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The Coinbase Pro listing announcement on March 16th has worked wonders for Cardano(ADA), pumping its open interest in its future contracts up by $1 Billion.
Cardano has emerged as a rising altcoin this year with ADA Price rising above the $1 mark and achieving an all-time high of $1.50 at the end of February. The transformation of the network into a multi-asset network just like its peer Ethereum has spiked a 590% year-to-date growth.
The strong bull run rally is upheld by Coinbase Pro listing, as it caused a 20% price surge reaching $ 1.47 on the launch day. Incidental to its price there was an increase in trading volume and on-chain transfers, this has even sparked an interest in the investors as the tokens future contracts open interest would increase fivefold this year.
Cardano has surpassed litecoin in volumes and achieved what only Bitcoin and Ethereum have been able to in the past with rising above $1Billion open interest
The Trading volume and On-Chain Metrics are on a roll!
The trading volume indicates how many new users are joining the platform, and according to data, ADA has had a $97.5 Billion trading volume in 2021, leaving behind DOT, XRP, and LTC.
As of On-Chain metrics, the platform has 85000 daily active addresses, the active status of these addresses are further confirmed by transactions or the supply of value on the network. The platform has average daily transfers and transactions of $4.5 Billion every day, which is six times more than its contenders in the market.
However, in the long run, Cardano’s performance has to be based on its actual use cases and Dapp development on its platform, not just because of the congestion problem faced by Ethereum right now.