The Cardano network stays among the most steady blockchains in the crypto area. Founded in 2017, the network stays the biggest evidence of stake network in the market. It holds the title for the evidence of stake network with the greatest quantity of coins staked, just just recently yielding to Solana to end up being the wise agreements platform with the second-largest quantity of coins staked.
Nevertheless, Cardano stays a force to be considered and its newest accomplishment has actually revealed that. Network activity has actually detected the network given that the launch of wise agreements ability. Now, a little over 2 months after, the network has actually marked its 20 millionth transaction after just 4 years in operation.
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Cardano Remains At The Top
The job has actually done some outstanding things in its 4 years of operation, among which is hardly experiencing any downtime. Most jobs in the market have actually experienced downtime eventually. Most especially the Solana network blackout that saw the network go dark for about 24 hr. Cardano itself has actually experienced downtime which happened in April however it lasted for just an hour and was over so rapidly that a great part of the neighborhood does not understand this occurred.
Despite the absence of decentralized exchanges (DEXes) on the blockchain, it has actually handled to increase more activity than leading wise agreements platform Ethereum. Users can mint NFTs on Cardano, which has actually contributed significantly to this increased network activity. However, considered that Ethereum has DEXes and NFT ability, this is an amazing task for Cardano.
ADA starts healing pattern | Source: ADAUSD on TradingView.com
With this, Cardano has actually shown that it will be among the leading DeFi platforms as soon as decentralized financing removes effectively on the platform. ADALend, credited as the very first loaning procedure on the platform, is constructing its decentralized loaning procedure on Cardano, which has actually been favorably gotten by the neighborhood up until now.
How ADA Is Doing In The Market
Cardano’s native token ADA has actually not had the very best of weeks in the market just recently. The digital possession had actually been the victim of significant FUD that has actually seen its rate sink to three-month lows. This has actually primarily been the outcome of crypto exchange eToro revealing that it would be restricting Cardano (ADA) abilities for U.S. users on the platform beginning in December.
Related Reading | Cardano Ambassador Addresses FUD Surrounding The Project
The token had actually taken a success following this, falling to the $1.4 variety prior to getting steam once again. Despite the healing, the coin continues to trade at about $50% less than its all-time high above $3 in September.
Dropping rates have actually nevertheless not impacted the quantity of tokens being staked on the network. Cardano still preserves over 70% of its overall supply staked by holders, among the biggest in the area.
Featured image from Binance Academy, chart from TradingView.com