Cardano ($ADA) Network Load Exceeds 90% as DeFi Gains Steam

The average blockchain load on the Cardano ($ADA) network has been consistently above 90% in recent days, as decentralized finance (DeFi) applications on the cryptocurrency's network continue to gain traction.

According to Cardano blockchain insights shared on Google's Data Studio, the cryptocurrency's network load began to rise between January 14 and 15.

This comes weeks after the launch of the network's first usable DeFi application MuesliSwap, which went live after conducting an under-the-radar offering and reached more than $1 million in total value locked in two days.

The blockchain load on the network appears to have begun to rise ahead of the launch of SundawSwap, a "native, scalable decentralized exchange and automated liquidity provision protocol." cFund, Alameda Research, and Double Peak Group have all pledged their support for the exchange.

Cardano's blockchain load increased

As CryptoGlobe reported at the time, as Cardano's blockchain load increased, so did the network's transaction volume, briefly surpassing that of the Ethereum blockchain. Cardano's transaction volume coincided with a significant price increase at the time.

SundaeSwap's total value locked on its platform has risen to more than $72 million since its launch, while MuesliSwap's total value locked has risen to more than $2.6 million.

According to DeFiLlama data, DeFi on Cardano is currently close to locking in $75 million in total value. In comparison, Ethereum has a market cap of $117 billion and Solana has a market cap of $7.7 billion.

According to CryptoCompare's most recent Asset report, the number of addresses holding Cardano reached an all-time high of 4 million in December.

The 4 million figure includes a significant drop in the number of traders holding the cryptocurrency, which fell 29.4 percent from 981,000 to 692,000, according to the report. Long-term holders increased 5.78 percent to 279,000 last month, according to the report.