Cardano On-chain Metrics Show Continued Growth Through May

The Cardano (ADA) network has been going from strength to strength in the crypto market, especially during the ongoing bear market. This has resulted in positive sentiment around the project as the majority of ADA investor outlook is bullish.

A monthly wrap-up of on-chain data shows that a total of 947 proposals were funded. In addition, the number of transactions on the ADA network is up by 7.74%, having a total of 42.5 million transactions on-chain. The number of native tokens has also risen by 5.03 million, which is an 8.64% increase.

The number of wallets on the chain has also increased in the last month by 1.84%. This takes the number of Cardano wallets to 3.36 million, with 1.16 million delegated wallets, as the number of delegated wallets has also increased 0.16% in the last month.

Other on-chain metrics that have risen include the number of daily new ADA wallets, as the average of new wallets has been around 1,000 to 2,500 wallets over the last month.

As things stand, ADA has experienced a slight dip in the last 24 hours as its price dropped 6.31% to $0.5652 in the last day. However, the price of ADA is still up a decent 13.15% over the last seven days as investors accumulate ADA in anticipation of the upcoming Vasil Hard Fork.

The daily trading volume for ADA has died down a bit – dropping 34.03% over the last few hours. This takes the total daily trading volume to around $1,487,866,402.