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Cardano (ADA) Records 135K Active Addresses in Biggest Transaction Spike in Months

Sun, 02/05/2023 - 10:12
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Tomiwabold Olajide
Cardano posts data refuting ghost chain criticism
Cardano (ADA) Records 135K Active Addresses in Biggest Transaction Spike in Months
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Cardano continues to post data that refutes the "ghost chain" criticism — this time it sees a massive surge in daily active addresses.

Cardano experienced its highest daily active address spike since May 2022 on Feb. 1, according to Santiment data shared by crypto analyst Ali Martinez, with nearly 135,400 ADA addresses having transacted on the network.

The analyst added, "A continuous uptrend in this on-chain metric may signal an increase in ADA blockchain usage."

The Cardano Foundation recently released data indicating on-chain growth for January. The image that was published shows that there were 60.2 million transactions, an increase of 3.86% over January. Recent IOG statistics indicate that this number has climbed to 60.4 million.

The total number of wallets climbed by 1.72% to 3.91 million at the same time, but the number of delegated wallets only slightly increased to 1.26 million by an additional 0.84%.

Plutus scripts were up 6.08% at 4,991. The number of native tokens was 7.66 million, up 3.06%. Minting policies increased by 2.23% to 69,177 during this time.

Smart contracts were used in 31% of transaction types; 23% of transaction types were made with metadata, that is, without smart contracts. Simple transaction types made up 46%.

1,200 projects being built on Cardano

According to IOG data, on the Cardano blockchain, 1,200 projects are in various stages of development, while 116 have been launched.

The TVL depicts how well the DeFi ecosystem is absorbing the positive energy surrounding the blockchain.

Cardano: What Happened in 2022? IOG Shares Highlights of Landmark Year

According to DefiLlama data, Cardano's total value locked, or TVL, is currently $101.38 million, which is the highest level since mid-August 2022. The value is much larger when staking is taken into account, coming in at $126.81 million.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.