ADA Price Struggles, Despite Cardano Exceeds 20 Million Transactions
Founded 2017, Cardano network remains one of the most stable blockchains in the crypto space. It held 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.
Cardano’s network activity has picked up, 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.
Cardano has done some impressive things, 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.
Regardless of lacking decentralized exchanges (DEXs) on the blockchain, Cardano 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 DEXs and NFT capability, this is an incredible feat for Cardano.
Cardano has shown 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.
ADA Price Performance
Cardano’s native token ADA has not really been performing recently. ADA has fallen a victim of major FUD that has seen its price sink to three-month lows, after crypto exchange eToro announced that it would be limiting Cardano (ADA) capabilities for U.S. users on the platform starting in December.
ADA took 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.
At the time of writing ADA trades at $1.68 with 10% gains on a daily chart.
