The second quarter of 2023 was crucial and eventful for Cardano (ADA), one of the leading cryptocurrencies. After a significant stagnation, Cardano’s blockchain activity started to rise, and Charles Hoskinson, the CEO of Cardano, wasted no time in providing explanations regarding this development.
Celebration for ADA
After celebrating the situation in a post, Hoskinson emphasized that the decentralized community was behind this growth. Stressing that this growth did not happen through a centralized structure, Hoskinson expressed that Cardano is improving and growing day by day.
The celebrated key metrics are known as the number of transactions on the network and the total value of locked tokens. According to the research conducted by Messari and the disclosed data, the updates carried out by the network have a significant role in this growth. Messari revealed that the increase in the number of users and transaction volume coincided mainly with major updates.
The decentralized crypto exchange Minswap became the leader of growth in the Cardano ecosystem. However, this growth was not limited to Minswap alone. It can be observed that this level was achieved through the joint effort of various decentralized applications, mostly decentralized exchanges.
Cardano Benefited from Ethereum
Another source of growth in Cardano is its compatibility with the Ethereum Virtual Machine. This allows the creation of a bridge between Ethereum and Cardano networks, enabling the use of different tokens in both networks. Although Cardano is a rival network to Ethereum, Ethereum is still the leader in its field and has many things to offer to other networks.
However, the price of ADA is not currently at the desired level after all this growth and is trading at $0.29. It can be seen that ADA, which reached a record high of $3 at the end of 2021, has lost 90% of its value and has fallen significantly. However, it is difficult to predict what ADA will do exactly in the new bull season, just like other altcoins.
