Tech

Excited Cardano holders could have much to rejoice about than just ADA’s price

04/19/2023
Bitcoin Ethereum News


  • The Cardano Foundation recently revealed its first-ever yearly report with the highlights of 2022
  • Although ADA’s metrics stayed neutral, ADA’s price witnessed a 10% surge in the last seven days 

The year 2022 could be considered as rough for the crypto market as a whole. The Cardano [ADA] blockchain stood no different and did witness ups and downs over the year. However, it wasn’t all that Cardano had been through in 2022.

The Cardano Foundation, on 18 April, published a tweet that it had launched its first ever yearly report. The report highlighted all the achievements of the network over the last year.

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Growing through the turmoil

Despite a challenging year on the ADA front, Cardano managed to achieve quite a few milestones in 2022. As tweeted by the non-profit organization, the number of ADA wallets by the end of 2022 reached 3.83 million. Furthermore, the total assets mined stood at 7,431,265.

The foundation also had a number of partnerships as mentioned in the thread. Furthermore, the total number of transactions also reached 57.9 million as per the report.

In addition to mentioning the foundation’s performance in 2022, the report also laid out its plan for 2023. The Twitter thread also stated that the Cardano Foundation plans to update the Cardano infrastructure. It also aims to drive the number of targeted partnerships.

Considering all that Cardano has in store for 2023 leaves us with only one question. Where does Cardano stand at the end of Q1 of 2023?

Where art thou Cardano?

As per data from DefiLlama, ADA’s Total Value Locked (TVL) as of 18 April stood at $169.79 million. Although ADA’s TVL still didn’t stand anyhwere close to its ATH, it was witnessing gradual growth.

Furthermore, as can be seen in the chart given below, ADA’s TVL has been recovering since the beginning of 2023.

Source: DeFiLlama

Furthermore, as per data from intelligence platform Santiment, development on the Cardano network witnessed a slight rise as of 18 April. This indicated that development on the chain was slowly and steadily rising.

A look at the social dominance metric witnessed a significant spike. This indicated that the blockchain was doing extremely well on the social front.

Source: Santiment

Realistic or not, here’s ADA’s market cap in BTC’s terms

Additionally, a look at ADA’s active addresses over the last 30 days indicated no noteworthy movement at all. This indicated a lack of increased activity on the network.

Furthermore, ADA’s market cap too witnessed a slight decline. It still managed to still stand strong at 15.31 billion.

Source: Santiment

However, ADA’s on chain activity could witness a change of scenario in the days to come. This was because ADA exchanged hands at $0.4425, which was up by 1.59% in the last 24 hours. Additionally, ADA was up by 10.32% over the last seven days. At press time, ADA ranked #7 as per data from CoinMarketCap.

Source: https://ambcrypto.com/excited-cardano-holders-could-have-much-to-rejoice-about-than-just-adas-price/