Cardano's daily active addresses surged to roughly 1.7 times September's weekday average after a new token standard launched. The Cardano Foundation also said its .ada domain application advanced to the next phase of ICANN's program, while ADA rebounded after a double-digit drop.
Cardano recorded approximately 27,500 daily active addresses on October 7 and almost as many a day later, according to Santiment Intelligence. That level sits significantly above the average weekday level in September.
Santiment tested whether the broader market decline could explain the increase. It found that active addresses on Bitcoin and Ethereum remained at or below their respective September norms over the same period.
New token standard coincides with the spike
The timing matched the October 7 launch of CIP-0113, Cardano's new programmable token standard. The Cardano Foundation said the standard lets issuers of regulated assets such as stablecoins and tokenized funds build requirements, including KYC, sanctions checks, and transfer restrictions, directly into native Cardano tokens.
The standard went live following multiple independent security audits, and the Capital Markets and Technology Association (CMTA) has recognized it, the Foundation said.
However, Santiment warned that activity remains below Cardano's late-August local high. It remains to be seen whether the increase survives beyond the initial launch period.
ADA rebounds after a leg down
ADA soared to a multi-month peak of $0.28, where it was rejected. The subsequent leg down drove it below $0.24 on Friday. However, the token is up by over 7% in the past 24 hours.
.ada domain bid advances
The Cardano Foundation revealed at TOKEN2049 earlier this week that its application for the .ada generic top-level domain has advanced to the next phase of ICANN's New gTLD Program. The proposal previously received approximately 75% support from the Cardano community through an on-chain Governance Action.
Source: CryptoPotato
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