Cardano’s net network growth turns positive after 50% increase in active users since early 2022
According to data from IntoTheBlock analytics, Cardano records a positive rise in net network growth signals as active users spike 50% since 2022 began.
The net network growth shown by IntoTheBlock provides a view of both user engagement and user growth. In this regard, Cardano is seeing a 51.53% increase in daily active addresses (DAA) over the past seven days, since the start of 2022.
Daily Active Addresses (DAAs) are a useful way of tracking network activity over time as growing DAAs signal greater blockchain usage. As such, DAAs can often be a leading indicator for price action—demand for network usage might boost demand for the blockchain’s native token. However, Cardano’s price is yet to reflect the latest growth in its network, with ADA mostly affected by the ongoing market sell-off.
At time of publication, ADA is trading at $ 1.24, down 2.83% on the day.
Cardano network stronger amid 2021 achievements
The Cardano Foundation recalled rapid on-chain growth for 2021 in its end-of-year highlight report.
It says the 23 million transaction mark was surpassed in December 2021, with the number of Cardano wallets reaching 2.58 million. The report gives an estimate of around 274 projects in development or running on the network and over 2.5 million native assets, of which over 2 million are non-fungible tokens (NFTs).
As for what to expect in 2022, it says, ”The year to come will see us move firstly into Basho and then into Voltaire.” Basho aims to scale the network to billions of enterprise-grade transactions, while Voltaire will focus on growing governance on-chain.
