The crypto intelligence company, IntoTheBlock, reports that the number of large transactions on the Cardano blockchain has increased more than 50-fold this year.
Large transaction volume (LTV) refers to the aggregate volume of transactions denominated in Cardano’s native ADA token valued at more than $100,000. Since January 1, the LTV has increased from 1.35 billion ADA per day to 69 billion ADA (worth $81.4 billion) that changed hands on Cardano on March 28.
That’s a 51-fold increase in about three months and marks one of the highest volume levels since mid-2018, according to IntoTheBlock. In a March 29 tweet, the firm said such high volume indicates “growing institutional demand.”
@Cardano is experiencing increasing institutional demand
The volume of on-chain transactions >$100k has increased by 50x just in 2022
— IntoTheBlock (@intotheblock) March 29, 2022
Cardano is experiencing growing institutional demand
On-chain transaction volume > $100k has increased 50-fold in 2022 alone
A total of 69.09b ADA was moved in these large transactions yesterday, representing 99% of the total on-chain volume.
While other metrics such as average transaction size and volatility remain relatively stagnant, according to the data analytics firm, total addresses have increased since early 2022. Ehe year started with some 3.4 million addresses, which has now grown to 5 million. Although only seven DApps are currently appearing on DeFi Llama, co-founder Charles Hoskinson said many more are expected due to a hard fork expected in the middle of the year.
Total Value Locked (TVL) currently stands at $303 million, according to app tracker DeFiLlama, just shy of the all-time high of $326 million reached on March 24.
Hoskinson delivered an inspiring speech at Dubai’s Binance Blockchain Week on Monday, discussing the need for decentralization and the coordination challenges that come with it. He said that “we are entering a new era”, with Web 3.0, but the problem is that “unlike Web 2.0, there is no leader” who makes decisions in the sector.
“If we’re really decentralized, we have to somehow coordinate and figure this out. We have to write some kind of constitution for these things; we have to decide ‘What is the bill of rights for the use of cryptocurrency and Blockchain technology?’
“There are two paths before us: one, we maintain our integrity and pursue decentralization, we find these things, we understand these things,” said. “Or, two, we ignore it. In which case we’ll have custodians, we’ll have escort keys, highly centralized and optimized consensus algorithms that can be restarted at any time. The few will be in control of the many.”
“This is the decision, and I don’t make that decision – all of you do.”
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