Number of large transactions on Cardano increasing due to increasing institutional demand
The number of large transactions on Cardano has exploded in 2022, suggesting that institutional demand for Cardano is increasing. Institutional demand for Cardano is increasing The crypto firm IntoTheBlock reports that the number of large transactions on the Cardano...
The number of large transactions on Cardano has exploded in 2022, suggesting that institutional demand for Cardano is increasing.
Institutional demand for Cardano is increasing
The crypto firm IntoTheBlock reports that the number of large transactions on the Cardano blockchain has increased by more than 50 times this year. Total Locked Value (LTV) refers to the total volume of transactions denominated in Cardano’s currency, ADA, valued at more than $100,000 (€89,885). Since January 1, LTV has increased from ADA 1.35 billion per day to ADA 69 billion as of March 28, worth $81.4 billion.
That’s a 51-fold increase in about three months. This is according to IntoTheBlock one of the highest volume levels since mid-2018. In a March 29 tweet, the company said such high volume indicates “increasing institutional demand”.
@Cardano is experiencing increasing institutional demand
The volume of on-chain transactions >$100k has increased by 50x just in 2022
Yesterday, a total of 69.09b $ADA were moved in these large transactions, representing 99% of the total on-chain volumehttps://t.co/8ME8STvRSF pic.twitter.com/aqH7hYIPiV
— IntoTheBlock (@intotheblock) March 29, 2022
While other metrics, such as average transaction size and volatility, are relatively stagnant according to the data analytics company, the total number of addresses has increased since early 2022. The year started with about 3.4 million addresses, which has now grown to 5 million addresses. Currently, only seven DApps have appeared on DeFi Llama. Co-founder Charles Hoskinson said many more are expected due to a hard fork expected mid-year.
Difference Between Web2 and Web3
Total Locked Value (TVL) is currently $303 (€272) million according to DeFi app tracker DeFiLlama† This is just below the all-time high of $326 (€293) million reached on March 24.
Hoskinson gave a speech on Monday during Binance Blockchain Week in Dubai. In it he spoke about the need for decentralization and the difficulties in coordination this entails. Hoskinson said we are entering a new era with Web3. The problem with Web3 is that unlike Web2, there is no leader to make decisions for the industry.
“If we’re really decentralized, we have to somehow get together and figure this out. We need to write some kind of law for these things. We have to make decisions. What is the Bill of Rights for using cryptocurrency and blockchain technology?”
To that he added the following:
“We can go both ways. One, we maintain our integrity and we look at decentralization. Or two, we ignore it. In that case, we need custodians, escort keys, highly centralized, and highly optimized consensus algorithms that can be reset at any time. I don’t make that decision, you all do.”
Delegate Your Voting Power to FEED DRep in Cardano Governance.
DRep ID: drep12ukt4ctzmtf6l5rj76cddgf3dvuy0lfz7uky08jfvgr9ugaapz4 | We are driven to register as a DRep by our deep dedication to the Cardano ecosystem and our aspiration to take an active role in its development, ensuring that its progress stays true to the principles of decentralization, security, and community empowerment.DELEGATE VOTING POWER!
