- Cardano has had an exceptional month.
- The Proof-of-Stake chain’s transactions grew by 1.5 million in one week.
- The recent surge in activity is likely because of the widespread memecoin mania.
- One memecoin, SNEK, has become the second-largest token in the Cardano ecosystem.
Cardano is making significant strides in the crypto industry, positioning itself as a prominent player in the DeFi sector. Since 2023 started, the Proof-of-Stake chain has been relentlessly expanding its network and delivering its highly-anticipated solutions to compete with its more established competitors.
With notable advancements in deploying smart contracts, climbing DeFi rankings, and introducing innovative protocols, Cardano has captured the crypto community’s attention, especially that of whales. However, what sets it apart this time is the unexpected emergence of memecoins, especially SNEK, which have come out of nowhere to reshape the network in unprecedented ways.
Slithering to the Top
The Cardano DeFi ecosystem has had an exceptional month, as revealed in the latest weekly development report by the Cardano Foundation published on May 26. The report highlighted that Cardano…
