Cardano Network Achieves Impressive Milestone of 90 Million Transactions
NAIROBI (Coinchapter.com) – The Cardano network has reached a significant milestone by recording a staggering 90 million transactions. This accomplishment not only demonstrates the increasing adoption of Cardano but also emphasizes its dedication to building a strong and scalable blockchain platform. The surge in transactions comes as Cardano prepares for major upgrades that aim to further enhance its capabilities.
The Cardano ecosystem has experienced rapid expansion, with 169 projects already launched and an impressive 1,357 projects currently under development. This growth is supported by a robust infrastructure that facilitates 9.96 million native tokens, 117,275 token strategies, and 43,933 Plutus scripts, showcasing the versatility and scalability of Cardano.
The upcoming upgrades represent a pivotal moment for Cardano. These enhancements will improve efficiency and expand the range of use cases, marking a significant leap forward. In Q2 2024, the Chang hard fork will grant ADA holders voting rights, advancing decentralization. At the same time, Ouroboros Leios aims to enhance transaction efficiency and scalability, which are crucial for Cardano’s growth.
Charles Hoskinson, the founder of Cardano, expressed confidence in the ecosystem’s trajectory, stating, “As an ecosystem, we have all the advantages. We have the best path for scalability, governance, and innovation. We also have the best community.” This unwavering confidence is reflected in the network’s uninterrupted uptime of over 2,300 days, showcasing its reliability and commitment to delivering a stable blockchain environment.
In terms of market performance, ADA is currently trading at $0.450, representing a 4.22% decrease over the past 24 hours, according to data from CoinGecko. Despite this recent dip, ADA boasts a market capitalization of $16.09 billion and a fully diluted valuation of $20.31 billion, firmly establishing Cardano as one of the top cryptocurrencies by market cap.
Technical analysis suggests a possible slowdown, as the 4-hour MACD for ADA/USD is losing momentum in the bullish zone, and the 4-hour RSI sits below 50. Crucial support levels are found at $0.4420 and $0.4180, while resistance awaits at $0.4600 and $0.4800.
Cardano’s network activity reflects robust adoption, with $224 million in real volume processed over the last 24 hours and a substantial market capitalization of $16.09 billion. Additionally, the decentralized exchange (DEX) volume within the past 30 days reached $122 million, and the total value locked (TVL) stands at $286 million. These figures highlight the continuous growth and utilization of the Cardano ecosystem.