Crypto ADA Becomes Popular Due to NFT

Crypto Cardano ADA Becomes Popular

According to a Forbes report, the Cardano network is currently behind Ethereum and Solana as the largest NFT platform by trading volume.

Trading volume on the Ethereum network over the last 30 days was around US$338.21 million and on Solana was around US$116.07 million in the same period. Meanwhile, the trading volume on the Cardano network is around US$191 million.Blockchain analytics and dApps firm DappRadar saw an increase in trading volume on the Cardano network by around 40 percent this quarter.

“None of the top 10 markets in the ranking offers Cardano NFT, limiting its accessibility to markets outside that blockchain ecosystem [Cardano],” the DappRadar report states.It is known that the increase in trading volume and the growing popularity of crypto ADA was caused by Vasil's hard fork and the presence of the Plutus smart contract programming language.

DappRadar also revealed that, decentralized applications on the Cardano network have increased in terms of user adoption.“DEX Minswap saw a 21 percent gain in unique active wallets in the last 30 days and the JPG Store rose 17 percent,” the report added.

While the Ethereum merger is more eye-catching, a more tangible development is taking place on the Cardano network.

Since the hard fork, transactions on the network have shot up to 82,880, the largest number of transactions since May, before Vasil.

However, according to data from Cardano network real-time monitoring site CardanoScan, online transactions have only increased in the last 15 days. In June activity in the network shrank again to an all-time low.Not without reason, global sentiment dominates the crypto market too much, so the impact of Vasil has not been able to shift it in investors' considerations.

Of course, to beat Ethereum, Cardano still needs to go through a long and winding road as the total locked value (TVL) of the two is still vastly different.However, DappRadar sees Cardano as still a superior network over its competitors in terms of scalability, interoperability and sustainability.