TL;DR
- On-Chain Activity Surge: Despite the crypto market downturn, Cardano (ADA) experienced increased on-chain activity in July. The blockchain network demonstrated resilience and sustained growth, reflecting growing user engagement.
- Key Metrics: Cardano’s performance metrics include a modest 1.62% rise in transactions (reaching 94.6 million), diverse usage (37% smart contracts, 38% simple transactions), and Plutus script adoption (6,659 total). Native tokens and policies also saw growth.
- ADA Market Performance: While ADA faced the broader market slump, it rebounded over the past 24 hours, gaining nearly 13% and trading at $0.32. Cardano’s overall resilience remains closely tied to market dynamics.
The crypto market has been experiencing a significant downturn since July, with the global market cap falling from $2.7 trillion to $2.5 trillion. However, amidst this bearish trend, Cardano (ADA), the 9th largest cryptocurrency by market cap, has shown remarkable resilience.
Cardano's July 2024 On-Chain Stats 📊
We witnessed steady growth in @Cardano's on-chain activity last month – this momentum highlights Cardano's dynamic, growing ecosystem and the ongoing engagement of the community.
Let’s continue building a decentralized future together. 🧱 pic.twitter.com/fvhwiG0qrq
— Cardano Foundation (@Cardano_CF) August 5, 2024
Cardano’s On-Chain Activity Surge
According to the Cardano Foundation, the blockchain network has witnessed a notable increase in on-chain activity during July. Despite broader market setbacks, Cardano’s data reveals sustained growth and momentum, indicating growing user engagement.
Key Metrics
Here are some key metrics that highlight Cardano’s performance:
- Transaction Volume: Cardano saw a modest yet significant increase in transactions, reaching 94.6 million—an uptick of 1.62% from the previous month.
- Diverse Usage: The transactions were diverse, with 37% involving smart contracts and 38% being simple transactions. Additionally, 25% of transactions included metadata without smart contracts, showcasing the blockchain’s adaptability.
- Plutus Scripts: Plutus scripts, crucial for running smart contracts on Cardano, experienced a 1.88% rise, totaling 6,659. This reflects growing developer activity and the deployment of complex applications.
- Native Tokens and Policies: The ecosystem witnessed growth in native tokens (up 1% to 10.2 million) and policies (surging 7.6% to reach 150,477). These developments underscore technological advancement and user involvement.
- Wallet Participation: The total number of Cardano wallets increased by 0.71% to 4.84 million. Delegated wallets also saw a slight rise of 0.02% to 1.35 million, indicating stable interest in staking and governance participation.
ADA Market Performance
Despite its robust on-chain activities, Cardano’s native token, ADA, didn’t escape yesterday’s broader crypto market slump. However, over the past 24 hours, ADA’s value has significantly recovered increasing by nearly 13% trading at $0.32.
In summary, Cardano’s resilience in the face of market challenges is commendable, but it remains closely tied to overall market dynamics. Investors and enthusiasts continue to monitor its performance amid geopolitical tensions and volatility.
