Cardano has been an integral part of the blockchain technology space since its launch in 2017 by Charles Hoskinson. It is one of the most promising protocols that continues To reach new milestones. Although the project lacked use cases in the first four years, Cardano reached new milestones in 2022.
This comes after Alonzo completed the hard fork upgrade in September 2021.
bring it on
Crypto intelligence firm IntoTheBlock reported that the number of large transactions on the Cardano blockchain has increased by more than 50 times this year. On-chain transaction volume>$100k, i.e. large transaction volume (LTV) increased from 1.35 billion ADA per day on March 28 to 69 billion ADA ($81.4 billion).
The company said in a tweet of March 29 that such a high quantity Signal “Increasing institutional demand.”
In fact, the total value locked in Cardano’s DeFi protocol was $300.56 million according to Defilama. While only seven dApps currently appear on Defilama, co-founder Charles Hoskinson said there were many more. expected Following due to a hard fork expected later this year.
Two protocols (miniswap and mouseswap) emerged in the final days at the end of March.
Sentiment picked up on similar network activity. The behavioral analysis platform reported a 1.7% increase in the number of whales on the Cardano network.
The new 42 addresses roughly contain 1,000,000 to 10,000,000 ADA created after this uptick. A sudden increase in the holding of such whales, between $1.2 million and $12 million in ADA Buying pressure can translate to in millions of dollars.
any problem?
Well, as with every milestone, there are some setbacks that the protocol has suffered in the past and even now. First, only 34% of addresses are ‘in the money’ while 55% are ‘out of the money’.
In fact, Cardano’s native token, ADA, faced a fresh correction of 1.5% in 24 hours. At press time, it was trading below the $1.2 mark according to CoinMarketCap.
Despite Cardano’s growth this year, the network’s TVL remains weak compared to its Layer-1 competitors in DeFi such as Ethereum and Solana.