On Chain Data Shows Cardano Record Growth Across Various Aspects in May 2022 Despite Crypto Price Crash

Cardano recorded huge success last month despite the crash of the cryptocurrency market. 

For most cryptocurrency investors, May 2022 is a month that cannot be forgotten in a hurry. Last month marked the beginning of this cycle’s bear market following the plunge of Terra ecosystem tokens, UST and LUNA.

While many cryptocurrencies suffer heavily as a result of the ongoing crypto winter, an infographic shared by the Cardano Foundation, a non-profit organization focused on the growth and development of the network, suggests that Cardano experienced slight growth across various aspects.

?Monthly wrap-up of on-chain data ?#Cardano #blockchain #ProjectCatalyst pic.twitter.com/Z49EzDFSaL

— Cardano Foundation (@CardanoStiftung) June 1, 2022

Cardano’s Growth In May

Infographics show the performance of Cardano across various aspects, including wallets holding the project’s native cryptocurrency ADA, percentage of ADA staked across various protocols, number of proposals funded, and total transactions, among others.

Despite last month’s cryptocurrency winter, the number of wallets holding ADA surged to 3.36 million, which represents a 1.84% increase.

This comes amid the massive conversion of various cryptocurrencies to stablecoins, as investors offload their crypto holdings to avoid incurring more losses as the prices of all digital currencies tumble.

Similarly, Cardano’s on-chain transactions also recorded a significant increase, rising 7.74% to hit 42.5 million at the end of May 2022. It is worth noting that Cardano’s on-chain transactions include both ADA send, receive, stake, etc..

Furthermore, the number of native assets on the Cardano network recorded an 8.64% increase to 5.03 million. The number of native assets deployed on Cardano has recorded a significant increase due to the efficient performance of the blockchain, which has functioned uninterrupted since it went live.

Another interesting stat in the infographics is the number of proposals that were funded throughout the month of May. According to the data, a total of 947 proposals were funded through the Cardano project catalyst funds.

Other Aspects of Cardano Slumped

Some aspects of the network did not experience gains like others. For instance, the percentage of ADA staked across various protocols decreased slightly by 1.35%, while Cardano staked pools also plummeted by 0.75%.

Meanwhile, the value of ADA was badly affected in the crypto winter. The cryptocurrency dipped more than 27% throughout the month of May 2022. At the time of writing, ADA is trading at $0.55, down 2.4% in the last 24 hours.