The number of addresses of Cardano, that actively send and receive transactions on the Cardano network daily increased by nearly 100% recently. According to a tweet shared by Cardano founder Charles Hoskinson, the number of daily active addresses surged by 90%.
It is worth noting that Cardano’s daily active address has gained momentum since the beginning of the month. According to data from Messari, the network’s daily active address surged to a whopping 116,249 on November 14, 2022, after hovering around 70,000 for most of this month.
The massive surge of Cardano’s daily active addresses may surprise many, given that ADA, like most cryptocurrencies, has shredded a significant percentage of its value, like most crypto assets. On Year to-date Date (YTD) basis, ADA is down 76.2%. At press time, ADA is currently trading around $0.312, according to data from Coingecko
The surge in the number of daily active addresses may be because Investors might see ADA ‘s low price as the perfect opportunity to increase their position in the asset class in anticipation of a bull market.
Why CARDANO is Smart Cryptocurrency
Cryptocurrency prices can fluctuate very often, therefore, they may not be appropriate for all investors. However, more and more people dare to enter the world of digital assets, in which Cardano and its Ada cryptocurrency are gaining more and more importance.
Although the world of cryptocurrencies is not controlled by any regulatory framework in the European Union, since it is a relatively new market that is no told enough to clearly establish the trend it follows, crypto assets have become one of the most attractive options for investors. Especially because it has options such as Cardano, a block chain developed by Input Output Hong Kong (IOHK) that has managed to attract much interest.
Cardano was born relatively recently, specifically in 2017, and since then it has not stopped rising in the world of cryptocurrencies. Perhaps this has been influenced by the fact that it appeared during the great bull run experienced by the crypto assets at the end of last year and the beginning of this year. Ada, the cryptocurrency of Cardano, has exploded in the classification of digital tokens and is already one of the top 10 by market capitalization.
This has led investors to become interested in the Cardano block chain, which has a two-layer structure. A first one called ‘Cardano Settlement Layer’ (CCSL), which carries out cryptocurrency transactions; and another layer, ‘Cardano Computation Layer (CCL), which is responsible for running the applications and allows developers to enter.
This is a novelty that has been much appreciated by investors, since other cryptocurrencies such as Bitcoin, Ethereum, Litecoin or Ripple depend on a chain of blocks or ‘blockchain’ that transfers funds and validates transactions. With them, therefore, several blockchain companies have been born, and some of them even allow developers to access their technology. That is the case of Cardano, a technology that has emerged from the hand of Charles Hoskinson, co-founder of Ethereum.
Cardano has become one of the most exciting cryptocurrencies in the world, which now eToro puts within reach of any of its users who can invest in it for both the short and long term. As the social trading platform says, the investment history of cryptocurrencies is less than five years old and may not be enough to take as a basis in an investment decision. Therefore, the best way to invest in Cardano and any other cryptoactive is to use eToro’s advanced risk management tools which protect users against the volatility of this market.
Users can invest under personal decisions or imitate the investments of the most successful members of the community, the ‘Popular Investors’, from which they can clone their portfolios. On the other hand, eToro also makes ‘CopyFunds’ available to users, investment portfolios that make up a basket of cryptocurrencies and are automatically managed automatically according to the criteria and decisions of the experts hired by the platform.
- 4.1 MinSwap (MIN)
- 4.2 SundaeSwap (Sundae)
- 4.3 MELD (MELD)
- 4.4 Cornucopias (COPI)
- 4.5 Empowa (EMP)
- 4.6 Djed (DJED)
- 4.7 Revuto (REVU)
The Cardano network’s top performing projects
The number of unique accounts for Indigo Protocol is currently 835, an increase brought on by the launch of the protocol on the mainnet. With a 5 day increase of 278 percent, Defi protocol Aada Finance is the second best performing on the list. Its individual account has 1.8k followers right now. In the last five days, it increased by 97%, reaching 134 unique accounts overall. It presently has 898 unique accounts in total. A reward and distribution platform called SmartClaimz increased by 82 percent over the previous five days to clinch the fifth spot with 199 total unique accounts.
Defi protocol’s Minswap surged by 79 percent to secure the 6th spot with a total of 53k unique accounts. With 12.7k unique accounts, WingRiders increased by 62 percent to rank seventh. MuesliSwap rose by 56 percent to record 40.3K unique accounts, placing eighth overall. Following growth rates of 42% and 27%, respectively, NFT Marketplaces Artifct and Epoch Art were ranked 9th and 10th. Epoch Art has 5.5K unique accounts overall, compared to 744 for Artifct. The report claims that the Defi sector accounts for half of the assets with unique account growth.
Charles Hoskinson, a co-founder of Cardano, revealed last week that the network’s daily active addresses had increased by 90%. Additionally, this year saw a 300 percent increase in the number of smart contracts built on the Plutus platform. According to reports, the unique account’s intriguing statistics show that the Cardano ecosystem is becoming more widely used. Another stablecoin to be welcomed to the Cardano network in the first half of 2019 is USDA from EMURGO.