According to a recent report published by Kraken Intelligence, Cardano (ADA) experienced a 16% increase in daily on-chain transfer volume.
The cryptocurrency has sufficiently outperformed Bitcoin, Ethereum, Dogecoin, and Algorand. Notably, the largest meme coin experienced a 54% drop in on-chain transfer volume in July.
Cardano’s ADA has experienced a 238% increase in daily activity on a year-to-date basis.
The report believes that the launch of various applications, such as decentralized exchange SundaeSwap and metaverse gaming application Pavia, is the main reason behind the growth.
The Vasil hard fork, which was expected to launch in July, also contributed to significant growth. As reported by U.Today, the rollout of the much-anticipated upgrade has been postponed due to technical issues.