Recently, there has been a nearly 100% growth in the number of addresses actively sending and receiving transactions on the Cardano network daily. Charles Hoskinson, the founder of Cardano, tweeted that there were 90% more daily active addresses than there were previously.
Hoskinson noted the dramatic increase in the number of daily active addresses for Cardano and said:
It is noteworthy that since the start of this month, Cardano’s daily active address has grown. Messari data indicates that the network’s daily active address increased to 116,249 on November 14, 2022, after remaining at approximately 70,000 throughout the month.
As ADA has lost a sizable portion of its value, like most crypto assets, the enormous increase in Cardano’s daily active addresses may surprise many. ADA is down 76.2% on a year-to-date (YTD) basis. According to information from Coingecko as of publication, ADA is presently trading at about $0.312.
The increase in daily active addresses could be attributed to investors taking advantage of ADA’s low pricing to build up their position in the asset class ahead of a bull market.
Low VC Support Does not Deter Cardano’s Growth
ADA is one of the cryptocurrencies predicted to experience explosive growth during the upcoming bull market. Cardano’s project team has regularly produced significant initiatives to support its position as one of the leading cryptocurrency projects.
The Alonzo hard fork, one of Cardano’s most significant updates, which gave the network support for smart contracts, was deployed in September 2021. A little over a year later, the Cardano development team released the Vasil hard fork to improve the network’s throughput speed, all-around usability, and dApp development.
Additionally, Hoskinson disclosed last week that a fresh project had been included in the Cardano ecosystem. The project, known as Midnight, is a blockchain built around data protection and safeguards private and public data.
Fascinatingly, the Cardano team has accomplished these milestones without the help of renowned venture capitalists. Recall how Hoskinson criticized venture capitalists for failing to support Cardano and other leading crypto ventures. Ardana, a decentralized finance project built on Cardano, recently had to suspend development due to funding and schedule issues due to the absence of VC sponsorship.