Cardano Records Over 20 Million Transactions Ahead of DEX Launches
03 December 2021 - 10:00AM
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The Cardano network remains one of the most stable blockchains in
the crypto space. Founded in 2017, the network remains the largest
proof of stake network in the industry. It holds the title for the
proof of stake network with the highest amount of coins staked,
only recently conceding to Solana to become the smart contracts
platform with the second-largest amount of coins staked.
Nevertheless, Cardano remains a force to be reckoned with and its
latest achievement has shown that. Network activity has picked up
on the network since the launch of smart contracts capability. Now,
a little over two months after, the network has marked its 20
millionth transaction after only four years in operation. Related
Reading | Cardano Active Addresses Shoots To New Highs Amid
Downtrend Cardano Remains At The Top The project has done some
impressive things in its four years of operation, one of which is
barely experiencing any downtime. Most projects in the market have
experienced downtime at some point. Most notably the Solana network
blackout that saw the network go dark for about 24 hours. Cardano
itself has experienced downtime which occurred in April but it
lasted for only an hour and was over so quickly that a good portion
of the community does not know this happened. Despite the lack of
decentralized exchanges (DEXes) on the blockchain, it has managed
to ramp up more activity than leading smart contracts platform
Ethereum. Users can mint NFTs on Cardano, which has contributed
greatly to this increased network activity. However, given that
Ethereum has DEXes and NFT capability, this is an incredible feat
for Cardano. ADA begins recovery trend | Source: ADAUSD on
TradingView.com With this, Cardano has proven that it will be one
of the leading DeFi platforms once decentralized finance takes off
properly on the platform. ADALend, credited as the first lending
protocol on the platform, is building its decentralized lending
protocol on Cardano, which has been positively received by the
community so far. How ADA Is Doing In The Market Cardano’s native
token ADA has not had the best of weeks in the market recently. The
digital asset had been the victim of major FUD that has seen its
price sink to three-month lows. This has mostly been the result of
crypto exchange eToro announcing that it would be limiting Cardano
(ADA) capabilities for U.S. users on the platform starting in
December. Related Reading | Cardano Ambassador Addresses FUD
Surrounding The Project The token had taken a big hit following
this, dropping down to the $1.4 range before picking up steam
again. Despite the recovery, the coin continues to trade at about
$50% less than its all-time high above $3 in September. Dropping
prices have however not affected the amount of tokens being staked
on the network. Cardano still maintains over 70% of its total
supply staked by holders, one of the largest in the space. Featured
image from Binance Academy, chart from TradingView.com
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