Cardano Price Jumps 4% as it Hits New Transaction Milestone – Report
Cardano (ADA) price is up by 4% at the time of writing after printing a whole new set of milestones as it looks to wrap the week on a positive note. According to the highlights released, the Cardano blockchain posted a total of 2 million transactions in the past 28 days, a sign of intense growth across the board.
The protocol saw a total of 1,245 projects building on it as against the 1,240 recorded as of May 5 this year. The projects launched came in at 129, 3 more than the 126 launched by this time last month. Cardano launched the Marlowe smart contract platform on the mainnet in May, a move that has bolstered sentiments on the platform thus far.
In the past month, more native tokens were launched on Cardano, a proof that the smart contracts enabled with the Marlowe launch made a difference. In total, 67.8 million transactions have been conducted on the platform, up from the 65.8 million that was recorded at the same time last month.
Cardano is a major contender as a major competitor to Ethereum and while both are still wide apart in terms of their Decentralized Finance (DeFi) activities as defined by their Total Value Locked (TVL). Per data on DeFiLlama, the Ethereum DeFi TVL is pegged at $27.25 billion while that of Cardano is pegged at $177 million.
Cardano and New Innovations
Cardano has been gaining ground with the new innovations it has been introducing since the start of the year. In recognition of its push, Binance exchange has extended additional support for the protocol as reported earlier by Coingape.
While Cardano is on track with its product and tech upgrades as defined in its roadmap, it has notably pushed to lead the scalability mantra with the debut of the Hydra head protocol on the mainnet. Through the leadership of Charles Hoskinson, the Cardano protocol is also striving to be one of the most decentralized Proof-of-Stake (PoS) protocols around.
With the US SEC now cracking down on staking activities, Cardano has been tipped as a better alternative through its liquid staking offering.
- Coinbase To List Binance Coin (BNB) Amid ‘Listing Fee’ Saga
- Fed’s Stephen Miran Calls for Rapid Rate Cuts Amid U.S.-China Trade Tensions
- Peter Thiel-Backed Crypto Bank Erebor Gets OCC Greenlight as Ripple, Circle Await Charter Decisions
- Fed Chair Shortlist Now Down to Five Candidates, Scott Bessent Confirms
- Bitwise CIO Calls Crypto Crash a ‘Blip’ as Market Bounces Back With $338M ETF Inflows
- Pi Coin Price Gears for Recovery as DEX and AMM Launch Revives Utility Hopes
- Cardano Price Teeters as Whales Exit and Bearish Signal Emerges
- Sui Price Targets $9.5 as Figure Brings SEC-Approved Yield Token YLDS to Sui
- Chainlink Price Eyes $100 as S&P Global Partnership Expands Institutional Adoption
- Solana Price Prediction as Whales Withdraw $169M from Exchanges
- Pro Says Ethereum Price is a Buy Despite Rising Liquidations and BlackRock Selling
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
