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Cardano (ADA) Grows! More and more users



As the Cardano ecosystem continues to grow, the ADA cryptocurrency is struggling with falling rates. Competitors like Solana or Ethereum seem to stand out.

Cardano and the associated cryptocurrency ADA last caused a stir between the end of August and the beginning of September - at that time the price and the upcoming Alonzo update were responsible for it. Smart contracts should finally become a reality. Forecasts of short-term price targets of five to ten dollars per coin quickly circulated. That didn't happen, but the Cardano ecosystem is growing.

20 million transactions without failure

The Cardano network seems to be able to cope with the previous rush without any problems. The development team behind Cardano has a strong scientific approach. Before implementing a new function, you go through it intensively by means of peer reviews. Only when the model appears to be perfect in theory does the team start implementing it.

The Cardano network reached the next milestone yesterday: a total of 20 million transactions were processed - without a single network failure. This means that the Cardano network has been online continuously for 1523 days. Although this is the optimal case for any cryptocurrency, competitor Solana showed in September how quickly the network can fail. At Solana this was the case for around 16 hours.

However, that's not the only success Cardano can report. The blockchain project promoted by Ethereum co- founder Charles Hoskinson can now rely on over 988,000 staking addresses, so the network continues to grow. This is shown, among other things, by the data from Pooltool. Cardano is thus approaching the magical limit of one million. In total, nearly $ 38 billion of ADA coins are in staking pools. That is around 72 percent of all coins in circulation. This shows that many users are interested in a long-term commitment to ADA.

ADA course disappointed

As user numbers rise and the Cardano ecosystem grows, investors are disappointed with the current price development. Cardano, like many other projects in the cryptocurrency space, did very well in 2021. ADA is currently trading at $ 1.57. With a market capitalization of around $ 52.2 billion, Cardano ranks sixth among the most valuable cryptocurrencies. What looks like a success at first glance, however, is overshadowed by some setbacks from the recent past.

ADA reached its previous all-time high on September 2, 2021. At that time, the price of the Input Output HongKong (IOHK) promoted cryptocurrency rose to $ 3.10. However, ADA has not been able to stay above the 3 dollar mark for long. Although the Alonzo update finally went through on September 12th, not much has happened at Cardano. The number of decentralized applications (dApps) is limited.

While Bitcoin, Ethereum and Solana (SOL) were recently able to set new records, Cardano cannot set new course records. The rise of Solana in particular is bitter for Cardano. Both projects are seen as potential "Ethereum killers". For a long time, Cardano was the most valuable smart contract platform behind Ethereum. Solanas SOL is now in fifth place, one place ahead of Cardano. The market capitalization is $ 70 billion.

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Comments

  1. Stephenie PetersonJune 8, 2022 at 5:00 AM

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  2. StevennallJune 10, 2022 at 5:37 AM

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