IntoTheBlock, which researches crypto money projects, shared detailed data on the controversial blockchain startup Cardano.
The researchers, who brought the ADA report together with the community on the official Twitter account, first emphasized that Cardano is one of the best layer-1 blockchain projects.
1/ Cardano is one of the top Layer 1 networks in the industry. Let’s dive into some of the on-chain analytics to see how the network is doing. #CardanoCommunity
— IntoTheBlock (@intotheblock) May 22, 2023
Crypto researchers have released some on-chain data after praising Cardano. In this article, we will share with you important on-chain metrics from IntoTheBlock's report.
Transaction Volume Increases!
IntoTheBlock experts emphasized that the daily trading volume data on the ADA network is on the rise. Although daily volume has fluctuated continuously since January, it increased by 205% on average.
For the first business day of the week, 26 billion ADA transfers took place on the Cardano network.
Damages Cannot Be Recovered
The leading blockchain project has long been the subject of controversy because of its native token ADA. Although the developers have done important work, the fact that the ADA price has not reached the desired level causes great criticism.
Cryptocurrency experts revealed that the majority of the complaints were right with their profit / loss ratios.
According to IntoTheBlock, only 22% of ADA traders are in profit. Despite the gains of 971 thousand addresses, 73% (3.2 million wallets) did not receive the return of their investment.
Experts finally talked about the launch of the layer-2 network Hydra, which took place in the past weeks. Although analysts welcome Cardano's participation in the tier-2 competition, they expect its effects in the long term.
