Cardano Blockchain Activity Grows in Q2: Key Points
– Cardano blockchain activity saw growth in both value locked and transactional metrics in the second quarter.
– Decentralized exchange Minswap showed the largest absolute growth, along with several new decentralized applications (dapps).
– While transaction activity increased, the number of active daily users decreased by 4%.
– The ratio of transactions to active addresses has been steadily growing, indicating that users are becoming more active.
– Blockchain load, a measure of data contained in blocks, rose to 50% in Q2 from under 40% in Q1.
Cardano Upgrades and Key Developments
– Cardano has implemented key upgrades since the start of the year, including reducing epoch transitions for a smoother network experience.
– Milkomeda, a network connecting blockchains to the Ethereum Virtual Machine (EVM), allows Cardano users to access EVM smart contracts with any ADA wallet.
– This feature enables Ethereum application developers to build on Cardano’s network using Solidity, without the need for new tools or learning a new language.
– By using Cardano tokens instead of ether, the utility of ADA tokens increases for holders.
Hot Take
Cardano’s second-quarter performance showed promising growth in terms of blockchain activity and development. Despite a decrease in active daily users, the ratio of transactions to active addresses suggests increased user engagement. The rise of decentralized applications and the implementation of key upgrades contribute to Cardano’s expanding ecosystem. By allowing Ethereum developers to build on Cardano’s network without the need for additional tools or languages, the utility of ADA tokens is enhanced. Overall, Cardano’s progress in Q2 showcases its potential to become a prominent player in the crypto industry.
By
By
By
By