It is possible for projects to gain superiority in terms of different metrics in the crypto money market. For example, Cardano, which had a worse year than meme coin Shiba Inu (SHIB) in terms of price performance, dazzled in 2022 despite a tough year by network metrics.
Cardano dazzled not BTC, ETH, SHIB
The Cardano (ADA) network is trying to promote the adoption of decentralized finance (DeFi). As a result of these efforts, it continues to record growth under different metrics. Interestingly, key network activities grew in 2022 despite the current market downturn, 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. Meanwhile, in 2022, Cardano’s transactions reached 56.9 million, representing a 139% increase. Also, wallets grew 47% to 3.8 million. Additionally, the platform’s authorized wallets increased to 1.27 million, or a growth rate of 27%.
Cardano 2022 onchain metrics / Source: Cardano FoundationCardano smart contracts impressive growth
By metrics, Cardano smart contracts remain the fastest growing segment, making Cardano stand out among possible ‘Ethereum (ETH) killers’. Specifically, smart contracts on the platform went live after the Vasil Hard Fork upgrade.
The growth rate of smart contracts looks impressive after initial concerns about Vasil’s impact on the feature. Because before, 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. Thus, it relieved the concerns of the community.
On top of that, as you follow on Kriptokoin.com, 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’. Registered growth is at the heart of Cardano’s growing popularity. It is also worth noting that the team has listed the strategic development activities towards this. The Cardano Foundation, for example, has outlined its plans for 2023. At such a time, Lace is now focusing on its wallet offering.
Cardano (ADA) price analysis
Expectations are that Cardano development activity will positively impact the network’s native token ADA. However, the altcoin is about to end the year with a pretty bad performance. So much so that its annual performance lagged even behind the meme coin Shiba Inu (SHIB). At press time, ADA was trading at $0.244, down 0.43% daily. Indeed, the token has been severely impacted by the general market meltdown, complicated by the collapse of the FTX crypto exchange.
ADA seven-day price chart / Source: CoinMarketCap
Meanwhile, price predictions based on machine learning algorithms at PricePredictions had predicted on December 23 that ADA would trade at $0.246958 on January 1, 2023. At the time of the forecast, the altcoin price was at $0.26. With two days left per year, the ADA price has reached a level that is quite in line with the forecast.
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