New stats show Cardano on the up despite ‘crypto winter’

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Cardano Foundation has released its monthly wrap-up of on-chain data showing that its on-chain transactions have increased by 7.74% to reach 42.5 million.

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

— Cardano Foundation (@CardanoStiftung) June 1, 2022

The comprehensive infographics also show that Cardano project catalyst funds have funded 947 proposals. The number of unique wallets holding Cardano has risen to 3.36 million, a slight increase of 1.84%.

Additionally, Cardano’s number of native tokens has jumped by 8.64% to reach 5.03 million, and there are now 2,761 poured scripts on the network, a 5.47% rise.

However, not every number points up for the network. The number of stake pools has reduced by 0.75%, and the percentage of staked ADA is also slightly down by 1.35%.

Meanwhile, the largely positive metrics have also been reflected in the price performance of ADA in the last two weeks. The token has risen by 10.8% during the previous 14 days and 9.3% over the last seven days.

Also, the network’s enthusiasm is at a high as enthusiasts are expecting the Vasil hard fork, which is scheduled for the end of this month. IOHK has promised that this upgrade will help improve the network’s smart contract capabilities.

Cardano TVL is down more than 60% over the last 60 days

Cardano has lost over 60% of assets’ total value locked (TVL) on its network during the previous two months and roughly 10% over the last 24-hours, according to DeFiLlama data.

Cardano’s TVL dropped from an all-time high of over $320 million in March to $114.17 million as of May 27. However, that has slightly increased to $134.18 million as of June 2.

Several Cardano-based decentralized exchanges have lost a substantial part of their TVL. MinSwap, the leading decentralized exchange (DEX) on Cardano, has lost 35.43% of its TVL in the last 30 days.

Others like WingRiders, SundaeSwap, and MeowSwapFi have lost between 33% to 55% of their TVL within the same timeframe. Per the data, the only exception is MuesliSwap, which is up 306% over the 30 days. 

The overall decline in its TVL means that Cardano is now ranked as the 30th biggest smart contract-enabled blockchain, behind storied rivals like Solana, Avalanche, and Ethereum.