The recent plunge in the crypto market, which began in July, saw the global crypto market cap drop to $2.5 trillion from $2.7 trillion in May. Despite this downturn, Cardano (ADA), the 9th largest crypto by market cap, has managed to defy this bearish trend. According to the Cardano foundation, the blockchain has stood out in July for its significant increase in on-chain activity, even amidst broader market setbacks.
Statistics provided by the Foundation reveal that the Cardano network is not only sustaining but also building momentum, indicating resilience and growing user engagement. The data shows a modest yet noteworthy increase in transactions to 94.6 million, up by 1.62% from the previous month. This uptick in transactions includes various transaction types, with 37% being smart contracts and 38% being simple transactions. Additionally, 25% involved metadata without smart contracts, showcasing the adaptability of the blockchain.
The foundation’s data also highlights growth in key areas of the Cardano network, demonstrating technological advancement and deepening user involvement. Plutus scripts, essential for running smart contracts on Cardano, saw a rise of 1.88% to 6,659. This increase signifies growing developer activity and the deployment of more complex applications on the platform. The ecosystem also witnessed growth in native tokens, which increased by 1% to 10.2 million, and a substantial rise in policies, surging by 7.6% to reach 150,477.
Wallet statistics further illustrate broadening participation within the Cardano community. The total number of Cardano wallets increased by 0.71% to 4.84 million, with delegated wallets slightly rising by 0.02% to 1.35 million. This marginal increase in delegated wallets suggests a stable interest in staking and governance participation among ADA holders.
Despite the significant growth in Cardano’s on-chain activities last month, the blockchain’s native token ADA has not been immune to the global crypto market downturn. Over the past 24 hours alone, ADA has seen a 7.1% decrease in its value, trading at $0.3202 at the time of writing—a slight increase from the price tag of $0.2789 seen earlier today. Interestingly, ADA’s 24-hour trading volume has surged from below $400,000 to above $1.250 million.
Cardano’s resilience and growth in on-chain activities amidst the broader crypto market downturn are commendable. Despite the challenges faced by the overall market, Cardano continues to innovate and attract users with its advanced technology and diverse applications. As the crypto market continues to evolve, Cardano’s ability to adapt and thrive sets it apart as a promising blockchain project.
