Cardano Network Grows Despite Stagnant Price Action

Cardano (ADA), a proof-of-stake blockchain platform, has been showing significant growth over the past three months according to the data by Artemis.

The number of daily active addresses on the Cardano network has increased by 28.5% over the last three months, reaching a total of 57,651. This indicates a growing user base and increased network activity.

In the same period, daily transactions have seen an even more impressive growth of 66.4%, with the total number reaching 74,694. This surge in transactions suggests that Cardano’s blockchain is being utilized more frequently for transfers and smart contract interactions.

The Total Value Locked (TVL) in Cardano’s DeFi protocols stands at $181.9 million, marking a 16.6% increase over the last three months. This growth in TVL indicates that more users are locking their assets in Cardano’s DeFi protocols, signifying trust in the platform’s security and potential for returns.

Decentralized Exchange (DEX) volumes on Cardano have skyrocketed by 439.9% to 7.0. This massive increase suggests a significant rise in trading activity on Cardano’s DEXs, indicating a thriving DeFi ecosystem.

Cardano’s market capitalization has grown by 51.3% over the past three months, reaching $21,474.1 million. This substantial increase in market cap signifies a growing investor confidence in Cardano’s long-term potential.

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As of the latest data, the live Cardano price is $0.3125, with a 24-hour trading volume of $201,634,067. Cardano is up 3.84% in the last 24 hours. The current CoinMarketCap ranking is #8, with a live market cap of $10,945,485,658. It has a circulating supply of 34,998,677,359 ADA coins and a max. supply of 45,000,000,000 ADA coins.

The price change over the last seven days and 24 hours, along with the market cap, trading volume, highs, and lows, all contribute to a comprehensive understanding of Cardano’s current market status.

The past three months have been a period of significant growth for Cardano, as evidenced by the increases in daily active addresses, daily transactions, TVL, DEX volumes, and market cap. The detailed price analysis further underscores Cardano’s strong market performance.

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Torsten Hartmann
Torsten Hartmann

Torsten Hartmann has been an editor in the CaptainAltcoin team since August 2017. He holds a degree in politics and economics. He gained professional experience as a PR for a local political party before moving to journalism. Since 2017, he has pivoted his career towards blockchain technology, with principal interest in applications of blockchain technology in politics, business and society.

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