Cardano’s ADA price is experiencing a 4% surge as the blockchain’s growth continues to showcase impressive milestones. A total of 2 million transactions were processed in just the past 28 days, demonstrating the platform’s rapid expansion. Furthermore, the number of projects built on the Cardano blockchain has risen from 1,240 in early May to 1,245 projects, with an additional 129 launched in the past month.
These impressive developments can be attributed to the launch of the Marlowe smart contract platform on the mainnet in May, which positively influenced the overall sentiment towards the platform. Since then, more native tokens have been launched on Cardano, proving that the smart contracts enabled by Marlowe are making a significant difference. To date, Cardano has seen 67.8 million transactions, a substantial increase from the 65.8 million recorded in the previous month.
Despite Cardano’s remarkable growth, it still lags behind Ethereum in terms of Decentralized Finance (DeFi) activities, as shown by each platform’s Total Value Locked (TVL). Ethereum’s DeFi TVL stands at a staggering $27.25 billion, while Cardano’s is currently at $177 million.
This year, Cardano has been making significant strides with new innovations and receiving recognition for its efforts. One such example is the Binance exchange extending additional support for the Cardano protocol. Even with these impressive advancements, Cardano’s roadmap has them staying focused on product and tech upgrades.
A key contributor to Cardano’s growth is its focus on decentralization and scalability. Under Charles Hoskinson’s leadership, the platform is striving to be one of the most decentralized Proof-of-Stake (PoS) protocols. This ambition is partly evident in the launch of the Hydra head protocol on the mainnet, which aims to address scalability challenges.
The U.S. Securities and Exchange Commission (SEC) has recently been cracking down on staking activities, an area in which Cardano may be able to shine. Its liquid staking offering distinguishes the platform as a potentially better alternative in the face of increased regulatory scrutiny.
In conclusion, Cardano’s impressive growth and new innovations are likely to maintain its uptrend. However, there are still obstacles the platform needs to overcome in order to truly compete with the likes of Ethereum. It is crucial for investors to conduct thorough market research before investing in cryptocurrencies to ensure they are well-informed about the potential risks and rewards.
Source: Coingape
