Cardano researcher highlights valuation-usage gap as ADA rallies 42% and CIP-0113 launches
Cardano's ADA token rallied 42% while researcher John Nakamoto noted a 144x gap between market cap and DeFi TVL, and CIP-0113 token standard launched driving active addresses to 27,500.
Why it matters
The divergence between Cardano's valuation and on-chain usage persists even as a technical upgrade drives a measurable activity spike, and leveraged positioning shows signs of stress during the rally. Whether CIP-0113 sustains higher usage or the liquidation cascade signals fragility remains unresolved.
Where the sources disagree
Daily active addresses count
16,000
The Crypto Basic
27,500
CryptoPotato
Nakamoto cited roughly 16,000 daily active addresses while Santiment reported approximately 27,500 on October 7-8, a 1.7x increase over September's average
Key facts
John Nakamoto said Cardano's market capitalization is approximately 144 times its DeFi total value locked
144 timesReported by The Crypto Basic
ADA price has declined more than 92% from its 2021 peak above $3
92 %Reported by The Crypto Basic
ADA rallied 42% with Q3 gains of 71% matching Ethereum's quarterly performance
42 %Reported by Crypto News (CryptoNews.net)
Daily active addresses reached approximately 27,500 on October 7-8, about 1.7 times September's weekday average
27,500 addressesDisputed figureReported by CryptoPotato
CIP-0113 programmable token standard launched on October 7 after multiple security audits and CMTA recognition
Reported by CryptoPotato
Santiment warned current activity remains below Cardano's late-August local high
Reported by CryptoPotato
What happened
Crypto researcher John Nakamoto said Cardano's core problem is converting its $10.2 billion market cap into real network usage, noting only $71 million in DeFi TVL — a 144x multiple — alongside $67 million in stablecoins, $4.4 million daily DEX volume, and roughly 16,000 daily active addresses. Separately, ADA posted a 42% rally with Q3 gains of 71% matching Ethereum, though CoinGlass data showed a $2 million long liquidation on October 7, the largest since Q4 2025, following two ~$1 million short liquidation waves. On-chain data from Santiment indicated daily active addresses surged to approximately 27,500 on October 7-8, about 1.7 times September's weekday average, coinciding with the launch of CIP-0113, a new programmable token standard enabling KYC, sanctions checks, and transfer restrictions for regulated assets. Santiment cautioned the activity remains below Cardano's late-August local high.
How the story developed
- Official statement
CIP-0113 token standard launches on Cardano mainnet
Programmable standard for regulated assets with built-in KYC, sanctions checks, and transfer restrictions goes live after security audits
- First report
First report by The Crypto Basic
Researcher Reviews Cardano Data and Calls It “Insane,” Says ADA Is Not Dead
- Update
John Nakamoto publishes analysis of Cardano valuation vs usage gap
Researcher highlights 144x market cap to DeFi TVL multiple and ~16,000 daily active addresses
- Update
ADA rallies 42% with $2M long liquidation on October 7
CoinGlass data shows largest liquidation since Q4 2025 following short squeeze waves
- Independent corroboration
Independently corroborated by CryptoPotato
Cardano Just Delivered Two Bullish Signals at TOKEN2049 as ADA Rebounds
- Update
Daily active addresses surge to 27,500 following CIP-0113 launch
Santiment reports 1.7x increase over September weekday average; Bitcoin and Ethereum addresses flat during same period
How coverage built up
Independent sources over time, counted the way the consensus panel counts them: a republication of a wire story does not move the line.
- 7 Oct 2026, 11:46 UTC: The Crypto Basic — 1 independent source, 1 reports
- 7 Oct 2026, 18:03 UTC: Crypto News (CryptoNews.net) — 2 independent sources, 2 reports
- 10 Oct 2026, 12:13 UTC: CryptoPotato — 3 independent sources, 3 reports
Affected entities
Also mentioned: Robinhood, Chainlink, Hyperliquid, United States, USD Coin, XRP
Original sources
| Publisher | Report | Role | Published |
|---|---|---|---|
| The Crypto Basic Crypto media | Researcher Reviews Cardano Data and Calls It “Insane,” Says ADA Is Not Dead | Original | |
| CryptoPotato Crypto media | Cardano Just Delivered Two Bullish Signals at TOKEN2049 as ADA Rebounds | Independent | |
| Crypto News (CryptoNews.net) Aggregator | Cardano’s 42% rally has real backing behind it – Now ADA is coming for DOGE | Syndicated |
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