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Crypto Community Disputes Over Cardano’s 90% Growth in Active Addresses

Cryptocurrency Nov 25, 2022 06:30AM ET
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Crypto Community Disputes Over Cardano’s 90% Growth in Active Addresses
 
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  • Cardano founder tweeted that transactions on the ADA network grew by 90%.
  • An ETH fan sarcastically said, ‘easy to have a 90% increase when no one is using it.’
  • However, data shows a steady increase in ADA on-chain activities since last month.

Reportedly, the Cardano (ADA) network experienced a 90% increase in daily active addresses performing on-chain transactions. The founder of Cardano, Charles Hoskinson, quote-tweeted the update, noting that the transactions were from the network’s NFT platform, Cardanoland.

However, an Ethereum network fan made a sarcastic remark at Hoskinson’s statement, saying, “Pretty easy to have a 90% increase when no one is using it.”

On the contrary, data from Cardano blockchain insight shows a steady increase in ADA on-chain activities since last month, including wallet delegators, new daily ADA wallet creation, payment transactions, total locked value (TVL), and more. Yet, some crypto enthusiasts contended that the 1.2 million ADA delegators merely received staking rewards without necessarily being active.

The price of the Cardano native ADA has not responded positively to the recent on-chain activities. While trading at $0.3125, the coin suffered over a 5% fall in price within the last seven days.

In a related development, Fantom, Arbitrum, and Optimism blockchains recently experienced more active addresses each day than they had a week ago, according to statistics from the crypto market tracker Nansen.

Nansen’s graph showed that the three blockchains ranked in the top 10 by on-chain activity volume. As of November 23, 2022, the combined on-chain activities of Fantom, Arbitrum, and Optimism lag far behind the BNB Chain, which saw 1.2 million active addresses per day.

Importantly, Optimism and Arbitrum are two of the largest layer-two (L2) solutions that utilize Optimistic roll-up technology to scale the Ethereum network.

The post Crypto Community Disputes Over Cardano’s 90% Growth in Active Addresses appeared first on Coin Edition.

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Crypto Community Disputes Over Cardano’s 90% Growth in Active Addresses
 

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