San Francisco-based exchange Kraken published a report<\/a> showing \u201cexponential growth\u201d on Cardano for almost every adoption metric listed.<\/p>\n \u201cwe see Cardano underwent exponential growth in nearly every adoption metric listed, both on-chain and off-chain.\u201d<\/p>\n<\/blockquote>\n The report comes at a time of slowing momentum for Cardano. In September 2021, ADA was riding high, hitting an all-time high of $3.09. This was enough to rank as the third-largest cryptocurrency on CoinMarketCap.<\/p>\n But since Alonzo<\/a> smart contracts went live a week or so after this event, price action has favored sellers. January 22 saw new lows as ADA bounced off the $0.9249 level.<\/p>\n Since then, ADA has been trading relatively flat, ranging from $0.9494 to $1.1653, with $1.02 providing support for the past week.<\/p>\n Analysts attribute this to dApps taking longer than anticipated to launch. If true, it should also be the case that a buoyant dApp ecosystem would reverse the downtrend in price.<\/p>\n As Input-Output CEO Charles Hoskinson<\/a> has previously said, the dApps are coming. And if all else goes to plan, namely scaling and performance tweaks via the Basho<\/a> phase, 2022 could see a turnaround as far as price is concerned.<\/p>\n Taking a snapshot<\/a> of key metrics at the start of 2021 and again at the beginning of 2022 shows massive adoption and growth on the Cardano network.<\/p>\n Significant areas of on-chain growth include the total number of wallets up 1,348% to almost 3 million. As well as daily active addresses seeing 925% growth, to 203,773 addresses.<\/p>\n Further analysis plotting daily transaction count and price indicates a strong positive correlation between the two. But this pattern was broken in November 2021 as the price declined while daily transactions continued rising.<\/p>\n Kraken comments that this could be a positive sign as it shows network activity remains strong despite the price waning.<\/p>\n The first Cardano dApp went live, in MuesliSwap<\/a>, on January 2, 2022, with a Total Value Locked (TVL) of $844,500 at the time. This placed Cardano 78th on the aggregator platform DeFi Lama by TVL.<\/p>\n One month on and DeFi Lama shows two additional DeFi protocols in VyFinance and SundaeSwap. While VyFinance currently has $0 locked, SundaeSwap storms in with a TVL of $68.2 million.<\/p>\n As a result, Cardano climbs the rankings, from 78th to 40th, between Songbird and OKExChain. And within touching distance of more prominent chains such as Algorand and Tezos.<\/p>\n With more DeFi dApps to follow, including big hitters such as Ergo and Meld, it won\u2019t be long before Cardano enters DeFi Lama\u2019s top 10.<\/p>\n Featuring a summary of the most important daily stories in the world of crypto, DeFi, NFTs and more.<\/p>\n<\/div>\n<\/div>\n<\/div>\n Access more crypto insights and context in every article as a paid member of CryptoSlate Edge<\/span>.<\/p>\n On-chain analysis<\/strong><\/p>\n Price snapshots<\/strong><\/p>\n More context<\/strong><\/p>\n<\/div>\n Join now for $19\/month<\/a> Explore all benefits<\/a><\/div>\n<\/div>\n\n
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Cardano metrics show strong growth<\/h2>\n
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It\u2019s happening now<\/h2>\n
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