- Cardano’s stablecoin DJED witnessed massive surge in volume.
- DEX volumes on Cardano grew, overall activity on the network declined.
Cardano’s [ADA] stablecoin DJED grew by a rapid pace over the last few weeks. Keeping up with this trend of growth, in the last 24 hours, the stablecoin volume of DJED surged by 100%.
JUST IN: Cardano $ADA stablecoin DEJD $DJED daily volume surpasses 725,000 ADA.
— Adaverse News | Cardano and Ergo News (@AdaverseNews) January 24, 2024
Growth in terms of DeFi
Along with the growth of its stablecoins, it also witnessed massive growth in terms of the DeFi sector.
The total value locked on Cardano increased from 200 million to 326 million in the last few weeks. This was spearheaded by the popularity of decentralized exchanges(DEX) on the Cardano network.
Artemis’ data showed that the overall volumes on DEXs for Cardano grew from 3 million to 5.89 million.
Despite this, the activity on the Cardano network declined significantly. The number of daily active addresses on the network fell from 52,000 to 39,000 in the last few weeks.
As a result, the number of transactions occurring on the network also fell.
Fees collection impacted
This impacted the fees generated on the Cardano network.
Token terminal’s data showed that in the last week, the fees generated by Cardano fell by 20.4%. This decline might impact the overall economic health of the Cardano ecosystem, affecting incentives for validators and stakers.
Additionally, it could raise concerns about the sustainability of the network and its ability to attract and retain users, developers, and other participants.
The development activity on the network also saw a decline. The number of code commits occurring on Cardano fell by 41.7% in the last month.
This reduction in code commits could impact the pace of updates, enhancements, and overall progress within the Cardano ecosystem negatively.
It could also potentially impact the network’s ability to introduce new features, fix bugs, and stay competitive within the rapidly evolving blockchain landscape.
Realistic or not, here’s ADA’s market cap in BTC terms
At press time, ADA was trading at $0.480292 and its price had grown by 0.82% in the last 24 hours.
The velocity at which it was trading had declined significantly in the last few days, suggesting a decline in trading. Moreover, the social volume around ADA also fell, which suggested a decline in popularity on the social front.