Cardano’s excellent performance in May has cemented its position as a formidable competitor in the industry, making significant strides in the DeFi space. The network development team is tirelessly working on new solutions and expanding the network to meet the growing demand for DeFi protocols.
As Cardano continues to rise to prominence in the DeFi space, its native token ADA is making important progress toward 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 its many achievements, 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. Additionally, Cardano development has surged, deploying more than 500 smart contracts last month, bringing the total number to 8,333. This steady growth demonstrates Cardano’s strength in the DeFi space.
Interestingly, the ongoing memecoin mania has played a significant role in the recent surge in Cardano activity and transactions. SNEK, Cardano’s memecoin, has emerged as a major force, consistently turning in 30% daily gains in May. Since its inception, SNEK has rocketed 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, pushing trading volumes on the decentralized exchange to new highs. MinSwap, the leading decentralized exchange in the POS chain, witnessed an astounding 1800% increase in volume to $18 million, thanks to a flood of memecoins.
The popularity of memecoin has attracted many new users to Cardano, seeking to benefit from significant profits. Simultaneously, IOHK’s development is also attracting more users to the network. The Cardano development team diligently releases new protocols and prioritizes decentralization and scalability, preparing the network for the final stages.
In May, Cardano introduced its highly anticipated layer-2 scaling solution, Hydra, which aims to become the world’s fastest blockchain. Additionally, POS Chain launched the long-awaited Marlowe update, making smart contracts more accessible to users with no programming experience. The network also conducted its first on-chain governance poll test, empowering the community to shape the future of the network.
Addressing concerns about wallet security and decentralization, Cardano’s premier lightweight wallet platform, Lace, turned to an open source approach, emphasizing transparency and decentralization. All of these developments align with Voltaire, the final update, which will transform Cardano into a fully functioning decentralized government led by the community.
With this initiative, the POS chain is on its way to becoming the most decentralized ecosystem globally, making many people excited for the future of the network. A flurry of new protocols, memecoins, and activity has positioned Cardano to reach the $1 mark, attracting renewed interest from retail investors as well as whales.
According to DeFiLlama, the POS chain now ranks 15th in DeFi TVL, overtaking Bitcoin by TVL by $179 million. Cardano continues to gain an edge over its competitors, further cementing its position as a top player in the industry.