The world of cryptocurrencies is never far off from its prominent player Cardano. Irrespective of the digital assets position in the business, which has been ebbing off-late. The now 9th largest cryptocurrency is back to making noise in the crypto town. This time around comes following a number of factors that have been fueling the ADA price.
The developmentally stout protocol continues to be committed towards its developments. An update coming in from the makers further justifies the future developments. In a recent round of funding, AdaSwap received a $2.6 M funding from various investors including a celebrity investor. On the other hand, Cardano’s TVL hitting a new ATH, influences crypto folks to track the footsteps of the network’s metrics.
Another Feather To Cardano’s Cap?
The Cardano network has rolled up its sleeves for a number of developments and upgrades. The year will be a host to 3 major scaling upgrades, while the first one was released in February. The other two are expected to be released in June and October. The team has recently delivered the first of these, upgrading the network and introducing notable improvements and enhancements.
Alongside the scaling initiatives, the makers will be deploying supporting products. And architecture from UTXO on-disk storage to light wallets to a new dApp store, and certification program. The firm will also be making parameter adjustments throughout 2022, to amplify the network capacity safely.
While the network congestion could still persist around highly-anticipated launches and token drops. The adjustments would help the periphery of the ecosystem expand at a steady pace. On the other hand, Cardano gets a boast-worthy update. As the network’s DEX AdaSwap raises $2.6 Million in funding.
Successively, the funding is led by various investors including celebrity investor Gal Gadot and Coti, Cardano’s stable coin Dejed’s issuer. The funding would be used to build an ecosystem including an NFT marketplace and staking pools.
Cardano’s On-Chain Footprints!
The Cardano network has added another emblem, following its newest feat. This comes as the blockchain hits an ATH with a TVL of $133 M. As per DeFillama, the TVL at the time of press is at $211.81 Million. Which is the TVL when staked governance tokens are added to the numbers. Sundaeswap dominates the TVL with a 54.29% stake, which accounts for numbers of $114.99 M.
The Cardano community is now keen on the on-chain analysis, following the aforesaid feat. Successively, the count of active addresses has been bearing the brunt, since the fall from the final leg of January. While the count has been attempting for a revival, the peaks are still far from reach.
However, the count has been steadily escalating since the start of March. As of the 2nd of March, the active addresses count is 210,259 which has steadily risen from 124,513. Which was recorded on the 28th of February. Conversely, the transaction volume for the past 24-hours is at $42.15 Billion, whilst the adjusted transaction volume is at $41 Billion.
Concluding, whilst Cardano continues to add on a number of achievements in its name. The price of ADA is yet to catch the wind of its achievements. The chances of which look bleak in the short-term. However, the stout developments and flourishing on-chain metrics will eventually assist the digital asset’s price. In holding onto the rough tides, and in climbing higher cliffs.