The Cardano network (quotation ADA) has seen an impressive 90% jump in daily active address activity. Cardano founder Charles Hoskinson confirmed the news by quoting a tweet posted by ADA manager Adverse News. The number of delegated wallets on the blockchain has reportedly risen to 1,2 million.
Data from the Cardano blockchain has shown a steady increase in shares on the chain for about a month. The network has seen steady increases in several metrics, including total value locked (TVL), daily new wallet creation, payment transactions, and wallet delegators.
Interestingly, the spike in activity on the chain has not reflected positively on the price of ADA. Over the past 7 days, the price of ADA has dropped by 5%, according to data from CoinMarketCap. As of press time, Cardano is trading at $0,3141. However, the 24-hour analysis of the token shows that the bulls are in control and pushing the ADA/USD pair into an uptrend. Although the bulls managed to push ADA to $0,3173 yesterday, their support eventually weakened.
Could this be sales pressure?
Cardano could enjoy increased on-chain activity due to selling pressure spurred by disappointing ADA performance. Speculations suggest that the increase in activity on the chain could be due to traders attempting to reduce their exposure to a crashing market or simply taking profits to avoid losses. Operators that move tokens, especially large ones, tend to directly affect network activity.
Another theory, besides sales pressure, is developer activity. The market is currently seeing an increase in blockchain developer activity, with Cardano being one of the most active projects in the industry.
While Cardano has seen a nearly 100% jump, several other blockchains are also in the same category. According to market tracker Nansen, the Optimism, Fantom and Arbitrum networks are three of the 10 blockchains with the most active addresses in the last week. However, all three lag behind the 1,2 million daily active addresses registered on the BNB chain over the same period.
Cardano projects stop
A Twitter account dedicated to Cardano recently communicated that two projects – Orbis and Ardana – have been discontinued. According to an official tweet from Ardana, the decision was made necessary due to uncertainty about "project funding and timing". In a later tweet, the project also announced the halt of work on its dUSD stablecoin:
Cardano's development has been difficult, with a lot of funding going towards tools, infrastructure, and security. This, together with the uncertainty about the completion of the development, has led to the decision to discontinue the development of dUSD”.
Earlier this year, Ardana announced that its products were ready, but believed Cardano was not the best network to launch. Ardana said the problem is that Cardano's underlying network isn't the best for "any protocol that has to do with settlements," adding that launching it would put users' funds at risk. Regardless of the official shutdown, Ardana will leave his open-source project with the hope that another team will pick up where he left off.
