The number of Cardano’s daily active addresses soars by 90%.
The number of addresses that actively send and receive transactions on the Cardano network daily increased by nearly 100% recently. According to a tweet shared by Cardano founder Charles Hoskinson, the number of daily active addresses surged by 90%.
Commenting on the massive spike of Cardano’s daily active addresses, Hoskinson said:
Meanwhile in Cardanoland https://t.co/YazNexsgKd
— Charles Hoskinson (@IOHK_Charles) November 24, 2022
It bears mentioning that Cardano’s daily active address has gained momentum since the beginning of this month. According to data from Messari, the network’s daily active address surged to a whopping 116,249 on November 14, 2022, after hovering around 70,000 for most of this month.
The massive surge of Cardano’s daily active addresses may surprise many, given that ADA has shredded a significant percentage of its value, like most crypto assets. On Year to Date (YTD), ADA is down 76.2%. At press time, ADA is currently trading around $0.312, according to data from Coingecko.
The surge in the number of daily active addresses may be because Investors might see ADA’s low price as the perfect opportunity to increase their position in the asset class in anticipation of a bull market.
Cardano Grows Despite Low VC Support
ADA is one of the cryptocurrencies expected to record massive growth in the next bull market. The project team has consistently released important initiatives to help Cardano rank among the top cryptocurrency projects.
In September 2021, Cardano launched one of its most significant upgrades, the Alonzo hard fork, which introduced smart contract functionality to the network. Less than a year later, Cardano’s development team launched the Vasil hard fork to enhance the network’s throughput speed, general usability, and dApp development.
Furthermore, Hoskinson revealed last week that a new project had been added to the Cardano ecosystem. The project, dubbed Midnight, is a data protection-based blockchain that protects personal and commercial data.
Interestingly, the Cardano team has achieved these feats despite not having the support of top Venture Capitalists. Recall that Hoskinson slammed VCs for not supporting Cardano like other top crypto projects. The lack of VC support recently prompted the Cardano-based decentralized finance project Ardana to halt development due to funding and timeline concerns.
Hello Ardana community,
Unfortunately due to recent developments with regards to funding and project timeline uncertainty, the Ardana project has had to come to a halt. Our code will remain open source for builders to continue our work going forward as they wish.
— Ardana – DeFi Hub of Cardano (@ArdanaProject) November 24, 2022
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