Technology

large transactions on Cardano register an increase of more than 50x in 2022

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.”

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.”

Clarification: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information set forth herein should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.

Keep reading:

Investments in crypto assets are not regulated. They may not be suitable for retail investors and the full amount invested may be lost. The services or products offered are not aimed at or accessible to investors in Spain.

Source link

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button