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Cardano Network Continues to Grow Despite Bear Market

Although the year 2022 was quite difficult for the crypto money market in general, the developers continued their work regardless of price. For example, this year has been a busy one for Cardano.

The Cardano Foundation announced the annual reflection of the work on the project on the on-chain data with an infographic. According to annual data, although Cardano lost value like other altcoins, the ADA network continued to grow. According to the statements of the foundation, the number of smart contracts in the Cardano network increased by 5 times compared to 2021, reaching 4,445. The number of native tokens created through ADA reached an all-time high, reaching 7.3 million.

The on-chain data announced by the Cardano Foundation also shows that the interest in the project is not only from the developer side. The number of transactions on the ADA network increased by 139% to 56.9 million in a year, while the number of wallets grew by 47% to 3.8 million. The largest smart contract platform is made up of Cardano and Solana, the two likely biggest competitors of Ethereum. Although the Solana network stood out last year with its transaction fee advantage, the endless network outages in the project hurt the developers. ADA, on the other hand, is once again seen as ETH’s biggest competitor after Solana’s problems.

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