Basic indicators on the Cardano network continue to grow as more projects are released and developed
The number of transactions on the Cardano network increased to 140,000 amid the release of another major DeFi project on the network. Earlier, U.Today had already reported a spike in Cardano’s TVL.
Reason behind the Transaction Number Spike
The increase in the number of transactions is most likely linked to the release of the MinSwap DeFi platform, which has already flipped the SundaeSwap DEX in terms of the total value locked in the contract.
After the release, the TVL on the network reached $221 and the number of transactions on the network certainly increased.
Network transactions as one of the main fundamental metrics
Although the number of transactions on the network can fluctuate depending on hundreds of factors such as network downtime, problems with on-chain solutions, etc. But there is no other way to determine if there is any fundamental value behind it without tracking the number of networks. Transactions and active wallets.
ADA Price Display
Despite a strong correction in the price of the asset, it still trades above the pre-pump limit. Unfortunately, ADA’s YTD performance has also turned negative despite a sharp recovery in January, when Cardano’s native coin reached resistance at the 200-day moving average.
In the longer term, ADA remains in a sharp downtrend formed since September 2021 following a “smart-contract rally” associated with the release of new technology on the network, which allowed the creation of DeFi solutions such as SundaeSwap and Minswap.
At press time, ADA trades at $0.8 after another failed attempt to break the first resistance line, which means that the asset will remain in a downtrend movement in the near term.