Cardano’s ADA transaction volume has surged in 2022, with analysis showing there may now be institutional demand for the ADA cryptocurrency.
A cryptocurrency intelligence company named “InTheBlock” reported that there ADA analysis shows that the number of ‘large transactions’ on the Cardano blockchain has shot up by over 50x since the beginning of 2022. Large Transaction Volume (LTV) means aggregated volume from transactions on Cardano’s ADA token with a value of over $100,000 dollars.
ADA analysis shows that LTV has gone up from 1.35 billion ADA per day to 69 billion ADA per day as per this past Monday, 3/28/22. That is a 51x explosion in less then 1 quarter of a year, as per InTheBlock’s report. The crypto intelligence firm also stated that the LTV increase indicates “increasing institutional demand” for Cardano’s ADA token.
Cardano surging in 2022
Since 2022 began Cardano has experienced growth in several categories. In addition to the 50x increase in large transactions, Cardano’s ADA token is up over 20% in value in the recent crypto price surge. Also, total addresses on Cardano have increased from 3.5 million to over 5 million while some other prominent cryptocurrencies like Shiba Inu have decreased. Currently Cardano has a Total Volume Locked (TVL) of about $302 million, as per app tracker DefiLlama, just short of its all time high.
Many of the increased metrics can be attributed to Cardano’s ADA finally adding ADA smart contracts to the platform, which opens the floodgates for a plethora of DEFI and DAPPs to grow on the blockchain.