cardano ecosystem continued to deliver impressive performances as the protocol struggled to maintain its stance as the most active Ethereum killer.
While current price action has been bearish, down 1.2% in the last 24 hours, it’s up 52% in the month-to-date (MTD) period. Cardano (ADA) had an excellent month with it being one of the best of almost 12 months.
At the current price of $0.3761, Cardano is down 87.80% compared to its all-time high (ATH) price of $3.10. in early January ISLANDThis difference was over 95%, as coin suffered a huge drop following the crash of the FTX derivatives exchange.
The current momentum in Cardano’s price is driven primarily by the prospect and eventual launch of DJED, the network’s over-collateralized dollar-pegged stablecoin. The coin is gaining traction with a number of yield protocols, including Muesliswap, that already offer trading pairs for the coin.
Second Cardano Trigger
Another key sentiment that will push Cardano on a higher growth path for January is the high transaction rate of its decentralized applications (dApps). According to Cardano follower DApps on Cardano, the protocol has completed the latest Epoch 390, with the epoch closing in over 200,000 transactions for all dApps operating on the protocol.
another #Cardano epoch 390 is behind us and we closed it with just over 200k transactions for all dapps combined. For single dapps statistics check out:https://t.co/Z6Cksroy28 pic.twitter.com/Gl4HwHw6ydNEWS CONTINUES BELOW
— Dapps On Cardano (@dappsoncardano) January 31, 2023
When individually profiled, jpg.store, the NFT protocol, recorded the highest number of transactions for the period at 102.6 thousand. The top five lists included Minswap, Sundaeswap, Muesliswap, and Explosif.
The dApp activity in Cardano makes it clear that the smart contract functionality is working as efficiently as expected. The protocol has set a new rule and milestone for the remainder of the year, and many ecosystem users are optimistic, especially with the release of the Sidechain Toolkit.