By Nathan Ferguson
Cardano is among the most developed cryptocurrency networks. Meanwhile, it hit two crucial milestones before its much-anticipated (delayed) hardfork. The community predicts enormous performance improvement after the Vasil update.
Unlocking Milestones
Cardano holders enjoyed stable development while awaiting the imminent platform upgrade. The 8th largest crypto by value noted a new uptick despite previous setbacks. The latest upward move place ADA beyond the $0.5 level (Coinmarketcap data). Meanwhile, ‘smart’ contracts launched on the platform, plus the number of ADA wallets reiterated similar bullish stances.
Cardano Blockchain Insights revealed that 3,105 Plutus smart contracts joined the ADA ecosystem. That represented an uptick as this number was 2,900 in July. That indicated Cardano’s capability that allows individuals to build applications compatible with its blockchain. Moreover, it confirmed why Cardano remains the leader as far as most developed platforms are concerned. Furthermore, ADA holders supported the platform without bothering about the price. The same data network suggests that ADA’s overall wallets stood at 3,502,565 on August 3.
Meanwhile, Cardano added more than 500,000 new investors within the past six months, regardless of price retracements. Enthusiasts’ commitment remained high despite the upgrade delay. In the decentralized finance (DeFi) sector, DeFiLlama noted that ADA’s TVL recorded a minor 6% surge.
While publishing this content, Cardano’s total value locked (TVL) hovered at $93 million and continued to incline. A DeFi lending protocol FluidTokens, which allows individuals to borrow or lend using CNFTs as collateral, witnessed a 54,000% growth within the previous month. Meanwhile, the network saw a substantial decline from its ATH total value locked (TVL) of $326 million on March 24.
What On-Chain Suggests
Interestingly, ADA’s network activity showcased a green outlook. While publishing this blog, the 24hr active wallets on Cardano noted a significant improvement. The metric was at 78.4K during this writing. Meanwhile, the asset’s development activity took an expected downturn. Nevertheless, Charles Hoskinson’s consistent communication with the ADA community plus hardfork developments might support the alt to hit new highs.
What are your thoughts about Cardano’s performance before and after the delayed Vasil? Feel free to leave a reply in the comment section below.