Cardano’s native token raced to a monthly peak price of $0.90 in the first week of May before plunging sharply to a multi-month low of $0.407. Though the token managed to recover not long after, it traded below $0.62, only crossing this mark towards the end of the month.
Market Metrics
Market capital
Cardano (ADA) printed a slightly different trading chart (against the dollar) compared to other altcoins, more so towards the end of the month. The token recorded a price increase towards the end of the month fueled by several bullish factors.
Notable among them; the upcoming Vasil Hardfork event scheduled for later this month and an increase in the issuance of native assets (over five million assets have been minted on the network). Further, Iagon’s launch of a Cardano-Ethereum bridge brought the second-largest stablecoin to Cardano, which also provided a boost.
Back to the numbers, Cardano began the month where it left last month – $25.16 billion in market cap on May 1. This figure peaked at $28.93 billion on May 5 as ADA price raced to a monthly high. A steep plunge in ADA /USD saw the market capital hit a monthly low of $13.89 billion on May 12. The market capital pushed back above $15 billion on the road to recovery and has since not fallen below that level.
Supply
Circulating supply and minted supply
At the start of the month, the Cardano blockchain had a circulating supply of 34,091,275,164.9 ADA. At the time, this token size indicated a 75.76% minted proportion of all tokens.
The figure grew uniformly across the month, barring the oddity on May 23. As of May 31, the ADA in circulation stood at 34,306,355,162.9 tokens. This represented an increase of 215,080,000 tokens across May, with the minted supply rising to 76.24% by month-end.
Blockchain and Network Metrics
Daily transactions
Daily transactions and daily payments moved in sync throughout the month. The most significant change in the count of daily transactions was the drop from the monthly high of 144,565 transactions on May 18 to reach a meager 3,743 transactions on May 19, the lowest for the month. However, the recovery was just as swift as it grew above 100,000 to reach 112,365 transactions on the following day.
Total transactions
The number of total transactions on the Cardano network in May showed consistent day-by-day growth, continuing the past trend in this metric.
On May 1, there were 39,559,104 total transactions on the network, and the figure grew over the month to reach 42,505,314 transactions on May 31. This indicated growth of 2,946,210 in the total transactions, higher than the 2,730,202 transactions recorded in April.
24-hour active addresses
The total of daily active addresses seen on the Cardano blockchain in May generally declined (a sign of diminishing user activity). May 13 saw the most network activity in terms of 24-hour active addresses, reaching 155,854 addresses, after which the numbers tapered off towards the end of the month, falling to as much as 72,004 addresses as of May 25.
On a general scale, Cardano’s performance in May extended a falling pattern that has plagued the network since late January. By the end of the month, the number of active addresses had reduced to 86,211 from a count that remained consistently above 100,000 in the early days of the month.
Average transaction fee (USD)
The Cardano network has curved a falling pattern in the average transaction fee, which extended a continuous trend characteristic of the year. The average fee peaked on May 3, reaching $0.34, which it maintained through to May 12 before falling to $0.15 on May 14. This means that the highest fee in May was much less than April’s.
Towards the end of the month, the average day-by-day fee was fairly consistent, and the figure sat at $0.21 as of May 31. Notably, the month of May had the best transaction fee performance of any month this year.
ADA Wallets
Total wallets
The aggregate of wallets on Cardano grew relatively consistently throughout the month. The total number of wallets increased by 1.79%, from 3,299,687 wallets on May 1 to 3,358,790 on May 31, significantly less than the 3.07% growth recorded in April.
New wallets per day
The count of new daily wallets on Cardano remained much even for most of the month hence why the monthly minima and maxima were observed on later dates.
Volume
Total volume and Adjusted Volume
The total spot trading volume recorded by Cardano (ADA) on all crypto exchanges across May indicated a pattern continually aiming lower. The highest volume was recorded early in the month – the $28.95 billion logged between May 3 and 12.
After that, the volume progressively fell as the month went by, and by the end of the month, the number sat at $14.24 billion, less than half the monthly peak.
The adjusted volume – deducts transactions where the sending address also appeared in the receiving address from the total volume – charted a pattern resembling the transaction volume. The figure for this metric touched an apex of $27.65 billion between May 3 and May 12 and closed off the month with a figure of $13.69 billion.
DeFi Performance
Total Value Locked
The total value locked (TVL) of the Cardano network touched a peak of $223.26 million early in the month, on May 5. After that, it fell downwards to $118 million on May 13 and remained below $150 million for the rest of the month.
The monthly trough was seen on May 28 – $115.77 million in TVL. With ten protocols, the Cardano network had a TVL of $139.35 million as of May 31, ranking it 31st among competing chains.
Protocol performance
Critical to the sustenance of Cardano’s TVL was the decentralized exchange protocol Minswap. With a dominance of 47.55%, Minswap led in the chain’s TVL as of the end of May, recording a figure of$67.85 million, down 22.46% on the month.
SundaeSwap ranked second – $33.88 million in TVL, and automated market maker, decentralized exchange WingRiders third with $33.8 million. The two protocols recorded respective declines of 25% and 40.22% over the month.
To learn more about Cardano visit our Investing in Cardano guide.
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