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Cardano: Reasons ADA may have to do more than just fend off the winter bears 

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  • Cardano continued to build on its network despite the bear market
  • It witnessed growth in the NFT and DeFi space; revenue collected by Cardano decline

A 4 December tweet by IOHK stated that 108 projects had been launched on the Cardano network over the past week. Furthermore, the number of projects in development also witnessed a rise.

Read Cardano’s [ADA] Price Prediction 2023-2024

This consistent building on the network led to a spike in Cardano’s development activity. This meant that the contributions made by the Cardano team had grown materially over the last seven days. The development activity witnessed some correlation with the spike in price as well.

It remains to be seen whether the increasing development activity can aid ADA’s price action in the future.

Source: Santiment

Another department where Cardano performed well was in the NFT market. In the last seven days, the volume of Cardano NFTs sold increased by 6.44%, according to data provided by opencnft. However, despite the spike in volume, the number of sales made on the Cardano network declined by 8,90% in the same time frame.

In terms of DeFi, Cardano’s total value locked (TVL) showed immense year-on-year improvements. According to Adaverse news, Cardano’s TVL increased by 10,800% over the last year. At press time, the total value locked by Cardano was 61.62 million, rising by 2.15% in the last 24 hours.

However, the revenue generated by Cardano continued to decline over the last 30 days. According to Token Terminal, Cardano’s revenue plummeted by 25.3% in the past month.

Source: Token Terminal

Activity on the Cardano chain

In terms of on-chain metrics, Cardano did not fare well. Its volume plummeted from 898 million to 182 million over the last month. Daily active addresses on the network also fell during the same period.

Source: Santiment

At the time of writing, Cardano was trading at $0.325. Its prices had risen by 1.95% over the last 24 hours.

 

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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