Cardano Network Activity Continues To Rise
Cardano network activity continues to rise, amid high buying pressures matching 2022 levels.
The altcoin is among the top 10 cryptocurrencies on the market valuation spectrum. The bullish thesis is supported by a key on-chain metric that has increased to levels not seen in more than two years.
The most recent on-chain data from IntoTheBlock shows a remarkable increase in network activity, with over 840,000 transactions recently recorded, resulting in 279,000 ADA in total fees. This spike in usage indicates greater interest and adoption within the Cardano ecosystem, matching levels last observed in March 2022.
$ADA was primarily utilized as a speculative asset. Nonetheless, the number of holders of $ADA increased steadily between July 2022 and the present. This shows that people are becoming more confident in the Cardano ecosystem and blockchain.
ADA has been among the top-performing cryptocurrency assets, regaining the pivotal $1 threshold. Major ADA investors purchased more than 130 million tokens, valued at about $130 million, during the slight moderation seen last week
Cardano recently achieved a significant milestone on the ecosystem side when its first zero-knowledge (ZK) smart contract, Halo2, was successfully deployed on the mainnet using the Plutus v3 ledger language. This change permits integration with partner chains such as Midnight and zero-knowledge applications.
The Input-Output (IO) Research team showcased Halo2’s capabilities By validating 50 out of 90 signatures on the mainnet using the Ad-hoc Threshold Multi-signatures scheme (ATMS on November 25. The transactions included a 2.03 ADA fee for unlocking the funds following proof verification and a 0.16 ADA fee for locking the funds.
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