Cardano’s dApps, such as MiniSwap and SundaeSwap, showed improvements
The number of strikers on Cardano continued to grow, despite declining revenues and prices
Despite the freezing crypto winter, dApp activity on Cardano [ADA] improved in the past week. Popular dApps on Cardano, such as Miniswap and SundaeSwap, also contributed greatly to the network’s growing ecosystem.
Read from Cardano [ADA] Price prediction 2023-2024
A budding ecosystem
According to an tweet from Adaverse, Miniswap locked in $27 million in total locked volume (TVL). It also grew in terms of unique active users, as the number of unique users grew 2.68% over the past seven days, according to data from DappRadar.
— Adaverse News | Cardano and Ergo News (@AdaverseNews) December 15, 2022
But it wasn’t just Miniswap that impacted the Cardano ecosystem. Based on DappRadar’s information, SundaeSwap’s volume is up 30.31% in the past seven days.
As of December 16, total volume on the DEX was $2.2 million. Furthermore, the number of transactions and unique active wallets for SundaeSwap also increased.
Another indicator of a growing ecosystem is the improvements being made by Cardano’s NFT collections
According to opencnft data, the number of NFTs sold on the network has increased by 28.48%. The volume of NFT transactions on the network also grew by 46% in the past 24 hours.
The growing ecosystem could be one reason why strikers continued to show confidence in Cardano. According to data collected by Staking Rewards, the number of stakers on Cardano’s network has grown significantly, up 9.51% in the past 30 days.
An important factor to consider is the fact that the strikers had continued to deploy Cardano despite declining revenues. Last month, Cardano strikers’ earnings fell 15.62% over the same period.
Cardano HODLers brave the heat
Cardano couldn’t do well in terms of on-chain metrics. The network’s daily active addresses have dropped significantly over the past month. Instead, the speed also dropped. This implied that the frequency with which ADA was exchanged between addresses had decreased.
Cardano’s Market Value to Realized Value (MVRV) ratio has also plummeted in recent days. This indicated that if most Cardano holders sold their ADA, they would do so at a loss.
It remains to be seen whether ADA holders will continue to HODL their coins or sell their position and take a loss.
At the time of going to press, ADA was trading at USD 0.262. According to CoinMarketCap, prices were down 12.62% in the past 24 hours.
This post Can Cardano’s dApp activity turn the tide for ADA in 2023
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