Cardano Community Sees Strong Growth in Key Metrics in 2022

    The Cardano (ADA) community has made significant progress in key metrics in 2022, according to data from the Cardano Foundation. Despite the challenging market conditions, the Cardano smart contract feature saw a growth rate of 394% in 2022, reaching a milestone of 4,445. This impressive growth puts Cardano in a strong position as a potential “Ethereum killer” in the decentralized finance (DeFi) space. Additionally, native tokens on the platform saw a growth rate of 192%, reaching 7.3 million. In 2022, Cardano’s transactions reached 56.9 million, a surge of 139%, and the number of wallets grew 47% to reach 3.8 million. The number of delegated wallets also rose 27% to 1.27 million, and there were 66,950 policies on the network. These developments have contributed to Cardano’s increasing popularity, as the platform focuses on the rollout of the Lace wallet and strategic growth plans for 2023. At the time of writing, ADA was trading at $0.26 with daily gains of over 3%.

    Cardano 2022 onchain metrics. Source: Cardano Foundation
    Cardano 2022 onchain metrics. Source: Cardano Foundation

    The strong growth of Cardano’s smart contracts can be attributed to the Vasil hard fork upgrade, which brought the feature live on the platform. Despite initial concerns about the impact of the upgrade on the performance of smart contracts, Cardano founder Charles Hoskinson assured the community that the necessary measures had been taken to ensure compatibility. In addition to the growth of its smart contracts, Cardano has also seen a surge in transactions, wallets, delegated wallets, and policies in 2022. These developments have put the platform in a strong position for future growth and adoption of its native token, ADA.

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