Altcoin
What went down with Cardano as ADA tried to put up a show
The 25-29 September week was a relatively good one for Cardano and its native token ADA. Besides the increase in value, there was more to talk about.
- ADA’s price jumped by 7.85% but network activity has been inconsistent.
- Cardano’s TVL joined other DeFi chains in reclaiming participants’ trust.
Not a week goes by without Cardano [ADA] making a record of several developments that happened on the chain, and the 25 -29 September week was not any different.
How much are 1,10,100 ADAs worth today?
According to the project’s development arm Input Output, new functionalities were added to its Lace wallet. Other aspects like its smart contract and scaling technology were also attended to.
A “Lace” on the contract
Input Output describes Cardano’s Lace wallet as a lightweight platform for easy storage of crypto assets. Over the course of the week, the development team integrated stake pool delegation and updated the dApp connector.
For the smart contracts department, upgrades were made to Plutus, Cardano’s native smart contract language. Also, the scaling department of Hydra collaborated with Mithra to enhance the nodes on the blockchain.
It is also interesting to note that development on Cardano was not the only improvement registered. Its native token ADA, which has endured a long duration of price plunge.
Based on CoinMarketCap’s data., ADA’s value was able to reach $0.26 because of a 7.85% hike in the last seven days. The token may also have a surge in on-chain volume to thank for the increase.
Volume rises, TVL does the same
At the time of writing, ADA’s volume was 180.45 million— the highest it has seen in the last week. This increase indicates a high level of speculation around the token. On-chain data also showed that network activity increased a number of times during the week.
Source: Santiment
For instance (from the chart above), active addresses jumped to 44,642 on 26 September. After a mild decline, the metric also rose to 40,162. But at press time, the number had fallen to 29,400. Active addresses show the number of unique addresses involved in transactions with a token.
However, the aforementioned press time number was a notable improvement from 1 October. So, it is likely to see another jump toward the 40,000 region for the metric. Cardano also experienced a 10% increase in its Total Value Locked (TVL).
But it was largely the same for almost all the chains in the sector. For context, the TVL measures the total value of assets locked or staked in a protocol.
Source: Defi Llama
Realistic or not, here’s ADA’s market cap in SOL’s terms
Therefore, the increase in the metric suggests that trust was back in the market, and participants are now confident in providing liquidity in return for rewards on Cardano.
Meanwhile, Cardano’s stay as the seventh most valuable cryptocurrency per market cap ended as Solana [SOL] flipped it to the eighth position.
