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Cardano (ADA) has not been on the radar in recent times as its token price has been quite bullish when compared to the rest of its peers, as measured by major aggregation service providers. Despite the slow record, Cardano has printed major growth in its Daily Active Addresses (DAA), a metric that underscores how popular Cardano is as a protocol among regular Web3.0 users.
The data from IntoTheBlock showed that Cardano has seen a 60.52% jump in this particular metric overnight with a record 42.52K addresses registered. This Cardano metric jump is best appreciated when performance in terms of the growth rate of other top competing Layer-1 networks is factored into the mix.
While Bitcoin also saw a surge in this metric, the growth rate of 4.52% notably lags behind that of Cardano; Ethereum, on the other hand, has seen a pronounced drop in this metric, which boasts a negative growth rate of 9.11%.
Cardano has shown very strong fundamentals, especially through the just-concluded Project Catalyst Fund 10, where a number of start-ups in the industry were bootstrapped with funding to innovate.
Cardano: Riding on growing embrace
The Cardano protocol has a very vibrant ecosystem and community that innovators in the industry can leverage to boost their product offerings.
As long as there is a dedicated userbase, creative, innovative products can be quite encouraging, a trend that has prompted Input Output Global (IOG), the parent company of Cardano, to dip its toes into product development, through which the Lace Wallet and other platforms were born.
Should the projected user adoption continue to grow, it may eventually translate into positive growth for the price of ADA which, at the time of writing, is pegged at $0.2456, up 0.46% in the past 24 hours.
Arman Shirinyan
Alex Dovbnya
