Cardano Defies Market Downturn: On-Chain Activity Surges in July, Stats Show
06 August 2024 - 6:00PM
NEWSBTC
The ongoing plunge in the overall crypto market fairly began back
in July where the global crypto market cap initially fell to $2.5
trillion from $2.7 trillion earlier in May. However, despite this
downturn recorded in July, Cardano (ADA), the 9th largest crypto by
market cap appears to have defied this bearish trend. Particularly,
according to the Cardano foundation, the blockchain stands out
in July for its notable increase in on-chain activity, despite
broader market setbacks. The data provided by the Foundation
reveals that the network is not only sustaining but also building
momentum, a sign of resilience and growing user engagement. Cardano
July Growth Regarding the network’s health, statistics revealed by
the foundation show that Cardano saw a modest yet worthy increase
in transactions to 94.6 million, up by 1.62% from the previous
month. Related Reading: Cardano Goes Toe-To-Toe With Ethereum As
Whales Scoop Up 120 Million ADA This uptick is dissected into
varied transaction types, showcasing a diverse usage of the
blockchain. Among these, 37% were smart contracts, reflecting the
network’s strong capabilities beyond simple transactions, which
accounted for 38%. Additionally, 25% involved metadata without
smart contracts, highlighting the blockchain’s adaptability and the
wide array of applications it supports. The foundation’s data also
detailed growth in several other key areas of the Cardano network,
underlining the technological advancement and deepening user
involvement. Plutus scripts, which are essential for running smart
contracts on Cardano, saw a rise of 1.88%, totalling 6,659. This
increase is a direct reflection of the growing developer activity
and the deployment of more complex applications on the platform.
Moreover, the ecosystem saw a growth in native tokens, up by 1% to
10.2 million, and an even more significant rise in policies, which
surged 7.6% to reach 150,477. Wallet statistics also paint a
picture of broadening participation within the Cardano community.
The total number of Cardano wallets increased by 0.71% to 4.84
million, with delegated wallets slightly up by 0.02% to 1.35
million. This marginal growth in delegated wallets suggests a
stable interest in staking and governance participation among ADA
holders. ADA Current Market Performance Regardless of this notable
growth in Cardano’s on-chain activities last month, the
blockchain’s native token ADA has joined in on the global crypto
market downturn. Over the past 24 hours alone, ADA has recorded a
roughly 7.1% decrease in its value. Related Reading: Hoskinson
Claims Cardano Will Flip Bitcoin As Leading Crypto This decline has
brought the asset to currently trade at a price of $0.3202, at the
time of writing—a slight increase from the price tag of $0.2789
seen earlier today. Interesting, despite this plunge, ADA’s 24-hour
trading volume has surge significantly from below $400,000 as of
yesterday to roughly above $1.250 million as at the time of
writing. Featured image created with DALL-E, Chart from TradingView
Ethereum (COIN:ETHUSD)
Historical Stock Chart
From Aug 2024 to Sep 2024
Ethereum (COIN:ETHUSD)
Historical Stock Chart
From Sep 2023 to Sep 2024