Active Cardano addresses rise 70% as new token standard launches, ADA price slips 13%

Jump in on-chain activity with CIP-0113 debut

Blockchain analytics firm Santiment observed that daily active Cardano (ADA) addresses climbed sharply in early October, reaching approximately 27,500 on October 7 and 27,200 on October 8. These figures represent nearly a 70% jump compared to Cardano’s average daily active addresses during a typical September weekday.

The surge aligned directly with the mainnet rollout of CIP-0113, a new programmable token standard designed to enhance the usability and flexibility of digital assets on the Cardano blockchain. Despite this milestone, Cardano’s ADA saw its price fall around 13% between the close on October 6 and the end of October 8.

Cardano’s recent network activity spike was not mirrored by Bitcoin or Ethereum, whose daily active addresses remained unchanged or dropped during this period. The sustainability of Cardano’s growth, however, remains a point of discussion in the crypto community.

Cardano is a proof-of-stake blockchain platform built to enable complex programmable value transfers, known for its gradual and research-driven development approach.

Mini dictionary: CIP-0113 is a Cardano Improvement Proposal introducing a new token standard aimed at supporting advanced digital asset functionalities and programmable features on the Cardano network.

Veridian becomes first equity asset on CIP-0113

In tandem with the address spike, the Cardano Foundation facilitated the spin-off of its digital identity initiative, Veridian, as an independent entity in Switzerland. Most noteworthy, Veridian’s 1 million shares were tokenized directly on the Cardano blockchain using the new CIP-0113 standard, marking the first live equity asset to adopt this upgrade.

This move goes beyond theoretical tests and demonstrates tangible adoption of Cardano’s improved on-chain capabilities.

Mini dictionary: Veridian is a digital identity project originally developed by the Cardano Foundation; it now operates independently and claims to have tokenized its equity on Cardano.

Bullish call targets $20 ADA price

Achieving this target would demand not only a major rally in ADA’s price but also a fundamental transformation in Cardano’s market capitalization and narrative.

While these bullish targets capture attention, analysts and the Cardano community remain divided about whether the recent uptick signals the start of a sustainable period of growth or simply reflects a temporary reaction to product launches.