Amidst the overall downtrend in the crypto market, Cardano (ADA) has managed to stand out with its remarkable on-chain activity. The Cardano foundation reported a significant increase in on-chain activity for the blockchain in July, showcasing resilience and growing user engagement. The network saw a noteworthy uptick in transactions, reaching 94.6 million, indicating a 1.62% increase from the previous month.
The data provided by the foundation also revealed a diversified usage of the blockchain, with 37% of transactions involving smart contracts, 38% being simple transactions, and 25% incorporating metadata without smart contracts. This demonstrates the strength of Cardano’s capabilities beyond basic transactions, highlighting its adaptability and versatility in supporting various applications.
Several key areas of the Cardano network experienced growth, signifying technological progress and deeper user involvement. Plutus scripts, crucial for running smart contracts on Cardano, witnessed a 1.88% rise, reaching 6,659. This increase underscores the growing developer activity and the deployment of more complex applications on the platform.
Furthermore, the ecosystem of Cardano saw an uptick in native tokens, reaching 10.2 million, and a substantial increase in policies, surging by 7.6% to hit 150,477. Wallet statistics also indicated a widening participation within the Cardano community, with the total number of Cardano wallets climbing by 0.71% to 4.84 million. Delegated wallets saw a slight increase of 0.02% to 1.35 million, showcasing stable interest in staking and governance participation among ADA holders.
Despite the impressive growth in on-chain activities for Cardano in the previous month, the native token ADA has not been immune to the global crypto market downturn. Within the past 24 hours alone, ADA has experienced a 7.1% decrease in value, trading at $0.3202 at the time of writing—with a slight increase from $0.2789 earlier in the day.
Interestingly, despite the decline in value, ADA’s 24-hour trading volume has surged significantly from below $400,000 to over $1.250 million at the time of writing. This suggests that there is still substantial trading activity surrounding ADA, despite the overall market conditions.
While the broader crypto market may be facing a downturn, Cardano’s resilience and continued growth in on-chain activities showcase its strength as a blockchain network. The increasing user engagement, technological advancements, and diversified applications on the platform position Cardano as a key player in the crypto space, weathering market fluctuations and demonstrating long-term potential.
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