Cardano dazzled in 2022 despite the tough year!

The Cardano (ADA) network continues to record growth under different metrics as the platform seeks to promote the adoption of decentralized finance (DeFi).

Cardano dazzled in 2022 despite the tough year!

Interestingly, key network activities grew in 2022 despite the current downturn in the market, according to the latest data from the Cardano Foundation.

Notably, as of December 16, the Cardano smart contract feature hit the 4,445 milestone, with 394% generating the highest growth rate compared to 2021.

Native tokens on the platform reached 7.3 million at 192%, making it the second highest growth rate. Elsewhere, in 2022 Cardano’s transactions reached 56.9 million, representing a 139% increase, while wallets grew 47% to 3.8 million.

Also, the network witnessed 66,950 policies as the platform’s authorized wallets rose to 1.27 million, or a growth rate of 27%.

Cardano dazzled in 2022 despite the tough year!  - Picture : 1

Cardano 2022 onchain metrics. Source: Cardano Foundation

Cardano smart contracts impressive growth
By metrics, Cardano smart contracts remain the fastest growing segment, making Cardano stand out among possible ‘ (ETH) killers’. Specifically, smart contracts on the platform went live after the Vasil hard fork upgrade.

The growth rate of smart contracts can be considered impressive after initial concerns about Vasil’s impact on the feature. In this case, the community feared that the upgrade would damage the smart contract functionality. As a result, Cardano founder Charles Hoskinson explained that the team has taken the necessary measures to ensure smart contracts are compatible with the changes.

On top of that, according to a Finbold report, Hoskinson recently criticized crypto exchange Coinbase for not mentioning Cardano in its 2023 crypto market outlook. According to Hoskinson, the neglect of Cardano was “quite sad”.

It’s worth noting that recorded growth has been at the heart of Cardano’s growing popularity, listing the team’s strategic development activities. For example, Cardano is now focusing on its Lace wallet offering, at a time when the foundation has outlined its plans for 2023.

Indeed, it is anticipated that Cardano development activity will positively impact the network’s native token ADA.

ADA price analysis

At press time, ADA was trading at $0.26, gaining over 3% daily. Indeed, the token was affected by the general market meltdown that was complicated by the collapse of the FTX crypto exchange.

Cardano dazzled in 2022 despite the tough year!  - Picture : 2

ADA seven-day price chart. Source: Finbold

Meanwhile, price predictions based on machine learning algorithms at PricePredictions suggest that the token will likely recover to trade at $0.246958 on January 1, 2023.

Disclaimer: The content on this site should not be considered as investment advice. Investment is speculative. When investing, your capital is at risk.

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