The surge in large on-chain transactions on the Cardano (CRYPTO: ADA) network this year point toward an increase in institutional demand.
What Happened: The volume of on-chain transactions larger than $100,000 has risen by 50x in 2022, according to a tweet by IntoTheBlock, a cryptocurrency intelligence firm.
“Yesterday, a total of 69.09b $ADA were moved in these large transactions, representing 99% of the total on-chain volume,” said IntoTheBlock on Monday.
@Cardano is experiencing increasing institutional demand
— IntoTheBlock (@intotheblock) March 29, 2022
The volume of on-chain transactions >$100k has increased by 50x just in 2022
Yesterday, a total of 69.09b $ADA were moved in these large transactions, representing 99% of the total on-chain volumehttps://t.co/8ME8STvRSF pic.twitter.com/aqH7hYIPiV
ADA has soared over 36% over the last 30 days, while since the year began it has declined 14.3%. At press time, it traded 3.1% lower over 24 hours at $1.18. It is currently ranked the seventh-largest cryptocurrency by market cap, as per CoinMarketCap.
See Also: How To Buy Cardano (ADA)
Why It Matters: IntoTheBlock’s tweet was liked by Cardano founder Charles Hoskinson, who also retweeted it from his own handle.
Last week, Hoskinson, who also co-founded Ethereum (CRYPTO: ETH), said he once promised that thousands of assets and decentralized applications (DApps) would call Cardano their home, but he admitted that he was wrong.
“There are now millions of native assets issued and DApps are now in the hundreds,” said Hoskinson.
Hoskinson recently touched on the Vasil network upgrade, due in June. The developer said that many Cardano DApps are waiting for the hard fork to launch. He said that is the reason why Cardano “ain't seen nothing yet on [Total Value Locked].”
What most also don't understand is that many Cardano DApps are waiting for the Vasil hardfork in June to launch to benefit from pipelining. So it seems we ain't seen nothing yet on TVL https://t.co/mMHxwRrF96
— Charles Hoskinson (@IOHK_Charles) March 12, 2022
Cardano TVL stood at $301.59 million, a decline of 6.1% over 24-hours. Seven protocols currently run on ADA. In comparison, Ethereum’s TVL is $125.65 billion, according to DeFi Llama.
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