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Cardano Network Registers Breakthroughs While the Community Awaits the Upgrade

Written by: Elena R

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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Aug 5, 2022

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Cardano’s Vasil hard fork, one of the much-awaited events was once again delayed in June and has been postponed to August. As per the reports the delay was to make sure there is a smooth transition experience for the end users.

However, the eighth largest cryptocurrency by market cap has now witnessed two breakthroughs before the upgrade. The currency has also registered a surge of 1.90% over the last 24hrs and is trading at $0.511.

Cardano Wallets & Smart Contracts See A Surge

Along with the price surge, the Cardano wallets and the number of smart contracts positioned on the cardano platform are also on a positive note.

The Cardano Blockchain Insights data reveals that there is an inclusion of 3,105 Plutus-based smart contracts on the system. In fact, there has been a surge of 2,900 since July.

These increased figures suggest that Cardano holds the capability to allow its customers to write applications that can interconnect the blockchain system. Hence, this is also one of the reasons for Cardano coming up as one of the most developed platforms.

On the other hand, even the network’s users have always stood as support despite the currency facing a bearish pull.

ADA Wallets

Cardano Blockchain Insights data claims that on August 3 the total ADA wallets that have been registered stood at 3,502,565

Additionally, it can be seen that the Cardano network has seen 500,000 new holders in just six months and the upgrade delay seems to have not impacted the holder’s devotion.

Next, when the DeFi sector is observed, Cardano’s Total Value Locked on DeFiLama witnessed a drop of 6%. At the moment, the TVL is positioned at $93 million.

Cardano Addresses Activity Registers Pump & Dump

On the contrary, the activity around the Cardano network has a bullish stance. During the time of publication, Cardano’s active addresses have recorded 78.4k.

However, the development activity has registered a bearish pull, as depicted in the chart below.

ADA on chain

Nevertheless, if the Cardano’s Vasil hard fork upgrade happens in August as reported, the currency might see new record heights.

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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