Cardano Price Jumps 4% as it Hits New Transaction Milestone

Cardano (ADA) price is up by 4% at the time of writing after printing a whole new set of milestones as it looks to wrap the week on a positive note. According to the highlights released, the Cardano blockchain posted a total of 2 million transactions in the past 28 days, a sign of intense growth across the board.

The protocol saw a total of 1,245 projects building on it as against the 1,240 recorded as of May 5 this year. The projects launched came in at 129, 3 more than the 126 launched by this time last month. Cardano launched the Marlowe smart contract platform on the mainnet in May, a move that has bolstered sentiments on the platform thus far.

In the past month, more native tokens were launched on Cardano, a proof that the smart contracts enabled with the Marlowe launch made a difference. In total, 67.8 million transactions have been conducted on the platform, up from the 65.8 million that was recorded at the same time last month.

Cardano is a major contender as a major competitor to Ethereum and while both are still wide apart in terms of their Decentralized Finance (DeFi) activities as defined by their Total Value Locked (TVL). Per data on DeFiLlama, the Ethereum DeFi TVL is pegged at $27.25 billion while that of Cardano is pegged at $177 million.

Cardano and New Innovations

Cardano has been gaining ground with the new innovations it has been introducing since the start of the year. In recognition of its push, Binance exchange has extended additional support for the protocol as reported earlier by Coingape.

While Cardano is on track with its product and tech upgrades as defined in its roadmap, it has notably pushed to lead the scalability mantra with the debut of the Hydra head protocol on the mainnet. Through the leadership of Charles Hoskinson, the Cardano protocol is also striving to be one of the most decentralized Proof-of-Stake (PoS) protocols around.

With the US SEC now cracking down on staking activities, Cardano has been tipped as a better alternative through its liquid staking offering.

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on Twitter, Linkedin

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