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Cardano achieves these two key milestones prior to hard fork

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Cardano [ADA] one of the most developed crypto networks reached two important milestones ahead of the much-awaited (delayed) hard fork.

The Vasil upgrade would deliver a “massive” performance improvement, at least that’s what the community predicted.

Milestones unlocked 

ADA holders/communities saw sustained development ahead of the impending upgrade. The eighth largest token, despite the previous setback(s), witnessed a fresh surge. On CoinMarketCap, ADA traded above the $0.5 mark, thanks to the latest uptick.

The number of Cardano wallets, as well as smart contracts deployed on the network, reiterated the same bullish stance.

According to data from Cardano Blockchain Insights, a total of 3,105 Plutus-based smart contracts were deployed on the network. Indeed, an uptick- since in July this figure stood at 2,900.

Source: Cardano Blockchain Insights

This showcases Cardano’s ability that allows users to write applications that interact with the blockchain.

It also goes to say why Cardano always stood at the top for the most developed network.

Moreover, even Cardano holders supported the network without considering the price.

As seen on the same data platform, the total number of ADA wallets was recorded at 3,502,565 on 3 August.

Source: Cardano Blockchain Insights

Herein, Cardano managed to add over 500,000 new holders in the last six months despite the price correction. Even the delay in the upgrade couldn’t deter ADA enthusiasts’ commitment.

Moving on to the DeFi front, Cardano’s TVL on DeFiLama saw a modest 6% incline. At the time of writing, the total value locked stood at $93 million and still continues to incline.

In fact, FluidTokens, a DeFi lending platform that allows users to lend or borrow with CNFTs as collateral, saw a growth of 54,000% in the past month.

Having said that, the network did see a significant drop from its all-time high TVL of $326 million on 24 March.

On-chain says…

Surprisingly, Cardano’s network activity painted a green picture. At press time, the 24-hour active addresses on Cardano had improved significantly.

Moreover, at the time of writing, the metric stood at 78.4k. Meanwhile, the development activity did take a downturn expectedly.

Source: Santiment

Nonetheless, Charles Hoskinson’s regular interaction with the community coupled with developments around the hard fork could aid the token reach new heights.

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Shubham is a full-time journalist/ Crypto data analyst at AMBCrypto. A Master's graduate in Accounting and Finance, Shubham's writings mainly focus on the cryptocurrency sector with particular emphasis on market research studies and communications for >2 years. Also, a die-hard Chelsea fan #KTBFFH.

Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.