Cardano (ADA) On-Chain Statistics Skyrocket in January

• Cardano (ADA) price increased by 51.42% from January 5th, 2023.
• On February 3rd, 2023, Cardano Foundation shared statistics of increasing transactions on the network.
• Notable recent events and developments include Vasil hard fork upgrade and Djed stablecoin launch.

Cardano (ADA) Price Increase

The price of Cardano (ADA) has increased 51.42% from January 5th, 2023. The Cardano Foundation has shared statistics reflecting increased transactions across the board on the network which could potentially propel global adoption of similar protocols.

On-Chain Statistics for January

On February 3rd, 2023, the official Cardano Foundation Twitter account revealed Cardano’s on-chain data from January. According to the tweet, the public blockchain platform had seen an increase in „transactions using smart contracts and metadata.“ The referenced statistics further revealed that the volume of native tokens, transactions, wallets, Plutus Scripts, and policies on the network had all increased from December 2022 with Plutus Scripts showing a 6.08% increase and bordering 5,000 smart contracts on the network.

Recent Events & Developments

The Vasil hard fork upgrade was launched September 22nd, 2022 to enhance smart contract capabilities on the network while Djed stablecoin launched January 31st to accumulate 29.9M ADA in base reserves less than a week after its official launch with a 652% reserve ratio at time of writing according to its official website. On January 22nd however there was an outage where 50% of nodes went offline for a short period before they automatically restarted which was described as “transient anomaly” by developers with Charles Hoskinson assuring community this “blip” would not affect security or stability of system long term.

Conclusion

Overall it can be concluded that activity is clearly growing on Cardano’s blockchain as reflected by recent price increases and series of upgrades/events in recent months such as Vasil hard fork upgrade and Djed stablecoin launch highlighting potential for further growth in 2021/2022 especially if more key players begin utilizing blockchain technology for their own purposes facilitating further acceptance/adoption globally thus propelling value even higher over time.

Takeaway

Cardano (ADA) is experiencing an increase in activity with notable events such as Vasil hard fork upgrade and Djed stablecoin launch adding stability/value to ecosystem while recent node outage serves as reminder that even advanced systems have hiccups which will likely be fixed quickly without affecting overall system security or stability long term thereby underscoring potential growth ahead for platform moving forward into 2021/2022 timeframe thus providing investors with potential opportunity capitalize accordingly depending upon individual risk tolerance levels/strategies used when considering investing into any speculative asset class