- Cardano, a public blockchain platform, maintained its network expansion despite the market downturn.
- Cardano (ADA) has experienced a 78% drop in the last 12 months.
- Although Cardano’s sales decreased, the NFT and DeFi sectors saw growth.
108 projects were announced on the Cardano network during the course of the previous week, according to a tweet from IOHK on December 4th. Additionally, there has been an increase in the number of projects in development.
The amount of Cardano’s development activities increased as a result of this continuous network construction. This indicated that over the previous seven days, the Cardano team’s contributions had significantly increased. There was some association between the development activities and the price increase.
The future impact of the rising development activity on ADA’s pricing movement is still uncertain.
The NFT market was a further area where Cardano excelled. According to information supplied by opencnft, the volume of Cardano NFTs sold grew by 6.44% over the previous seven days. Nevertheless, despite the increase in volume, Cardano network sales fell by 8.90% during the same time period.
Cardano’s total value locked (TVL) saw significant year-over-year improvements in terms of DeFi. Adverse news reports that over the previous year, Cardano’s TVL increased by 10,800%. At the time of publication, Cardano had locked in a total of 61.62 million, an increase of 2.15% over the previous 24 hours.
But over the past 30 days, Cardano’s revenue has been steadily declining. Token Terminal claims that in the previous month, Cardano’s revenue fell by 25.3%.
Cardano network activity
Cardano performed poorly in terms of on-chain metrics. Over the last month, its volume fell from 898 million to 182 million. During the same time period, the number of daily active network addresses decreased.
Cardano was worth $0.325 at the time of writing. Its prices had risen by 1.95% in the last 24 hours.