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Cardano (ADA) sees huge YTD network activity growth

Cardano (ADA) sees huge YTD network activity growth

The Cardano (ADA) network has seen its network activity steadily rise this year, with metrics such as the number of daily active addresses, the total number of addresses, and the number of transactions all going up. According to data from IntoTheBlock, the network reached its ATH with almost 10,000 active addresses on Feb 12, which is a 319 percent increase since Jan. 1, 2020.

The Cardano network is thriving with a huge increase in activity

After years of research and slow development, the Cardano network is now closer than ever to being open for business. The launch of the incentivized testnet for the Shelley era of the Cardano blockchain incited a lot of the Cardano community to take action and participate in the network, leading to its immense success.

As time goes by, more and more users seem to be flocking to Cardano—2020 looks like it’s going to be a breakthrough year for the promising blockchain project.

According to data from IntoTheBlock, the blockchain has been thriving this year, seeing almost every network-related metric go up since the beginning of the year. In a Feb. 17 tweet, the company showed that the number of daily active addresses on Cardano reached their all-time-high on Feb. 12 with 9,760 addresses. This, the company said, represents a 319 percent increase from the 2,330 addresses that were active on Jan. 1.

Graph showing the number of daily active addresses for the Cardano network since Jan. 1, 2020
Graph showing the number of daily active addresses for the Cardano network since Jan. 1, 2020

Active address ratio went up

The active address ratio on the Cardano network has seen a 231 percent rise from the beginning of the year.

The network’s Jan. 1 active address ratio was 0.58 percent. On Feb. 17, the network saw an active address ratio of 1.93 percent. That means that 1.93 percent of the addresses on the network have made at least one transaction on Feb. 17.

Graph showing the active address ratio on the Cardano network from Jan. 1 to Feb. 17
Graph showing the active address ratio on the Cardano network from Jan. 1 to Feb. 17. (Source: IntoTheBlock)

The overall number of transactions on the network has also been on the rise, seeing an average of 3,610 transactions daily in the past week. The network’s 4,230 transactions recorded earlier this month represent a huge increase from the beginning of the year when the network dipped with around 1000 transactions.

Graph showing the total number of transactions on the Cardano network since Oct. 2017
Graph showing the total number of transactions on the Cardano network since Oct. 2017. (Source: IntoTheBlock)
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Priyeshu Garg
Author

Priyeshu Garg

Analyst @ CryptoSlate

Priyeshu is a software engineer who is passionate about machine learning and blockchain technology. He holds an engineering degree in computer science engineering and is a passionate economist. He built his first digital marketing startup when he was a teenager, and worked with multiple Fortune 500 companies along with smaller firms. When he is not solving transportation problems at his company (Ola), he can be found writing about the blockchain or roller skating with his friends.

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