Cardano DEXs did well
However, the network’s TVL has been declining in tandem with daily activity.
MELD DeFi, a popular Decentralized Exchange (DeX) on the Cardano [ADA] network, said in a 2 January tweet that it will be increasing its scope and growth. It would do this by transforming into a multi-chain protocol and launching on Avalanche in the months ahead.
The Cardano – DEX relationship
The DEX has also just earned its Electronic Money Institute (EMI) licence, allowing it to accept American consumers and operate in over 100 countries. However, MELD Defi was not the only DEX that demonstrated network gains.
Miniswap, a popular DEX on the Cardano network, has also seen significant growth. The number of unique active wallets on the DEX climbed by 11.85% in the previous seven days, according to Dapp Radar statistics. As a result, the number of transactions on the DEX increased by 10.51% within the same time period.
Despite the expansion of DEXes on the network, Cardano’s position in the DeFi area had not improved.
According to DeFiLlama, Cardano’s TVL has continued to shrink over the previous month, decreasing from $59 million to $50 million in the last 30 days. This had an effect on the network’s income, which plummeted by 21.05% within the same time period, according to Token Terminal.
Despite Cardano’s declining TVL, Cardano network stakeholders remained committed to the technology.
According to Staking Rewards statistics, the number of Cardano network stakers climbed by 60.29% in the previous week. The Cardano network had 1.08 million stakers at the time of writing. The number of stakeholders increased, while their revenue declined by 23.17% during the previous month.
Despite an increase in the number of Cardano network stakeholders, Cardano network activity has decreased.
Examining the on-chain data
According to Santiment, the number of daily active addresses on the Cardano network has decreased dramatically in recent days. In addition, the velocity of the Cardano coin has decreased. This indicated that the number of addresses transmitting ADA has decreased.
Despite the fact that activity on the Cardano network was dropping, the financing rate increased. This indicated that traders who went long on Cardano were profiting. This might be interpreted as a positive sign, indicating the probability of a price turnaround in the near future.
At the time of writing, ADA was trading at $0.253. Its price fell by 0.66% in the last 24 hours, according to CoinMarketCap.