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Cardano (ADA) stands out with a noticeable increase in transactions exceeding $100,000 over the last three months. This surge is considered an indicator of growing interest from institutional players and whales in the altcoin. Recent data provided by the Cardano Blockchain explorer, Cardano Explorer, indicates a significant increase in transactions, with Epochs 450, 451, and 452 seeing transactions well over 1.5 million, signaling strong institutional influence on Cardano.
Cardano Ecosystem’s Development
Cardano’s evolving ecosystem, with 150 recently initiated projects and 1,304 ongoing projects, points to a robust and dynamic ecosystem. This may be another reason for the increasing number of transactions on the network.
The creation of 9.1 million tokens on the network demonstrates Cardano’s extensive customization options. Additionally, the establishment of 81,447 token policies reflects the diverse uses of Cardano’s asset creation capabilities.
Alongside the growth of Cardano’s ecosystem and an increase in network activity, Cardano developers are also actively working on scaling solutions. These efforts are enhancing node efficiency and strengthening the infrastructure overall. Moreover, the recent completion of Fund11 proposals stands as evidence of the platform’s commitment to innovation and community-based project funding.
TVL Increase and Price Recovery
Cardano’s DeFi ecosystem has once again seen an increase in the total value locked (TVL) surpassing its competitors. According to Defillama, Cardano’s TVL has increased by over 50% within the year, reaching $340 million, the highest in the last 19 months. The TVL of the top three decentralized applications working on Cardano’s DeFi ecosystem constitutes 78% of the total TVL.
On the other hand, ADA’s price has increased by over 3% in the last 24 hours and over 6.5% in the last 7 days. With the recent gains, ADA’s price has approached a 30% increase over the last year. The popular altcoin is trading at $0.41 at the time of writing this article.
