A recently published report from Messari suggests that Cardano ($ADA) is being ‘aggressively priced’ ahead of the Vasil hard fork, at least when compared with rival smart contract networks that aren’t Ethereum, including Solana ($SOL), Algorand ($ALGO), Tezos ($XTZ), and $NEO.
According to a tweet Messari shared, Cardano’s active addresses are far below those of Solana, but tower those of Algorand, Tezos and NEO, although it processed around 62,000 daily transactions, compared to over 296,000 from Algorand, 208,000 from Tezos, and 174,00 for NEO. Solana processes over 38 million daily transactions.
The tweet details that the total valued locked on Cardano’s decentralized finance space is below that of Solana and Algorand, while its annualized revenue tops all other competitors except Ethereum.
Taking this into account, Messari found Cardano is “aggressively priced” when it comes to its total value locked multiple, which is based on the value locked on its DeFi applications, and on its transaction multiple, which is based on the cryptocurrency’s daily transactions.
Messari’s tweet came as part of a larger report on non-Ethereum Virtual Machine-compatible blockchains during the bear market, hence it left out networks like Polygon and Avalanche, which are compatible with the Ethereum Virtual Machine.
The report noted Cardano may be aggressively priced ahead of its Vasil hard fork, which is expected to deliver a “massive” performance improvement to the cryptocurrency’s network, but was delayed by “a few more weeks.” The Vasil hard fork will involve four Cardano Improvement Proposals (CIPs).
Investors have nevertheless been betting on it, with data from Coinbase’s price pages showing that users of the Nasdaq-listed cryptocurrency exchange have a typical ADA hold time of over 153 days, meaning that Cardano traders on the platform hold onto their assets for that long before “selling it or sending it to another account or address.”
Popular Cardano influencer ADA whale reacted to the report, criticizing Messari for using a “meaningless table” in his opinion, as he believes total value locked is a “gamed stat” and the other metrics are “flawed”.
As CryptoGlobe reported, The total number of wallets on the Cardano ($ADA) blockchain has surpassed the 3.5 million wallet milestone. Notably, the number of smart contracts deployed on the Cardano network has also reached a new milestone above the 3,000 mark for the first time in the cryptocurrency’s history as developers work on it ahead of the Vasil hard fork.
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