More On: cardano
Cardano NEWS: ADA Crypto Network Expands ADA adds over 450,000 wallets in Q1 2022 with New Fund and Research Initiative
According to cryptocurrency intelligence firm IntoTheBlock, the number of large transactions on the Cardano blockchain has more than doubled this year.
The term "Large Transaction Volume" refers to the aggregated volume of Cardano's native ADA token transactions valued at more than $100,000. Since Jan. 1, LTV has increased from 1.35 billion ADA per day to 69 billion ADA (worth $81.4 billion) on Mar. 28.
This represents a 51-fold increase in less than three months and the highest volume level since mid-2018, according to IntoTheBlock. The firm stated in a Mar. 29 tweet that the high volume indicates "increasing institutional demand."
@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
While other metrics such as average transaction size and volatility have remained relatively stable, total addresses have been increasing since the start of 2022, according to the data analytics firm. The year began with approximately 3.4 million addresses and has since increased to 5 million. While only seven DApps are currently listed on DeFi Llama, co-founder Charles Hoskinson stated that many more are expected to follow due to a hard fork scheduled for mid-year.
According to DeFi app tracker DeFiLlama, total value locked (TVL) is currently $303 million, just shy of the $326 million all-time high set on Mar. 24.
Hoskinson delivered a rousing keynote speech at Binance Blockchain Week in Dubai on Monday, emphasizing the importance of decentralization and the coordination challenges that it entails. He stated that with Web3, "we are entering a new era," but the issue is that "unlike with Web2, there is no leader" to make industry-wide decisions.
In order for us to be truly decentralized, we'll have to figure this out together some way. These things need to have some kind of constitution or Bill of Rights. We need to figure out what those things are, and then write them down.
"There are two paths open to us: one is to maintain our integrity while seeking decentralization, locating and comprehending these things," he explained. "Or, alternatively, we ignore it. In that case, we'll have custodians, escort keys, and highly centralized, highly optimized consensus algorithms that are resettable at any time. The few will wield power over the many.
“This is the decision, and I don’t make that decision — all of you do.”
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