- Cardano’s DJED stablecoin has doubled in value, but there is less activity on the network.
- People are worried about whether Cardano can continue to be successful because there are fewer transactions and less development happening.
- ADA’s total value and social activity decrease, showing possible difficulties for Cardano.
Cardano’s own stablecoin, DJED, has seen a big increase in how much it’s being traded. The amount of trading has gone up by 100% in the last 24 hours. Although the network is growing quickly, there are worries because overall activity, like how many people use the network each day and how many transactions are happening, has gone down a lot in the last few weeks.
JUST IN: Cardano $ADA stablecoin DEJD $DJED daily volume surpasses 725,000 ADA.
— Adaverse News | Cardano and Ergo News (@AdaverseNews) January 24, 2024
DJED is growing along with more emphasis on the decentralized finance sector in the Cardano system. The amount of money stored on Cardano has increased from 200 million to 326 million because more people are using decentralized exchanges on the network. However, Artemis data shows that even though the amount of trading on decentralized exchanges has increased, the overall activity on the network has decreased.
The number of people using Cardano every day went down from 52,000 to 39,000. This caused fewer transactions to happen and less money to be made from fees on the network, which went down by 20. 4% in the last week. The decrease in fees might hurt Cardano’s economy and make it less attractive for validators and stakers. People are worried that the network might not last and lose users.
Also, Cardano’s progress in development has decreased a lot. The number of code changes has gone down by 41. 7% in the past month. This cutback could make it hard for the network to add new things, fix problems, and stay competitive in the fast-changing blockchain world.
ADA, which is the cryptocurrency of Cardano, is currently being traded at $0. 4718 It has grown by 0. 5% in the last 24 hours. However, the trading activity for ADA has been slowing down and there is less talk about it on social media, which might mean that it is becoming less popular.
As Cardano’s stablecoin grows a lot, people are asking if the network is healthy enough to keep growing in the changing world of cryptocurrency. Traders and investors are keeping a close watch on these changes to see if Cardano’s system will last for a long time.