Cardano's (ADA) Bullish Revival: Network Activity Hits 840K Transactions
Cardano (ADA) is experiencing a strong market resurgence, with network activity reaching levels not seen in over two years. The cryptocurrency has maintained its position among the top 10 digital assets by market capitalization, recording a notable 7% gain in the past 24 hours.
Recent data from IntoTheBlock reveals that Cardano's network processed over 840,000 transactions, generating fees of 279,000 ADA. This surge in activity matches the network's performance levels from March 2022, indicating renewed interest in the platform.
Market analysts note a shift in ADA's utility, evolving from purely speculative trading to increased practical adoption. The network has seen steady growth in long-term holders since July 2022, pointing to strengthening user confidence in Cardano's blockchain ecosystem.
Large investors have shown strong conviction in ADA's potential, accumulating over 130 million tokens (valued at approximately $130 million) during recent market fluctuations. Over the past month, whale investors have increased their positions by 146%, representing $10 million worth of token acquisitions.
Adding to the positive momentum, Cardano recently achieved a technical breakthrough with the deployment of its first zero-knowledge (ZK) smart contract, Halo2, on the mainnet. This implementation enables zero-knowledge applications and integration with partner chains like Midnight.
The Input-Output Research team successfully demonstrated Halo2's capabilities through the verification of Ad-hoc Threshold Multi-signatures scheme (ATMS) on the mainnet, validating 50 out of 90 signatures. Transaction costs remained competitive, with fees of 0.16 ADA for fund locking and 2.03 ADA for post-verification unlocking.
As ADA reclaims the $1 price level, these developments in network activity, institutional interest, and technical capabilities paint a promising picture for Cardano's continued growth in the current market cycle.
Note: Link 3 was omitted as it was not directly related to the article topic about Cardano.