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Cardano Becomes Third Largest Protocol on This Platform

Wed, 10/19/2022 - 10:45
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Arman Shirinyan
Cardano is facing strong volume increase as market is recovering
Cardano Becomes Third Largest Protocol on This Platform
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Cardano is facing strong activity growth following the market's recovery and increased attention on the alternative blockchains. The network transaction count of Cardano saw a 75% MoM increase and hit 97,959 as the NFT volume hit 3 million on Oct. 17, making Cardano the third largest NFT protocol.

According to OpenCNFT, ADA became the third largest NFT protocol. Despite the massive drop in the popularity of non-fungible tokens, Cardano's NFT market remained isolated and maintained a steady trading volume despite the poor state of the digital arts industry.

Cardano Breaks into Top 3 NFT Chains as 24-Hour Volume Jumps 132%

Almost a 50% trading volume increase could be a sign of an upcoming recovery. In addition to NFTs, Cardano is seeing the highest in half a year volume increase on the decentralized finance platform MinswapDEX. According to on-chain data, Minswap is seeing three million in daily volume.

Cardano's growth was highly anticipated, considering the variety of new projects and solutions built on the network almost every day. The most notable example this month were the launch of the private testnet of CardaxDEX on Milkomeda, incorporation of the Hydra solution and the launch of GameFi project Mocossi.

ADA does not feel good on the market

Despite active development and a large number of new releases, Cardano is suffering a severe sale on the market, as investors are dropping their ADA holdings despite being in heavy losses.

The series of large sales appeared after bears pushed ADA to a new multi-month low at $0.42 which has caused a panic among certain layers of investors that started to drop their assets despite facing massive losses. 

Cardano remains one of the least profitable cryptocurrencies on the market due to unstable price performance through the years of trading.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.