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Cardano Reports On-chain Growth in October, Here Are Details

Tue, 11/01/2022 - 14:21
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Tomiwabold Olajide
Cardano busts ghost chain myth with encouraging on-chain stats
Cardano Reports On-chain Growth in October, Here Are Details
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Alongside a Halloween celebration tweet, the Cardano Foundation has shared some fairly encouraging on-chain data for the past month of October.

According to the graphic posted, the number of transactions reached 53.3 million, up 4.18% from August. At the same time, the overall number of wallets grew by 1.06% to 3.63 million, while the number of delegated wallets increased marginally by 0.35% at 1.22 million. Thus, at the moment, out of 3.63 million ADA wallets, 1.22 million are involved in staking, which is quite encouraging. Twenty-seven percent of transaction types were made with smart contracts, representing a 2% increase for October. Seventh-three percent of transaction types were made without smart contracts.

Cardano Discloses Encouraging On-Chain Stats for September, Here's Detailed Insight

October would be the first month of the new era ushered in by the Vasil hard fork; therefore, the network seems to be gradually fitting into the scheme of things. In its weekly development updates, IOHK shared statistics regarding network growth on a chart. Currently, 1,127 projects are building on Cardano. A total of 103 projects have launched on Cardano, while Cardano native tokens stood at 6.5 million across 63,865 policies. Also, the number of Plutus scripts was 3,531.

Cardano founder to host talks on crypto

Charles Hoskinson, Cardano founder, is expected to speak on the topic "Is Crypto Dead?" at the world's largest tech conference, the Web Summit, in Lisbon.

In other news, IOHK has announced a repositioning of Project Catalyst ahead of the next funding round. Project Catalyst has so far received and processed nearly 6,100 proposals, reached over 1.7 million votes and funded around 1,200 projects, with 800 in 2022 alone. The last Fund9 round saw 205 proposals selected for funding and more than 364,000 votes, a 53% increase from the previous round.

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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.