Cardano Transaction Volume Dips as Major Upgrade Looms

• Cardano transaction volume is down from the high of 1.85 million in November 2021.
• As of July 17, 42,600 transactions were recorded on the Cardano blockchain.
• Cardano continues to increase presence in Argentina with the UBA partnership.

Cardano’s blockchain is nearing the Chang hardfork, a major upgrade in the Voltaire era. However, as the network approaches its goal of increased decentralization, transaction volume has declined significantly, while its native token, ADA, follows a downtrend in the short term. 

As per the data from IntoTheBlock, the network recorded an all-time high of 1.85 million transactions in November 2021 when ADA was priced at $1.66. Since then, the digital asset has experienced a significant price decline along with plummeting transaction volumes. As of July 17, the blockchain recorded 42,600 transactions, with ADA priced at $0.4462.

Meanwhile, Cardano has introduced significant changes in its governance with the formation of the Interim Constitutional Committee (ICC) and newly elected DS (decentralized sovereign) members. Cardano Node 9.0.0 was also unveiled by creator Charles Hoskinson which sets the stage for the Conway Ledg…

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