Connect with us
Active Currencies 14820
Market Cap $2,353,332,123,943.50
Bitcoin Share 51.13%
24h Market Cap Change $-4.74

Cardano: What rising network activity means for ADA

2min Read

Cardano experiences heightened activity due to rising processed payment transactions.

Cardano: What rising network activity means for ADA

Share this article

  • Cardano saw a surge in network activity due to the rising payments.
  • Sentiment declined, however, development activity continued to grow.

Cardano [ADA] witnessed a massive surge of activity over the last few days. This rising activity could be attributed, in part, to the growing number of payments occurring on the network.

A spike in activity

According to recent data, Cardano processed 255,000 payments in the last 24 hours. The network witnessed the creation of 5,500 new wallets per day, indicating growing activity and adoption.

Due to this, the Daily Active Addresses on the network grew from 31,000 to 45,000 over the last few days. Moreover, Daily Transactions grew from 54,000 to 80,000.

Source: Artemis

Charles Hoskinson weighs in

Recent comments by Charles Hoskinson could also sway public opinion, going forward. He recently shared his insights in a tweet, in which he criticized Bitcoin [BTC] L2s while praising Cardano and Ethereum [ETH].

He emphasized the challenges faced by L2 ventures on Bitcoin, asserting that its inherent limitations make it challenging to support the requirements for a robust environment.

In contrast, both Ethereum and Cardano continually upgrade, offering developers enhanced options for deploying reliable, and secure L2 solutions.

State of the network

Despite the heightened activity, the total fees collected by the Cardano network continued to fall. Over the past month, Cardano witnessed a massive decline in fees, dropping by 29.4%.

This raised concerns about the network’s revenue generation and sustainability. As a result, incentives for network validators and stakers may get affected.

Source: Token Terminal

Is your portfolio green? Check out the ADA Profit Calculator

Looking at the sentiment

Development activity on Cardano exhibited sustained growth at press time. However, things did not look at good on the social front.

The Weighted Sentiment had declined at press time, suggesting that negative comments outweighed positive ones at the time of writing.

Source: Santiment


Himalay is a full-time journalist at AMBCrypto. A Computer Science graduate, Himalay writes about crypto with a special focus on the latest coin-based updates. He is a fan of gonzo journalism, transgressive fiction, heavy metal, and Manchester United.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.