- DEXes on Cardano have been doing quite well
- However, the network’s TVL continued to decline with daily activity
DeFi report, A popular decentralized exchange (DeX) on Cardano [ADA] network, stated that it would expand its reach and growth in a January 2 tweet. It will do this by becoming a multi-chain protocol and will start to avalanche in the coming months.
Just in: report $report Cardano leaving ADA dollars.
– Adaverse News | Cardano and Ergo News (AdaverseNews) January 2, 2023
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Cardano angle – DEX
DEX also recently obtained an Electronic Money Institute (EMI) license, which will allow DEX to bring in US customers and operate in more than 100 countries. However, MELD Defi wasn’t the only DEX to show network improvements.
Miniswap, a successful DEX on the Cardano network, has also shown growth recently. According to Dapp Radar data, the number of unique active wallets on DEX has increased by 11.85% in the past seven days. Thus, the number of transactions on the DME increased by 10.51% over the same period.
Source: Dapp Radar
Despite the growth that DEXs have shown on the network, Cardano’s status in the DeFi space has yet to improve.
Based on information provided by DeFiLlama, Cardano’s TVL has continued to decline over the past month, dropping from $59 million to $50 million over the past 30 days. This also affected the revenue collected by the network, which also fell by 21.05% over the same time frame, according to Token Terminal.
Source: DeFi Llama
Although Cardano’s TVL continued to decline, Cardano network shareholders continued to support the blockchain.
According to data from Staking Rewards, the number of transactors on the Cardano network has increased by 60.29% in the past week. At the time of writing, there are 1.08 million actors on the Cardano network. The number of players increased, although the revenue generated by them decreased by 23.17% in the last month.
Source: Staking Rewards
Despite the increase in the number of representatives on the Cardano network, activity on the Cardano network has decreased.
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According to Santiment, the daily active addresses on the Cardano network have dropped significantly in recent days. Along with this, the speed around the Cardano token has also decreased. This indicates that addresses sending ADA have been rejected.
However, while activity on the Cardano network has slowed, funding has seen growth. This indicates that the traders who went to buy Cardano were making profits. This can be seen as a bullish sign and may indicate the possibility of a price reversal in the near future.
Source: feeling
At the time of writing, ADA was trading at $0.253. Its price is down by 0.66% in the last 24 hours, according to CoinMarketCap.