This Ethereum Rival Is Seeing An Explosion Of Large Transactions On High Institutional Demand: Here's What You Need To Know

The surge in large on-chain transactions on the Cardano ADA/USD network this year point toward an increase in institutional demand.

What Happened: The volume of on-chain transactions larger than $100,000 has risen by 50x in 2022, according to a tweet by IntoTheBlock, a cryptocurrency intelligence firm. 

“Yesterday, a total of 69.09b $ADA were moved in these large transactions, representing 99% of the total on-chain volume,” said IntoTheBlock on Monday.

ADA has soared over 36% over the last 30 days, while since the year began it has declined 14.3%. At press time, it traded 3.1% lower over 24 hours at $1.18. It is currently ranked the seventh-largest cryptocurrency by market cap, as per CoinMarketCap.

See Also: How To Buy Cardano (ADA)

Why It Matters: IntoTheBlock’s tweet was liked by Cardano founder Charles Hoskinson, who also retweeted it from his own handle. 

Last week, Hoskinson, who also co-founded Ethereum ETH/USD, said he once promised that thousands of assets and decentralized applications (DApps) would call Cardano their home, but he admitted that he was wrong. 

“There are now millions of native assets issued and DApps are now in the hundreds,” said Hoskinson.

Hoskinson recently touched on the Vasil network upgrade, due in June. The developer said that many Cardano DApps are waiting for the hard fork to launch. He said that is the reason why Cardano “ain't seen nothing yet on [Total Value Locked].”

Cardano TVL stood at $301.59 million, a decline of 6.1% over 24-hours. Seven protocols currently run on ADA. In comparison, Ethereum’s TVL is $125.65 billion, according to DeFi Llama. 

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