Cardano Network Activity on the Rise Despite Unfolding FTX Crisis
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Following the sweeping effects of the FTX exchange liquidity crisis, the cryptocurrency market remained down on Monday, recording minor gains. However, cryptocurrency projects like Cardano (ADA) are still registering growing network activity, as investors appear to be unconcerned about the state of the market.
In fact, Cardano has seen a surge in wallet additions of 33,097 in a single week. Cardano Blockchain Insights data shows that as of November 13, there were 3,671,522 wallets on the decentralized finance (DeFi) platform, up from 3,638,425 on November 7.
The rise in interest in Cardano comes as the whole cryptocurrency market, which was already struggling before the FTX crisis, is still trading in negative territory. Notably, the high-level crisis seems to have slowed the potential for a price bottom.
FTX Crisis Last for Crypto Market: Cardano Boss Hoskinson
Meanwhile, Charles Hoskison, the founder of Cardano, reportedly said that the FTX scandal might be the last catastrophe to affect the cryptocurrency business. It is important to remember that the collapse of the Terra (LUNA) ecosystem in May was a contributing factor in the prolonged bear market.
Additionally, the growing interest in Cardano is consistent with the ongoing network expansion for the blockchain, popularly dubbed the “Ethereum (ETH) killer.” Hoskinson notes that Cardano is creating a new wallet called Lace at the same time and that once it is launched, the network will probably have one billion members.
The lightweight multi-chain crypto wallet called Lace claims to be able to effortlessly connect Web2 and Web3 components to a single UI. Because it combines identities, transactions, and apps into a unified experience, the wallet is seen as a game-changer for Cardano.
Finally, it is believed that one of the primary catalysts for a price surge in ADA is the rising number of wallets. Before the FTX crisis hit the market, Cardano had lately tried to find a bottom around $0.340.
The ADA community will rely on the ongoing efforts of the Input Output (IOHK) developers to further enhance the network barely months after the Vasil hard fork because the external circumstances currently seem ominous.
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