An analytics firm has highlighted a period of stagnation in the adoption of the Cardano (ADA) network over the past year.
According to IntoTheBlock, the number of Cardano addresses with a non-zero balance has remained steady over the last year. The chart from the analytics firm reveals that while Cardano saw significant growth in its user base during the 2021 bull run, this growth slowed in the 2022 bear market and has since plateaued.
This stagnation suggests that, although ADA gained considerable traction during the previous bull cycle, new investors are now drawn to other networks like Solana and Base rather than Cardano.
The firm notes that while Cardano’s overall user base has remained stable at around 4.45 million addresses, the network’s daily active addresses have shown stability since April. This indicates a dedicated user base that continues to engage with the platform despite a slowdown in new user growth.
Cardano has also maintained a high daily transaction volume of $7.2 billion, surpassing many other networks. Moreover, investor confidence appears strong, with nearly 40% of ADA’s supply held for over a year.
As of now, Cardano’s price stands at approximately $0.336, reflecting a 3% increase over the past week.
