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According to data from Artemis, Cardano’s (ADA) daily network fees have dropped to their lowest level this year as user activity on the Layer1 (L1) blockchain has decreased. As of April 15, the total transaction fees paid by Cardano users were $9,000, indicating a drop of over 90% from the $17,000 recorded on January 1.
Number of Wallets in Cardano
Data from the cryptocurrency analytics firm Artemis shows that Cardano’s daily transaction fees peaked at $24,000 on March 11 and have been on a downward trend since then. The decline in daily transaction fees in Cardano is due to a decrease in network user activity. On-chain data shows that the daily number of unique wallet addresses interacting with Cardano reached its highest level this year on March 6 at 71,300, initiating a decline. By April 14, the number of daily active addresses in Cardano had fallen by 47% to 38,000.
As the number of daily active addresses on the blockchain decreases, so does the number of transactions completed daily in Cardano. According to Artemis, this also decreased by 47% last month. The recent decline in user activity in Cardano has affected the decentralized finance (DeFi) and non-fungible token (NFT) ecosystems. Data from DefiLlama shows that the total value locked (TVL) in DeFi protocols hosted on Cardano dropped to its lowest level in three months, standing at $306 million at the time of writing.
Current Data on ADA
The network’s TVL reached its peak for the year at $456 million on March 15 and has since fallen by 33%. Similarly, the NFT sector on Cardano has witnessed a similar decline. According to CryptoSlam, the network’s NFT sales volume decreased by 39% last month, and the total number of completed NFT sales transactions fell by 46%. The network’s native token, ADA, has not escaped the downturn either. Trading at $0.45, the token’s price has dropped by 21% over the past seven days.
The basic momentum indicators observed in the daily chart of the altcoin show a significant decline. At the time of writing, the relative strength index (RSI) was at 29.51, indicating an oversold condition. These values suggest that the selling activity has outpaced the accumulation of the cryptocurrency.
