity with 1.8 million transactions recorded in May alone. Furthermore, development on Cardano has soared, deploying over 500 smart contracts last month, bringing the total count to 8,333. This steady growth showcases Cardano’s strength in the DeFi space.
Interestingly, the ongoing memecoin mania has played a significant role in Cardano’s recent surge in activity and transactions. SNEK, a Cardano memecoin, has emerged as a major force, consistently generating 30% daily gains in May. Since its inception, SNEK has skyrocketed by over 1000% and currently stands as the third-largest token in the Cardano ecosystem by market cap.
SNEK’s success has led to the emergence of new wallets and memecoins within the Cardano ecosystem, driving trading volumes on decentralized exchanges to new highs. MinSwap, the leading decentralized exchange on the POS chain, witnessed an astounding 1800% increase in volume to $18 million, thanks to the flurry of memecoins.
The popularity of memecoins has attracted numerous new users to Cardano, seeking to benefit from the significant gains. Simultaneously, IOHK’s developments have also drawn more users to the network. The Cardano development team has been diligently releasing new protocols and prioritizing decentralization and scalability, preparing the network for its final stage.
In May, Cardano introduced the highly anticipated layer-2 scaling solution Hydra, aiming to become the fastest blockchain in the world. Additionally, the POS Chain launched the eagerly awaited Marlowe update, making smart contracts more accessible to users without programming experience. The network also conducted its first on-chain governance poll test, empowering the community to shape the network’s future.
Addressing concerns about wallet security and decentralization, Cardano’s primary light wallet platform, Lace, transitioned to an open-source approach, emphasizing transparency and decentralization. All these developments align with Voltaire, the final update, which will transform Cardano into a fully functioning decentralized government led by the community.
With these initiatives, the POS chain is on its way to becoming the most decentralized ecosystem globally, leaving many excited for the network’s future. The frenzy of new protocols, memecoins, and activity has positioned Cardano to reach the $1 mark, attracting new interest from retail investors and whales alike.
According to DeFiLlama, the POS chain is now ranked 15th in DeFi TVL, surpassing Bitcoin with a TVL of $179 million. Cardano is steadily gaining ground on its competitors, further solidifying its position as a top player in the industry.