Users’ activity on the Cardano blockchain has continued to gain momentum despite the decline in the value of ADA cryptocurrency.
According to an infographic shared by the Cardano Foundation, a nonprofit organization dedicated to the development of Cardano, the project recorded fair growth across various aspects in the month of June.
The infographics showed the performance of Cardano across various segments, including transactions, native tokens, wallets, ADA staked, as well as developer activity.
June On-chain #Cardano Stats 📈🚀
Did someone say Cardano was the top project by development activity in the last 30 days? 👀 💪@santimentfeed
Let's take a look at what developer activity is and why it matters.
— Cardano Community (@Cardano) July 4, 2022
Highest Development Activity
Santiment reported that the development activity of Cardano was highest in June. According to the Cardano foundation High development activity indicates:
- “The project is serious about its business proposition.
- The project will likely ship new features in the future.
- It’s less likely that the project is just an exit scam.”
On-Chain Transactions Soars 5.44%
The month of June saw Cardano’s on-chain transactions surge 5.44% to reach 44.8 million, thus surpassing May’s record of 42.5 million on-chain transactions.
Interestingly, the development shows Cardano’s on-chain transactions have been growing steadily since the beginning of the year, which suggests rising interest in cryptocurrency.
Last month, Cardano ranked first among the top 10 cryptocurrency projects in terms of on-chain transaction volume. Cardano’s transaction volume skyrocketed by 369% at the time, surpassing top cryptocurrency projects like Bitcoin, Ethereum, Solana, and Ripple, among others.
The milestone was applauded by Charles Hoskinson, the founder of Cardano, who commended so-called “ghost generators” for fueling transactions on the network.
It is noteworthy that the transaction volume comprises ADA purchases, sales, and staking among others.
Cardano Soars in Other Aspects in June
Meanwhile, the number of cryptocurrency wallets holding ADA throughout the month of June 2022 rose to 3.42 million, representing a 1.81% increase from May’s record.
Similarly, Cardano’s native assets soared 6.46% to hit 5.4 million in June. Another significant feat recorded last month is the growth of developers’ activity, which saw a total of 13,303 comments across all Cardano GitHub repositories.
The surge in Cardano GitHub comments may not come as a shock to many considering that Cardano developers are always looking for ways to bolster the network’s performance.
Since the beginning of 2022, ADA developers have been working relentlessly toward the launch of Vasil Hard Fork, which was originally scheduled to go live last month.
However, Vasil’s rollout was postponed to this month as the team launches efforts to identify any flaws associated with the update before it eventually goes live.
Follow Us on Twitter and Facebook.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.