Cardano’s Transaction Volume Surged 205% Year-to-Date Amid Whale Accumulation
The smart contract platform Cardano ($ADA) has seen significant growth in its transaction volume so far this year, as the network keeps on growing amid what appears to be a resurgent wave of investor interest.
In a newly published analysis by data analytics firm IntoTheBlock, Cardano was recognized for its robust on-chain performance in recent months. According to the analysis firm, Cardano’s transaction volume has seen a 205% increase year-to-date, amid a steady wave of whale accumulation of ADA that’s been observed. The figure shows over 26 billion ADA are now transacted daily.
Per the firm, ADA whales keep accumulating, as recent spikes in net flows show accumulation from large holders. IntoTheBlock’s report details that over the past month, net flows into ADA have surged over 1,500% The report also underscores Cardano’s ongoing commitment to expansion, propelled by numerous initiatives and development pursuits.
Amid the widespread cryptocurrency market downturn Cardano’s transaction numbers have remained resilient, the analysis shows, with a 33.45% bounce off this year’s lows. The analysis firm notes there was recently a notable peak in daily transaction volume, which reached a three-month high at 98,000.
In terms of profitability, the report discloses that nearly 22.2% of ADA addresses are currently in profit, while 4.5% are breaking even. However, a sizable 73.2% majority are experiencing losses.
A majority of users, the firm reports, are “still holding strong in anticipation of a price increase,” even after ADA faced “some significant capitulation in recent months.” The firm noted that like most digital assets, ADA tends to follow the price trends of BTC and ETH. This means that ADA will probably go up or down along with these assets.
As CryptoGlobe reported, the total value locked on Cardano’s decentralized finance (DeFi) ecosystem has reached a new milestone after surpassing the 400 million $ADA milestone for a brief period, to now stand at around 399 million ADA.
Data shows that decentralized exchange Minswap is the leading protocol by total value locked with $58.2 million locked on it, and it’s followed by collateralized debt protocol Indigo, with $30.5 million locked on it.~
The TVL on Cardano has been steadily growing so far this year. As CryptoGlobe reported in February, at the time the value locked on Cardano’s DeFi protocols had doubled from the beginning of the year, to reach the $100 million mark.
Notably, Cardano was surpassed as the leading cryptocurrency network by development activity by Polkadot earlier this year, and has stayed closely behind after it and its public pre-production environment Kusama.
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