thenewscrypto.com
- Increasing DAAs indicate increased blockchain use.
- Cardano has been down 1.65% in the last 24 hours.
As of the beginning of 2022, Cardano’s active users have increased by 50%, according to IntoTheBlock’s analysis of network growth signals. IntoTheBlock’s net network growth gives a snapshot of user engagement and network expansion. In relation to DAA, Cardano has seen an increase of 51.53% over the last seven days — from January 1, 2022.
Increasing DAAs indicate increased blockchain use, making it possible to monitor changes in the number of daily active addresses (DAAs). Demand for network utilization may lead to a rise in the price of the blockchain’s native token due to DAAs. There is still a long way to go until Cardano’s price reflects its network’s recent expansion.
Multiple Use-cases
In its year-end highlight report, the Cardano Foundation mentioned substantial on-chain growth in 2021. In December 2021, the total number of Cardano wallets reached 2.58 million, according to the report. With 274 active projects and over 2.5 million native tokens, research estimates that there are 2 million NFTs on the network.
The organization behind the layered blockchain claims that their technology, which promises to enable the modular development of decentralized applications and smart contracts, has already had some convincing use cases.
As of early September, Cardano had risen to an all-time high of $3.10, but the price has subsequently fallen by more than 59%. According to CoinMarketCap, the Cardano price today is $1.21 USD with a 24-hour trading volume of $1,873,953,199 USD. Cardano has been down 1.65% in the last 24 hours.