Particularly, according to the Cardano foundation, the blockchain in July for its notable increase in on-chain activity, despite broader market setbacks. The data provided by the Foundation reveals that the network is not only sustaining but also building momentum, a sign of resilience and growing user engagement.
Cardano July Growth
Regarding the network’s health, statistics revealed by the foundation show that Cardano saw a modest yet worthy increase in transactions to 94.6 million, up by 1.62% from the previous month.Related Reading: Cardano Goes Toe-To-Toe With Ethereum As Whales Scoop Up 120 Million ADA
This uptick is dissected into varied transaction types, showcasing a diverse usage of the blockchain. Among these, 37% were smart contracts, reflecting the network’s strong capabilities beyond simple transactions, which accounted for 38%.
Additionally, 25% involved metadata without smart contracts, highlighting the blockchain’s adaptability and the wide array of applications it supports.Plutus scripts, which are essential for running smart contracts on Cardano, saw a rise of 1.88%, totalling 6,659. This increase is a direct reflection of the growing developer activity and the deployment of more complex applications on the platform.
Moreover, the ecosystem saw a growth in native tokens, up by 1% to 10.2 million, and an even more significant rise in policies, which surged 7.6% to reach 150,477.This marginal growth in delegated wallets suggests a stable interest in staking and governance participation among ADA holders.
ADA Current Market Performance
Regardless of this notable growth in Cardano’s on-chain activities last month, the blockchain’s native token ADA has joined in on the global crypto market downturn. Over the past 24 hours alone, ADA has recorded a roughly 7.1% decrease in its value.This decline has brought the asset to currently trade at a price of $0.3202, at the time of writing—a slight increase from the price tag of $0.2789 seen earlier today.
Interesting, despite this plunge, ADA’s 24-hour trading volume has surge significantly from below $400,000 as of yesterday to roughly above $1.250 million as at the time of writing. Featured image created with DALL-E, Chart from TradingView