Cardano Records More Than 20 Million Transactions Before Launch of the DEX

0
89
Cardano Records More Than 20 Million Transactions Before Launch of the DEX
Cardano Records More Than 20 Million Transactions Before Launch of the DEX

The Cardano network remains one of the most stable blockchains in the field of encryption. The network was founded in 2017 and is still the largest proof-of-stake network in the industry. It bears the title of the Proof of Stake Network with the Highest Staking Amount, and it was only recently that Solana became the second-largest staking amount smart contract platform.

Cardano Still Tops the List

According to the Transaction count on December 2, the network has completed its 20 millionth transaction in just four years of operation. More than two months after the launch of the smart contract function, network activity on the network has increased. Still, Cardano is a force that cannot be ignored and the latest accomplishments show it. 

In its four years of operation, the project has produced impressive achievements, one of which has hardly seen any downtime. Most of the projects in the market have experienced downtime at some point. Most importantly, the Solana network was down, causing the network to go down for about 24 hours. Cardano itself experienced downtime in April, but it only lasted an hour and ended so quickly that much of the community didn’t know it was happening.

Despite the lack of decentralized exchanges (DEXes) in the blockchain, it has successfully increased more activity compared to the leading smart contract platform Ethereum. Users can broadcast NFT to Cardano, which greatly encourages the increase in network activity. However, since Ethereum has DEXes and NFT capabilities, this is an amazing feat for Cardano.

With this, Cardano has proven that as soon as the decentralized financing arrives normally on the platform, it will become one of the leading DeFi platforms. ADALend is the first loan agreement on the platform and is building its decentralized loan agreement on Cardano, which has so far been positively received by the community.

ADA’s performance in the market

Cardano’s native token, ADA, has underperformed in the market recently. Digital assets have fallen victim to large FUDs, and their prices have fallen to a three-month low. This is mainly due to the announcement by the cryptocurrency exchange eToro that it will limit the Cardano (ADA) function for US users on the platform from December.

Since then, the token has suffered heavy losses, falling to the $1.4 area and then rebounding. Despite the rebound, the token’s transaction price is still around 50% below its historic high of more than $3 in September.

SWTgmI5ufjkdZcHp6ePUPVSWmSWrHRwjfLDdw8gzSp0Rsf7zoXhj36hc03D3GBrM4WOrZ3IRJP0RIElp33A3S8uENPcRMBN s7wGt7tba8c UmRyOUFBMkAa RiduKAPYv5yP3cD

ADA/USD 4H Chart. Source: TradingView.com

However, the price cut did not affect the number of tokens pawned on the network. Cardano still holds more than 70% of the total offerings from its owners, which is one of the biggest offerings in the field.