Is Cardano Experiencing A DeFi Renaissance As Key Metrics Flash Red?
The post Is Cardano Experiencing A DeFi Renaissance As Key Metrics Flash Red? appeared on BitcoinEthereumNews.com.
Cardano grabbed much traction over the last 24 hours as the market shifted in favor of altcoins. This warranted a look under the hood of the network, which revealed that things have been bubbling up. LunarCrush Social Insights revealed that social sentiment around Cardano was on the rise. Moreover, its latest uptick pushed to levels last seen in December 2024, during which ADA price action experienced an aggressive rally. The last time that market sentiment surged to those levels, the Cardano network also experienced a surge in activity. On-chain activity on the Cardano network could signal that a similar situation played out in the last 7 days. Cardano Network Activity Signals Positive Growth The Cardano network kicked off July on a healthy note, as revealed by some of its main performance metrics. DEX volume was nowhere near the levels observed in December 2024, but it did register a noteworthy recovery in the last 7 days. For context, Cardano DEX volume bottomed out at $1.46 million on 5 June. However, a steady uptick during the week ensured that it surged up to $4.95 million by 11 June. Cardano DEX Volume | Source: DeFiLlama The surging DEX volume confirmed that the Cardano network experienced a surge in DEX activity. This was no coincidence, considering that it was an exciting week for the market. Another major observation backing heightened DeFi activity was positive address growth, which also registered a significant uptick. For reference, active addresses on the network surged from 16,100 to almost 27,000 addresses. While address growth was up by a noteworthy margin, it was not particularly elevated. Especially compared to November and December 2024 levels. Similarly, DEX volumes were also nowhere near December 2024 levels. Nevertheless, renewed network activity this week offered some confidence and revealed that Cardano was in a…
