The number of addresses holdings Cardano ($ADA) grew in December to a new all-time high of 4 million. The number of holders grew even as activity on the cryptocurrency’s network suffered that month.
According to CryptoCompare’s latest Asset Report, the 4 million figure includes a significant decline in the number of traders holding the cryptocurrency, which plunged 29.4% from 981,000 to 692,000. Long-term holders, the report adds, grew 5.78% to 279,000 last month.
CryptoCompare’s asset report details that monthly transactions on the Cardano blockchain fell 35.1% to 3 million in December, after hitting a new all-time high in December. Similarly, the number of addresses on the network fell, with an average of 138,000 daily active addresses, down 36.1% from last month.
The activity slowdown was seen across multiple blockchains and not just that of Cardano, CryptoCompare’s report shows, with Solana and Ethereum also seeing declines. The percentage of Cardano’s supply being staked has been falling over the last three months and is now sitting at 70%, the report details.
Transaction fees on Cardano, which in November were averaging $0.38, kept on declining to an average of $0.33 in December. In September of last year, transaction fees on the network were at an average of $0.69.
As CryptoGlobe reported, the transaction volume on Cardano briefly surpassed that of the Ethereum blockchain ahead of the launch of a highly-anticipated decentralized exchange on Cardano called SundaeSwap earlier this month.
The Cardano network saw its first usable decentralized finance (DeFi) application launch this month after conducting an under-the-radar offering. Its first DeFi app, MuesliSwap, was launched to little fanfare but quickly saw its total value locked swell.
Cardano founder Charles Hoskinson has notably revealed he believes projects like Cardano will be “as ubiquitous as the internet and used by billions” in the future. The Cardano network notably led the cryptocurrency market in developer activity last year, with Kusama and Polkadot behind it.
DISCLAIMER
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
IMAGE CREDIT
Featured image via Unsplash
