Cardano Reaches 100 Million Transactions and TVL Surpasses $700 Million
- Cardano processes over 100 million transactions
- Total Value Locked (TVL) Surpasses $700 Million
- ADA Price Surges Over 220% in One Month
The Cardano (ADA) network recently reached a significant milestone by process more than 100 million transactions since its launch, according to an update from Input Output Global (IOG), the organization responsible for the development of Cardano. As of November 29, IOG identified 1.979 projects under development on the platform, of which 603 were launched within its ecosystem.
🚨Cardano's new Hydra Network officially hit 1 MILLION transactions per second (TPS) 🔥 pic.twitter.com/gJVBSWV0QZ
— CryptosRus (@CryptosR_Us) December 5, 2024
Over the past month, Cardano’s policy tokens have increased by 10.132 to 182.230, while the number of native tokens has grown by 80.000 to 10,54 million. The total number of transactions processed on the network has increased by 2,65 million, surpassing the 100 million mark and reaching 100,57 million.
The IOG update also highlights that Plutus scripts on the network have increased by 9.102, bringing the total to 100.800. The team behind Plutus has “completed their work on serializing Agda proof objects, bringing them closer to providing a usable tool for certified compilation.”
This report comes as the total value locked (TVL) in the Cardano ecosystem has surpassed the $700 million mark, recovering from the crypto bear market that saw it drop to $50 million in November 2022. According to data from DeFiLlama, there is currently $702 million locked in smart contracts on the Cardano network, a significant increase from just over $53 million following the collapse of popular crypto exchange FTX.
TVL is often seen as a key indicator of the health and confidence in a DeFi ecosystem, reflecting the growing interest and adoption of the network by investors. An increase in TVL usually signals growing confidence in the project.
In addition to the TVL growth, Cardano’s decentralized exchanges (DEXs) reported a trading volume of $26 million in the past 24 hours. The network has also benefited significantly from a surge in the price of its native token, ADA.
Over the past month, ADA’s price has surged by over 220%, currently trading at $1,16 per token, up from around $0,359 previously. However, the cryptocurrency has been hit by a significant correction over the past 24 hours, falling by around 5% amid a broader drop in the crypto market.
In November, Cardano reached a major milestone by surpassing 100 million transactions, reflecting the network’s rapid expansion and growing user adoption. The month was also transformative for Cardano, with the price of ADA surging by an impressive 216%, driven by increased network activity.
Transaction volume increased, with Cardano recording an additional 2,65 million transactions. Cardano developer Input Output Global (IOG) reported that the total number of transactions reached 100,57 million by the end of the month.
At the time of publishing this article, Cardano was trading at $1,22, up 0.7% over the past 24 hours.
The growth in token projects and policies has also been notable. As of November 29, 2024, IOG has confirmed 1.979 Cardano-based projects, with 603 launched in November alone. The number of token policies grew by 10.132, while native tokens increased by 80.000. Meanwhile, Plutus scripts saw a significant increase of 9.102, bringing the total to 100.800.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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