Cardano is struggling to grow its user base amidst increasing competition from new blockchain platforms like Solana and Base.
According to IntoTheBlock, the number of addresses holding ADA has remained steady at about 4.45 million for over a year, indicating stagnant growth.
Cardano’s number of addresses with a balance has hovered around 4.45 million for over a year. Here’s what’s going on👇
During the last cycle, Cardano experienced significant growth, positioned as a strong alternative to Ethereum. However, in the current cycle, the network faces… pic.twitter.com/WJrnAP8FQZ
— IntoTheBlock (@intotheblock) August 13, 2024
Despite significant price fluctuations, Cardano’s user base has shown resilience, with consistent address growth since mid-2021. However, recent trends show a shift of interest towards newer competitors, making it difficult for Cardano to attract new users.
The network continues to handle around $7.2 billion in daily transactions, suggesting robust activity despite these challenges. Cardano’s Network Value to Transactions (NVT) ratio is low at 2.62, which could imply that ADA is undervalued relative to its usage.
The percentage of ADA held by long-term investors is also strong, with 40% of the total supply in their hands, signaling ongoing confidence in the platform’s potential. Currently, ADA is priced at $0.336, holding a market cap of $12.07 billion.
BNB Chain has announced a major update designed to enhance its stablecoin infrastructure by introducing gasless transactions.
Fintech giant Revolut is planning to launch its own stablecoin. Sources indicate that Revolut, which recently secured a U.K. banking license and was valued at $45 billion earlier this year, is progressing well with this initiative.
Whale activity around the Artificial Superintelligence Alliance (FET) has increased dramatically, with large transactions up 262%, as reported in IntoTheBlock data.
WalletConnect is preparing to unveil its new Connect Token (WCT) on the Optimism OP Mainnet, an Ethereum Layer 2 network.