Bitcoin and the broader crypto market came under strong selling pressure soon after the US SEC rejected all seven spot Bitcoin ETF applications last Thursday. However, Cardano (ADA) is showing improved on-chain activity.
Despite the suppressed market conditions, Cardano has reported in on-chain transaction volumes in comparison to the local top in April. Since late January, the weekly on-chain transaction volumes for ADA have surged by 1,700%. Also, the current discussion rates around ADA show that the trader’s interest remains intact.
Cardano’s DeFi ecosystem is also showing signs of strength this year. Its smart contracts ecosystem boasts more than $15 million in stablecoins with over $35,000 daily active addresses on its DeFi protocols.