Cardano Network ($ ADA) Takes New Milestone After Processing 20 Million Transactions
The Cardano network ($ ADA) has reached a new milestone after processing more than 20 million transactions since its launch. The increasing number of transactions occurs as the development of Cardano progresses.
The milestone was first spotted by a Reddit user who said the Cardano network has not experienced any downtime for more than 1,500 days since its launch. In response to the user, some said that in April, the network suffered a small amount of downtime among users “unable to transact” as a result of a technical bug.
As CryptoGlobe reported, data also showed that the number of active addresses on Cardano recently increased from around 150,000 per day to over 480,000, before dropping back to 200,000.
Likewise, the number of Cardano addresses staking the cryptocurrency has grown by over 100,000 in just two months as more investors bet on the cryptocurrency and its ecosystem. Data shows that there is $ 37.67 billion in ADA staked in 2,957 active pools, representing over 72% of ADA supply.
Earlier this year, the price of ADA exploded ahead of the rollout of Alonzo’s much-anticipated hard fork, which brings smart contracts to the network and allows it to compete with Binance Smart Chain (BSC), Ethereum (ETH) and Solana (SOL).
The price of ADA started to drop amid a larger correction in the cryptocurrency market. While some cryptoassets have already started to recover, data from CryptoCompare shows the ADA continued to decline and is now trading at $ 1.57.
On social media, users speculated that activity on the Cardano blockchain would explode as lending and borrowing platforms built on it began to attract new users. While DeFi activity on Cardano is growing slowly, the volume of on-chain transactions in the network has nonetheless been notable.
As noted, the data shows that Cardano’s on-chain trading volume briefly exceeded Ethereum’s, doubling it at one point. Over a 24-hour period, Cardano’s volume was $ 18.24 billion, while Ethereum’s was around $ 9.3 billion.
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