Cardano’s transaction volume surges despite market decline

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This article has been republished with permission from Binance News.

According to CryptoPotato, Cardano’s native token has experienced a 17% decline in value over the past month, but its on-chain activity has defied expectations. Data from Santiment reveals that Cardano’s transaction volume has surged by 1,700% since late January, despite its subdued market value compared to its April peak. The ongoing discussions and engagement rates surrounding ADA suggest that trader interest in the crypto asset remains strong, even as its price depreciates.

In August, Cardano surpassed several prominent projects in terms of developer activity, including Hedera, Chainlink, and Cosmos. This increased level of activity indicates a commitment to innovation and potential improvements in the network’s capabilities. Cardano’s NFT floor price has also skyrocketed, briefly exceeding Ethereum’s, which has been a dominant ecosystem. The network’s total value locked (TVL) stands at around $150 million, according to data from DeFiLlama, representing a substantial increase of nearly 200% since January 2023. However, the decentralized exchange (DEX) volumes on the network have declined over the past month, despite the rising TVL signaling sustained interest in Cardano’s DeFi ecosystem.



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