- Cardano (ADA)’s price is 4 percent down in the last seven days, but the network activities have been on an upward trajectory since January.
- According to Santiment, its weekly on-chain transactions have increased by 1700 percent since January.
Cardano (ADA)’s current price performance has been an eyesore as the asset lost 4 percent of its value in the last seven days following bearish market sentiment. In the past 24 hours, ADA has fallen by 0.4 percent to trade at $0.25. On the contrary, its on-chain activities have been on an upward trend. According to Blockchain analytics firm Santiment, Cardano’s weekly on-chain transactions have surged by more than 1,700 percent since January. In their analysis, Santiment observed that social dominance played a key role in this growth.
Cardano is still seeing rising on-chain transaction volume despite its suppressed market value compared to its April local top. Utility plays an important role in any bounce, and this combined with adequate ADA social dominance, is still promising.
Crypto research firm Messari recently reported that the average daily dApp transactions on Cardano have recorded a 49 percent surge Quarter-over-Quarter. On top of this, the Total Value Locked (TVL) in USD saw a 9.7 percent QoQ rise and a 198.6 percent year-to-date surge.
Transaction activity, on the other hand, did increase in Q2. Average daily transactions were up 1.9 percent QoQ from 67,500 to 68,800. This is important to note as movement in transactions and active addresses are typically correlated, but have deviated slightly in recent quarters. The ratio of transactions to active addresses has been growing steadily over the past five quarters, suggesting that the average user is more active now than they previously were. In Q2, the Transaction / Active Address ratio of 1.19 was up 6.1 percent QoQ and 13.2 percent YoY.
More on Cardano (ADA)’s Partnerships, Ethereum and XRP Booming On-chain Activities
Layer 2 scaling protocol for Cardano Hydra Head, was said to be the major contribution to the network growth. Cardano has been working on several developments including partnership agreements this year. A couple of months ago, Cardano sealed a deal with Swiss-based fintech Acredius to enable customers to take advantage of ADA to invest in small and medium Swiss enterprises. In return, users of Cardano also got access to the “Secondary Market” module of Acredius. This was to ensure that their holdings would be more liquid.
Recently, Cardano’s Charles Hoskinson predicted that the ADA would soon become the world’s biggest crypto. However, Evan Van Ness, a member of ConsenSys thinks otherwise. According to him, Cardano is a “zombie chain”. His reason is that new tokens like Base have higher TVL than ADA.
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Santiment also observed that the booming network activities were not only limited to Cardano as Ethereum and XRP equally had a promising look. According to the intelligence platform, the Ethereum network saw its unique address interactions exceeding 467,000 in a single day. Per data, this is the most recorded since June 16.
Upticks in utility are typically a common necessity for ETH and other assets to increase in value.
XRP similarly has a massive network activity as it started the month with the highest on-chain volume recorded since the beginning of February.
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