Cardano is not so distant from the glitter and limelight as its network activity is gushing at a record rate. The launch of its first DEX SundaeSwap is believed to be the major catalyst behind the current network growth of ADA.
The DEX has managed to gain more than $70 million total value locked within just a week after its launch. In the interim, Cardano smart money holders are seen doubling their portfolio followed by a resurgence in network growth.
Cardano Blockchain Faces Unexpected Demand!
Cardano blockchain has been following a “slow and steady” approach to transformation since the launch of its Alonzo hard fork upgrade. SundaeSwap DEX is referred to as the most successful upgrade on Cardano’s mainnet though users reported network congestion issues. In no time post the launch, the blockchain has experienced considerable growth in TVL of approximately $80 million.
The present average blockchain load of the platform fluttering at 93.19%, which means that almost all of the blocks are being filled. Analytics from the Cardano blockchain insights observe an inquisitive move in total blockchain load over the past month. However, on Jan 1st, the blockchain load was just 33.8%. Now, we can make how drastically the blockchain load has increased and sustained at higher levels above 90%.
Market Sentiment is The Need Of the Hour!
Meanwhile, a report from the on-chain metric platform has revealed a surge in the holder’s interest in the network. In just 10 days after its January 17th market crash, Cardano smart money holders held $10.5k to $1.5 million ADA have doubled their bags. These smart money holders are said to have accumulated over $56.3 million tokens in just 10 days, especially after its first DEX launch.
Metric from Intotheblock has revealed that net network growth is 2.39% bullish. Currently, just 9% of the holders are making money and the rest are at loss. It looks quite obvious that these smart money holders might HODL until they return some profits and they are waiting for retailers to return.
Collectively, Cardano is slowly gaining the traction of the larger base with its steady developments. Need of the hour is market sentiment, if retailers get back to action, then ADA would become the top priority. The bulls may even push Cardano’s price to new ATH if more DEX continues to launch on its blockchain.