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Cardano Monthly Analysis – June 2022
Published9 months ago
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Table Of Contents
Data compiled by on-chain & social metrics platform Santiment shows that Cardano ranked as the top blockchain ecosystem in reported GitHub development activity across June. The network saw 13,003 GitHub commits, while transaction and wallet monthly figures rose by 5.44% and 1.81%, respectively, during this period. The total GitHub contributions for Cardano stood at 227,580 at writing as per data from Binance Research.
By and large, the development activity of any ecosystem is a fair indicator of the progress of projects under it. In Cardano’s case, the data suggests developers are keen on advancing the network despite harsh market conditions. Notably, the activity comes as the network is gearing for the Vasil hard fork featuring Cardano Improvement Proposals (CIPs).
Besides development activity, here is a look at how Cardano fared in June:
The price (and market capital) of Cardano’s native token, ADA, traced two patterns across June, largely falling for the first half of the month before stabilizing towards the end of the month. Fr0m an initial figure of $20.5 billion on June 1, the market capital grew for the first few days, peaking at $22.3 billion on June 8.
This was followed by a steep descent a few days later, breaching $15 billion on June 13, before finding the monthly’s lowest figure of $14.6 billion nearly a week later, on June 19. The valuation of the circulating supply stabilized afterward, but there was no recovery back to monthly peak levels.
Circulating supply and minted supply
Cardano logged a circulating supply of 34,308,884,184.6 ADA at the start of the month, translating to a 76.24% minted proportion of all tokens.
This figure grew uniformly for most of the month, but there was a huge jump in circulating supply on June 13, going 14, during which there was a single-day growth by 29,840,323.61 ADA.
The ADA in circulation as of the end of the month stood at 34,381,179,496.18 tokens. This translated into a net swell of 72.295 million tokens across June, compared to more than 215 million in May. Further, the minted supply rose to 76.4%, from 76.24% at the end of the previous month.
Blockchain and Network Metrics
The number of daily transactions on Cardano has mostly been declining since mid-May, a trend that extended into June. The daily transaction count moved in sync with the total of daily payments across the month – Cardano’s accounting design structures transactions such that they can include several payments.
The first day of June saw a total of 85,316 daily transactions and 307,325 daily payments. The peak figure in terms of this metric was observed on June 6. The daily transaction count was, however, significantly slashed, reaching as low as 56,759 on June 19. The daily payments completed on this day were 174,443, also the lowest of any day in June.
As expected, the total transactions on Cardano continued with a historical day-over-day growth. This month, the total number of transactions increased by 2,228,468 from 42,590,630 total transactions on June 1 to 44,819,098 as of June 30.
June was markedly an under-performer as the month-over-month growth seen on the network, relative to the numbers logged in May, indicating a drop of about 25%. The total transactions in June were less than those logged in the previous two months, with April having seen a bulge of 2,730,202 in total transaction count.
24 -hours active addresses
The total of daily active addresses on the network in June carved a falling pattern starting from the first week. Evident of this is that the highest number of 24-hour active addresses was seen at the start of the month, 103,113 addresses.
The least figure, on the other hand, was logged later on June 23, when there were 56,079 active addresses. The network activity on Cardano, measured by the number of daily active addresses, has been on the downturn since late January. The highest count of 286,390 active was recorded on January 21. This prevailing downtrend saw June become the first month this year when Cardano recorded 24-hour active addresses consistently below 100,000.
Average transaction fees (USD)
The average transaction fee on Cardano declined consistently for pretty much all of the first half of the year. In June specifically, the transaction cost ranged between $0.17 and $0.18 for most of the month. Cardano’s median fee also fell from $0.14 to $0.10 between the start and end of the month. Further, the total 24 hours fees was cut by about half across June, declining from $21,742.61 to $10,852.89 across the 30-day period.
The number of total wallets on Cardano historically records month-over-month increases, and such was the case in June. The aggregate count grew from 3,360,238 wallets on June 1 to 3,435,455 on June 30. This represented a growth of 2.2%, slightly higher than May’s 1.79% but still lower than April’s 3.07% wallet addition.
New wallets per day
New daily wallets on Cardano rose steadily across June, growing from under 2,000 at the beginning to above 3,000 by the end of the month.
There were 1,448 new wallets on June 1, while the lowest figure of 1,040 was seen on June 11, after which there was growth. There were 4,278 new wallets on the last day of the month – the month’s peak and the second-highest daily increase in new wallets of any day this year.
Total volume and Adjusted volume
Cardano’s total spot trading volume and adjusted volume drifted downwards in Q2. By the end of June, the spot trading volume had shrunk to a tenth of the yearly peak recorded in March. The spot trading volume on all crypto exchanges sank to $8.6 billion, from $19.3 billion at the start of June. The latter was June’s highest figure in this metric, while the monthly low of $7.2 billion was observed on June 24.
The adjusted volume traced a similar trend as transaction volume going from a peak of $18.9 billion at the start of the month to a monthly low of $7 billion on June 24.
Total value locked
Cardano saw a peak of $147.77 million in total value locked (TVL) at the start of the month, but this figure declined considerably in the first half of the month, reaching $99.05 million on June 14. The TVL recovered in the second half climbing above $100 million in the latter days of the month. Cardano had a TVL of $121.46 million as of June 30.
To learn more about Cardano visit our Investing in Cardano guide.
Sam is a financial content specialist with a keen interest in the blockchain space. He has worked with several firms and media outlets in the Finance and Cybersecurity fields.