Cardano (ADA) Witnesses Increase in Network Activity Despite Price Decline

• Weekly on-chain transactions have increased by more than 1,700% since January.
• Cardano had a 1.6 million rise in transaction volume in August.

Cardano (ADA) is pushing things to the next level with the introduction of Hydra, which has been praised for its emphasis on scalability and sustainability.

The newest Hydra release is supposed to increase Cardano’s transaction throughput to millions per second. Cardano’s improved scalability will make it more appealing to developers of decentralized applications. It will strengthen the safety of the Cardano network while decreasing transaction fees.

Significant Growth Recorded

Cardano (ADA) is also witnessing a huge increase in network activity, according to data from blockchain analytics company Santiment. Weekly on-chain transactions have increased by more than 1,700% since January, suggesting Cardano is positioning itself for an upward surge.

Moreover, Cardano had a 1.6 million rise in transaction volume in August, compared to the previous month. This increase coincides with the release of two new projects. Bringing the total number of projects on the platform to 138, with another 12 in the development stage.

Recent changes include an increase from 750 to 850 token policies and the minting of 140,000 new native tokens on the Cardano platform. Although network activity of Cardano has shown significant growth, ADA price has been facing a severe downtrend and the price now stands at $0.2558.

The price of ADA has been trading with a negative bias for the last two months, wiping out all of the gains made during the July 13 rise. Moreover, the price is down 14% in the last 30 days as per data from CMC. Partially due to the SEC’s classification of ADA as a security and the general market sentiment, the cryptocurrency is facing bear dominance.