The ongoing decline in the cryptocurrency market as a whole began in July with the global cryptocurrency market cap initially falling to $2.5 trillion from $2.7 trillion earlier in May. However, despite this July decline, Cardano (ADA), the ninth-largest cryptocurrency by market cap, appears to have defied the downward trend.
In particular, according to the Cardano Foundation, blockchain standing outside In July, the network saw a significant increase in on-chain activity, despite broader market downturns. Data provided by the foundation reveals that the network is not only sustaining but also building momentum, a sign of resilience and growing user engagement.
Cardano growth in July
In terms of network health, statistics revealed by the foundation show that Cardano saw a modest but noteworthy increase in transactions to 94.6 million, a 1.62% increase from the previous month.
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This increase was broken down into different types of transactions, showing the diverse use of the blockchain. Of these transactions, 37% were smart contracts, reflecting the network’s strong capabilities that go beyond simple transactions, which accounted for 38%.
Additionally, 25% of the metadata was without smart contracts, highlighting the adaptability of blockchain and the wide range of applications it supports.
The organization’s data also pointed to growth in several other key areas of the Cardano network, underscoring technological advancements and deepening user engagement.
Plutus scripts, which are necessary to run smart contracts on Cardano, saw a 1.88% increase, reaching a total of 6,659. This increase directly reflects increased developer activity and the deployment of more complex applications on the platform.
Furthermore, the ecosystem saw growth in native tokens, up 1% to 10.2 million, and a more significant rise in policies, which rose 7.6% to 150,477.
Wallet statistics also paint a picture of expanding participation within the Cardano community. The total number of Cardano wallets increased by 0.71% to 4.84 million, with delegated wallets rising slightly by 0.02% to 1.35 million.
This marginal growth in delegated wallets indicates a steady interest in governance and staking participation among ADA holders.
Current ADA Market Performance
Despite this notable increase in Cardano’s on-chain activity over the past month, the blockchain’s native token ADA has joined the global cryptocurrency market downturn. Over the past 24 hours alone, ADA has seen a drop of around 7.1% in value.
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This decline has led to the asset currently trading at 0.3202, at the time of writing this article– Slightly higher than the $0.2789 price seen earlier today.
Interestingly, despite this decline, ADA’s 24-hour trading volume has increased significantly from under $400,000 as of yesterday to nearly $1.250 million at the time of writing.
Featured image created using DALL-E, chart from TradingView
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