Cardano is one of the best-maintained blockchains in the cryptocurrency space. The largest proof-of-stake network in crypto remains Cardano’s network, which was founded in 2017. This proof of stake network holds the record for having the most coins staked. It was founded in 2017 and recently lost to Solana, which has become the smart contract platform with the second largest number of coins.
Cardano is still a formidable force and Cardano’s latest accomplishment has proven that. Since the introduction of smart contracts, network activity has increased. After only four years of operation, just two months later, the network celebrated its 20,000,000th transaction.
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Cardano remains at the Top
In its four-year operation, the project has accomplished impressive feats. One of these is that it barely experiences any downtime. There have been downtime for most projects on the market. Most notable was the Solana Network Blackout, which saw the network disappear for approximately 24 hours. Cardano has also experienced downtime, although it occurred in April. It lasted only one hour and was so short that most people don’t even know what happened.
Although there are no decentralized exchanges (DEXes), it is able to generate more activity that the Ethereum smart contracts platform. Cardano allows users to create NFTs. This has greatly contributed towards the increase in network activity. This feat is possible because Ethereum supports NFT and DEX.
ADA starts recovery trend| Source: ADAUSD on TradingView.com
Cardano is now proving that it can be a leading DeFi platform once decentralized financing takes place on the platform. ADALend was the first platform-wide lending protocol. The protocol is currently being built on Cardano by ADALend. This has been well received by the community.
What ADA is doing in the Market
Cardano’s native token ADA has not had the best of weeks in the market recently. This digital asset has been subject to major FUD, which caused its price to plummet three months ago. This was mainly due to cryptocurrency exchange eToro announcing in December that it will limit Cardano (ADA), capabilities of U.S. users.
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After this event, the token took a huge hit and dropped to $1.4 before picking back up again. The coin trades at $50% below its September high of $3, despite the recovery.
However, tokens staked on this network have not been affected by falling prices. Cardano retains more than 70% of its supply held by holders. It is one of largest spaces.
Featured image taken from Binance Academy. Chart by TradingView.com