The price curve of Cardano (ADA) cannot shake off negative trends. But in the ecosystem, the NFT division is making positive news, and transactions with ADA are currently reaching record levels.
In September, Cardano (ADA) received the long-awaited upgrade Vasil, but the hoped-for positive impulses on the price curve failed to materialize. About one month after the launch of Vasil at Cardano, ADA is trading at around $0.33, its lowest level since the beginning of 2021. However, Cardano is far from being written off in the community; despite all the critics, people regularly find positive news for ADA when searching for it.
Twitter user ADA Whale, for example, pointed out that the number of daily transactions on Cardano is at a record level. In October, the daily transactions with ADA already scratched the 100,000 mark, an increase of 75 percent compared to the previous month. Also positive: Cardano’s NFTs division is picking up speed, and for the first time Cardano ranks third among the most important ecosystems here in terms of revenue, as data from Stocktwits shows. According to this, Cardano NFTs were last traded for 1.2 million US dollars in one day. However, the market leaders in NFTs, Ethereum (ETH) and Solana (SOL), remain well ahead of Cardano with daily volumes of well over $10 million and just over $3 million, respectively.
ADA currently registers a market capitalization of just over $11 billion, ranking 8th among the world’s most capitalized cryptocurrencies. The Vasil upgrade was also expected to have an igniting effect on the DeFi division, but here the data from DeFiLlama speaks a sobering verdict. The capital deposited with Cardano for DeFi has shrunk further since Vasil and now amounts to less than 60 million US dollars, even if individual projects such as MuesliSwap are attracting massive new customers.
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Conclusion: Cardano problem case – ADA still lacks use cases
As hard as Cardano CEO Charles Hoskinson and the community try – their optimism for ADA is not reflected in the markets. Analysts have long been accustomed to skeptically examining data at Cardano and putting it in proportion to its theoretical potential. There, $1 million in daily sales in the NFT market for ADA and less than $60 million TVL for DeFi are not nearly enough to truly call it a thriving business. About 73 percent of all ADA is currently deposited for staking, clearly demonstrating that attractive use cases are in short supply. There is little to suggest that Cardano will come out of the defensive in the near future.
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