In the midst of a downward spiral in the overall crypto market, Cardano (ADA) has managed to stand out with its resilience and growing user engagement. While the global crypto market cap took a hit in July, Cardano has shown an increase in on-chain activity, according to data provided by the Cardano foundation. This indicates that the network is not only surviving but also thriving despite broader market setbacks.
Statistics from the foundation reveal that Cardano experienced a modest yet significant increase in transactions, reaching 94.6 million with a 1.62% uptick from the previous month. The diversity of transaction types on the blockchain is also noteworthy, with 37% involving smart contracts, 38% simple transactions, and 25% including metadata without smart contracts. This showcases the adaptability and wide range of applications supported by the Cardano network.
Several key areas of the Cardano network have shown growth, reflecting technological advancements and increasing user involvement. Plutus scripts, essential for running smart contracts on Cardano, saw a rise of 1.88%, indicating growing developer activity and the deployment of more complex applications on the platform. Additionally, native tokens on the ecosystem increased by 1% to 10.2 million, and policies surged by 7.6% to reach 150,477. These numbers highlight the progress and expansion within the Cardano community.
Wallet statistics also depict a broader participation within the Cardano community, with the total number of Cardano wallets increasing by 0.71% to 4.84 million. Delegated wallets, specifically, saw a slight increase of 0.02% to 1.35 million, suggesting a stable interest in staking and governance participation among ADA holders. This indicates a growing and engaged community within the Cardano ecosystem.
Despite the impressive on-chain activities and community engagement observed in Cardano, the native token ADA has not been immune to the wider market downturn. Over the past 24 hours, ADA has experienced a 7.1% decrease in value. Currently trading at $0.3202, ADA has seen fluctuations in price but has shown resilience amidst market volatility. Interestingly, ADA’s 24-hour trading volume has surged significantly, indicating continued interest and activity in the token.
While the global crypto market faces challenges and fluctuations, Cardano has shown remarkable resilience and growth in its on-chain activities. The network’s ability to adapt, engage a diverse user base, and introduce technological advancements positions it as a strong player in the crypto space. Despite market turbulence, Cardano’s ongoing progress and community involvement pave the way for a promising future in the blockchain industry.
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