Cardano (ADA) is gaining momentum in the blockchain sphere, witnessing a substantial surge in Daily Active Addresses (DAA) that reflects heightened user engagement. Despite recent price stagnation, Cardano has registered an impressive 60.52% growth in its Daily Active Addresses, reaching a staggering 42.52K addresses overnight. This surge underscores Cardano’s rising popularity within the burgeoning Web3.0 user community.
Compared to other prominent Layer-1 networks, Cardano’s DAA growth stands out. Bitcoin, for instance, has experienced a modest 4.52% uptick in user activity, paling in comparison to Cardano’s figures. Meanwhile, Ethereum has seen a concerning 9.11% decline in this metric.
Cardano’s robust fundamentals and its recent Project Catalyst Fund 10 demonstrate its commitment to fostering innovation in the blockchain space. Despite facing regulatory challenges and competition from Layer-2 networks like Base, Arbitrum, and Optimism in the latter half of 2023, Cardano has not backed down.
On-chain data from Santiment reveals a substantial increase in developer activity on the Cardano network, even as ADA’s price dropped by 25% from $0.32 to $0.24. This signals the team’s dedication to improving the network despite price fluctuations.
Cardano (ADA) is currently priced at $0.246066, boasting a 24-hour trading volume of $104,280,020.77. Over the past 24 hours, the price has seen a modest increase of 0.08%, but it has experienced a slight decline of -2.38% in the past week. Cardano’s market capitalization stands at $8.6B, supported by a circulating supply of 35 billion ADA tokens.
The Cardano development team has spent much of H2 2023 working on projects and enhancing features to position themselves for the next bull rally. This increased development activity bolsters investor confidence in Cardano’s long-term viability. Notable projects launched in 2023 include Hydra Pay and the native Djed stablecoin.
Historical data suggests that ADA price trends are not closely correlated with development activity. However, the significant growth in Cardano’s total value locked (TVL) in 2023, driven by smart contract developers, indicates a steady user base and network demand.
This suggests that ADA may see a resurgence, potentially reaching $0.35 in the next bull rally. Cardano’s growing DAA and ongoing development efforts position it as a strong contender in the blockchain ecosystem, ready to seize opportunities in the future.
