Cardano Sees 1.6 Million Transaction Boost in August

Cardano, a popular blockchain platform, saw a significant uptick in transaction volume last month, reporting an increase of 1.6 million transactions in August. 

This surge comes alongside the launch of two new projects, adding to the existing 138 projects on the platform, and an additional twelve projects in the development phase. 

The overall cryptocurrency market has been tepid, Cardano appears to be defying broader trends, showcasing its robust ecosystem growth.

More positive developments 

The growth isn’t just limited to transaction volume. According to recent updates, the number of token policies on Cardano rose by 850, and 140,000 new native tokens were minted on the platform. 

Technical advancements were also notable. The number of Plutus v1 scripts, which are part of Cardano’s smart contract capability, grew by 231 to a total of 6,123. Plutus v2 scripts saw an increase of 510, taking the total count to 3,358.

Anemic price action 

Despite the positive on-chain metrics, it’s worth noting that Cardano’s market value has lagged behind its April peak. As of recent data, the platform holds a market capitalization of just over $9 billion with a 24-hour trading volume of nearly $83 million.