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Cardano accomplishes two crucial milestones, ahead of the upcoming hard fork

Published by
Nonhlanhla P Dube

Cardano [ADA], one of the most advanced crypto networks, has achieved two significant milestones ahead of the much-anticipated (but postponed) hard fork.

The community believes that the Vasil upgrade will result in “massive” performance improvements.

Unlocked milestones

Ahead of the upcoming upgrade, ADA holders/communities saw steady development. Despite the prior setback(s), the eighth largest token experienced a new surge. Because of the recent surge, ADA is now trading above the R8.28 threshold on CoinMarketCap.

The amount of Cardano wallets and smart contracts deployed on the network confirmed the same bullish outlook.

According to Cardano Blockchain Insights, 3,105 Plutus-based smart contracts have been implemented on the network. Indeed, there has been an increase since July, when the tally stood at 2,900.

This demonstrates Cardano’s capability of allowing users to develop applications that interface with the blockchain.

It also explains why Cardano has always been regarded as the most evolved network.

Furthermore, Cardano holders supported the network regardless of the price.

According to the same data portal, the total number of ADA wallets was 3,502,565 on August 3.

Despite the price dip, Cardano has added over 500,000 new holdings in the previous six months. Even a delay in the upgrading could not deter ADA fans.

Moving on to DeFi, Cardano’s TVL on DeFiLama increased by a modest 6%. At the time of writing, the total value locked was at R1.5 billion and was continually increasing.

In fact, FluidTokens, a DeFi lending platform that allows users to lend or borrow using CNFTs as collateral, has seen a 54,000 % increase in the last month.

Having said that, the network’s TVL dropped significantly from its all-time high of R5 billion on March 24.

Surprisingly, Cardano’s network activity painted a green picture. At the time of publication, Cardano’s 24-hour active addresses had greatly improved.

Furthermore, the metric was 78.4k at the time of writing. Meanwhile, development activity did, as expected, slow.

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Nonhlanhla P Dube

Nonhlanhla P Dube is a senior news reporter at Rateweb. Nonhlanhla is a student of International Relations at the University of South Africa. She reports primarily on personal finance and economics. You can contact her directly by email at nonhlanhla@rateweb.co.za

Published by
Nonhlanhla P Dube
Tags: Cardano
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