- Cardano (ADA) has had a solid performance this year.
- The POS chain has tripled its Decentralized Finance TVL and sits among the top Decentralized Finance protocols.
- Retail users and whale interest is multiplying.
- Can Cardano (ADA) reach $1 by the end of the year?
Cardano (ADA) is quickly emerging as a prominent player in the cryptocurrency industry. It has positioned itself to compete with more established players like Ethereum (ETH) and Bitcoin. In the year, the Proof-of-Stake chain has grown substantially, bolstering its capabilities to handle the growing demand and adoption of Decentralized Finance, especially when its competitors are struggling with congestion.
Since 2023 started, Cardano (ADA) has deployed over 1,000 new smart contracts, climbed up the Decentralized Finance rankings, forged new partnerships, and introduced new protocols. These developments have caught the community’s attention, including the mighty whales, keenly observing the network’s trajectory for the rest of the year.
It’s worth noting that, with each milestone achieved, each surge witnessed, and each move executed, Cardano’s exhilarating journey converges towards a singular goal: reaching the $1 mark.
Whale Interest and Transaction Volume Loom
Although while the digital currency market has been on a recent bearish streak, Cardano (ADA), on the other hand, has been exhibiting impressive numbers in transaction volume and count, active cryptocurrency wallets, and accumulation by large holders.
It’s worth noting that, in the year, the POS chain has informed a 205 percent boost in daily transaction volume, with over $9.5 Billion or 26 Billion ADA transacted daily, reports by IntotheBlock Data.
As per the data aggregator, daily transaction volume recently reached a three- 30 days high of 98,000 transactions in a day, with 28 percent attributed explicitly to users involved in trades betwixt $10 and $100.
In addition, there has been a 1500 percent spike in net flows by whales in May, signaling that large holders are accumulating ADA in bulk. On April 27, Cardano’s net flow surged to over 969.72 Million ADA or $357 Million in a single day.
At the time of publication, the price of Cardano (ADA) stood at $0.37, down 10 percent since the start of May. Still, the decline did not hinder the network’s impressive performance in the Decentralized Finance sector.
Memecoins and Crypto Stablecoins Fuel Decentralized Finance Growth
Cardano (ADA) has made an impressive ascent in Decentralized Finance TVL rankings, surging by 14 percent to claim the 17th spot at a TVL of $157.82 Million on May 22. It’s worth noting that, the POS chain’s TVL sat at a modest $822 thousand at the start of the year. Ever since, it has greater than tripled in value amid the growing number of protocols and users joining the ecosystem.
It is likewise worth keeping in mind that Cardano (ADA) briefly surpassed competitors like Bitcoin (BTC) these 30 days before dropping several spots back. Nevertheless, the network has exhibited remarkable growth thanks to the dominance of Minswap, decentralized crypto stablecoins like Djed and IUSD, and the flurry of memecoins flooding the ecosystem.
In particular, one memecoin, SNEK, has been performing exceptionally well, surging by over 200% since May 15 to trade hands at $0.00046 apiece. The investment has slithered to become the third- largest crypto token in the Cardano (ADA) ecological system only a 30 days after its inception.
Heading into the rest of the year, Cardano (ADA) is on the cusp of a whole lot of surge, given the protocols and partnerships lined up in 2023.
Where Is Cardano (ADA) Headed Next?
With its ongoing developments and initiatives, Cardano (ADA) is on track to reach the $1 mark. Given its recent growth and surge in interest, the network has evolved a solid option for users and projects.
Reports by IOHK, Cardano (ADA) is home to over 1,242 projects under development. The network has successfully launched 127 projects, deployed 8,277 smart contracts, and created 8.28 Million native crypto tokens, recording 66.7 Million total transactions this year.
The Cardano (ADA) development team is all hands on deck, actively working towards expanding the network and achieving greater decentralization. After much anticipation and delays, the POS chain has eventually released its highly awaited growing protocol Hydra. The solution intends to make Cardano (ADA) the fastest blockchain tech in the world, as per its founder Charles Hoskinson.
On the other hand, that’s not all. The Cardano (ADA) team has exciting plans for the network’s future, one of which is the final stage in the roadmap, the Voltaire update. The Voltaire update would “provide the final pieces required for the Cardano (ADA) network to become a self-sustaining system.“
The other side
- Reports by DeFiLlama, Cardano (ADA) is home to 20 protocols.
- Cryptocurrency activity has increased, especially on Ethereum (ETH), where gas charges rose to record levels not seen since May 2022. On May 5, the average gas price hit 155 gwei, reports by data from Etherscan.
- Cardano (ADA) is as of now the 7th largest network by market capitalization. The network market cap rose by 54 percent QoQ from $8.6 Billion to $13.2 billion.
- A report published on December 30 by Santiment highlighted Cardano (ADA) as the top protocol in terms of development activity.
Why This Matters
Cardano (ADA) is dedicated to enhancing its network, introducing new protocols, and increasing accessibility to Web 3.0 for both users and projects. With its current momentum, Cardano (ADA) could accomplish the $1 mark.
Read more about Cardano (ADA) smart contracts in 2023:
Cardano (ADA) Gears Up to Catch Ethereum (ETH) as it deploys 1K Smart Contracts in 2023
Read more about Cardano’s new partner:
Cardano’s New Partner to Empower Decentralized Finance Development on Network
