Cardano shined in 2022 despite bear market

Cardano (ADA) seems unbothered by the current bear market when it comes to on chain statistics. However, the Cardano price has been hit quite a bit, as it has been falling from the all time high dropped by an astronomical 92%.

Growth Cardano network

According to data from the Cardano Foundation, the main network business has enjoyed good growth over the past year, despite the market’s prevailing downward trend. The on-chain stats are from December 16 and compared to a year earlier.

💥Explosive on-chain growth! 🚀#Cardano pic.twitter.com/1BHedAyIA3

— Cardano Foundation (@Cardano_CF) December 21, 2022

Earlier you could read in the Cardano news that the number of smart contracts had risen sharply in the past year. At the end of November, the counter stood at 3,791, but the network now registers a total of 4,445 smart contracts. This is an increase of 394% compared to a year earlier.

In addition, the number native tokens on the network increased by 192% in the last year to 7.3 million different tokens. The number of transactions on the Cardano network does not lag behind these substantial percentages either. The number increased by 139% to 56.9 million.

Finally, the number of wallets on the network has increased by 47% to 3.8 million. 1.24 million wallets are so-called ´delegated wallets´; an increase of 27% compared to a year ago. The Cardano protocol uses a delegated proof of stake where ADA-holders can delegate their tokens to a particular one strike pole to secure and validate transaction blocks on the network.

Vasil hard fork

On September 22, Cardano successfully activated the long-awaited vasil update. This was a major update for the network and was delayed several times. Due to this hard fork transactions became faster and cheaper. In addition, it would give smart contracts more functionalities. The latter has also had an effect on the growth in the number of smart contracts on the network. This has increased considerably in recent months, according to data from Cardano Blockchain Insights.