Here's how Cardano [ADA] started 2023

According to Rick McCracken DIGI, a Cardano SPO, the network was faring much better than it did last year. In a recent tweet, he noted how the number of accounts in the network surged to 3.8 million as opposed to 2.6 million in 2022. The number of staked addresses recorded a dainty surge from 1.04 million to 1.27 million.

Furthermore, a total of 25.14 billion ADA has been staked, amounting to a stake participation of 73.51 percent. Back in 2021, about 24.12 billion was staked with a participation of 71.34 percent.

The DeFi space also crumbled this year. The total value locked by Cardano as per DeFi Llama went from a high of $326 million to $50.41 million, at press time.

This wasn’t all. Other on-chain metrics like the daily transaction volume of the asset are at a high of $3.12 billion. It should be noted that Bitcoin’s [BTC] daily volume was $3.56 billion. The total number of active addresses was 82,349.

Furthermore, in terms of overall chain activity, Cardano took over the second spot right below Bitcoin. The network went on to overtake the second largest crypto network Ethereum [ETH].

How has Cardano’s price changed since January 2022?

Unlink its on-chain metrics, the price of Cardano did not fare very well. The altcoin witnessed a steep decline since last year. Back in January 2022, ADA was trading for $1.596. However, at press time the asset was trading at a low of $0.2538.

Over the weekend, the altcoin dipped to a yearly low of $0.2404. While the native token of Cardano caused anxiety in many, the on-chain activity brought respite to its users.

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