Cardano Founder Embraces New Blockchain Explorer, ADA Network Activity Continues to Fall

Cardano

Despite innovations, number of active ADA addresses continues to fall

The freshly launched Cardano blockchain explorer, eUTxO, has received praise from blockchain founder Charles Hoskinson, a well-known crypto enthusiast and entrepreneur. Hoskinson called eUTxO, the beta of which was released on June 25, is a “really cool project” that merits funding from Catalyst, an internal Cardano accelerator that supports tech start-ups and projects built on or focused on blockchain. eUTxO was built on a voluntary basis by Cardano community member and developer Peter Oraveс.

However, despite innovations and the active involvement of the community in the development and implementation of Cardano-based projects, the company is experiencing problems on another front. So, according to analytics from Santiment, Cardano’s address activity has sunk to year-low levels, with overall sentiment back to negativity levels last seen four months ago, in February.

By analyzing the data provided, we can see how the number of active addresses on the Cardano network has dropped several times from its local peak in January 2022. In the first month of the year, the number of active addresses increased by 130%, from 125,000 to 286,000 addresses. Nevertheless, thereafter the number of active Cardano addresses decreased unabated. At the end of June, there were only 64,000 active Cardano addresses, which is more than four times lower than the January highs.

Alarming data

Such a dramatic decrease in the number of active addresses is worrying because it is an important indicator for determining the number of users on the blockchain, taking into account both senders and receivers of assets. Thus, we can say that activity on the Cardano network is very much in decline, and fewer and fewer people are using the blockchain and its products. At this rate, the eUTxO explorer will be unnecessary, because there will simply be nothing to explore.

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