Cardano in figures: number of transactions grew 8%, and ADA addresses grew 3% in April.
Nearly 1,000 projects are running on Cardano, while the number of transactions and percentage of ADA in staking is increasing. These and other metrics speak for Cardano's growth. Despite the downtrend in ADA pricing, the Cardano blockchain has shown several significant signs of growth in recent weeks.
According to data compiled by Cardano Blockchain Insights, the proof-of-stake (PoS) blockchain saw an increase in transaction volume, ADA addresses, and native tokens during April. Other metrics also suggest positive signs of adoption that provide insight into the broader state of the project.
Total transactions on the rise
According to data and graphs provided by the portal mentioned above, the Cardano network went from recording a total of 36.5 million daily transactions by the beginning of April to a total of 39.5 million by the beginning of May. The figures provided represent an increase of 8.5% in the last 30 days. They also show a more than 35% surge since the beginning of the year when the total number of transactions was 25,000,000.
Average daily transactions also showed positive signs, as they remained above 100,000 transactions for most of April. The metric reached a monthly high of 140,000 daily transactions, although it has exceeded it before. By March 17, 2022, Cardano reached nearly 340,000 daily transactions, according to the data.
Cardano's rival platform Ethereum network, records about 1.1 million daily transactions. As the Cardano Blockchain Insights team estimated, with more than 100,000 average daily transactions, the Cardano network would be operating at 25% of Ethereum's utilized capacity.
Other positive metrics for Cardano
The total number of addresses holding ADA also saw some growth during April. Cardano wallets containing ADA increased from 3,195,821 to 3.2 million, translating to a modest 3.2% increase. Growth in this metric has been steady in recent months, as the charts show that the number of ADA addresses stood below 3 million, at 2,666,372 on January 1.
While other metrics, such as the number of ADA addresses created daily, have shown signs of decline during the first four months of 2022, other data suggest a sense of optimism among users of the Cardano ecosystem. For example, the total percentage of ADA staking (or participation).
According to Cardano Blockchain Insights metrics, the total percentage of ADA in staking is now 72.6%. The figure, which rebounded in April after a drop to 68%, suggests that investors have confidence in the project in the medium to long term, already willing to lock up their funds as collateral in exchange for receiving a percentage reward in ADA.
Another metric that showed a significant percentage growth was the number of tokens created on Cardano, which went from 4.1 million to 4.6 million during April, representing an increase of almost 12%. The number of tokens running inside the network increased by 73% since the beginning of the year. Back then, the metric was hovering below 3 million tokens. Among other metrics that speak about the current state of the blockchain, it is worth noting that the average load on the Cardano network is 75.37%, based on data from the last 24 hours.
Cardano grows, but ADA remains on the decline.
The data is in sync with the most recent milestones reached by Cardano and is consistent with other growth metrics shared by the Input Output team over the weekend.
In a tweet thread, the technology development company said that there are now nearly 1,000 decentralized application projects (Dapps) building on top of Cardano. Specifically, 925 of which 48% are Non-Fungible Tokens (NFT).
The announcements come just days after Cardano's mainnet deployed an update that increased the block size from 80 KB to 88 KB to allow for more transactions and scripts in a single block, which seeks to bring greater scalability to the project. Cardano and its Smart Contract platform Plutus will also undergo a significant upgrade in June, dubbed "Vasil," which developers will activate as a hard fork.