While the highly anticipated Cardano Vasil Hard Fork might have failed to return the expected positive price reaction for ADA, the upgrade led to a series of growth in ecosystem metrics for Cardano in September.
According to data from the Cardano Foundation, within the 30-day period, Cardano recorded a 4.20% uptick in the count of transactions completed on the network.
Transactions executed on the network in September totaled 51.2 million. Also, as more users moved to the network in anticipation of the Vasil Hard Fork, wallet creation on Cardano grew by 1.34%.
The total number of wallets created on Cardano in September was 3.60 million.
In addition, the use of smart contracts on the network rallied by 7.27% within the period under review. Native tokens count also jumped by 5.12% within the trading month.
According to data from CoinMarketCap, the price of ADA, the network’s native coin, failed to register the same level of success.
As anticipation for the hard fork grew, the price of the crypto asset touched a high of $0.52 on 10 September. This was, however, beaten down by the bears causing the ADA’s price to close the trading month at the $0.43 price region, a 5% decline from the $0.45 it started it with.
ADA on the chain
As ADA’s price fell during the month, fewer holders saw profits on their investments. According to data from Santiment, ADA closed the trading month with an MVRV of -7.745%. At press time, this stood at -8.847% showing that more investors continued to count their losses.
As the price of the #8 largest cryptocurrency fell in September, holders became increasingly skeptical, causing the weighted sentiment to spend more than half of the trading month below zero.
As a result, ADA closed September with a weighted sentiment of -0.29. As of this writing, weighted sentiment remained negative at -0.0227.
Furthermore, developmental activity on the network that had been flat for most of the month saw traction when Cardano’s long-awaited Vasil upgrade finally went live on 22 September.
As a result, developer activity was pegged at 450 by the end of the month. As of this writing, development activity on the ADA network was 451, as per data from Santiment.
At its current price, ADA traded at its January 2021 level. With the persistent decline in the general cryptocurrency market, more might be required than a hard fork upgrade to rejuvenate the price of the coin.