Network activity reaches 840,000 transactions

Cardano (ADA) has remained in the top 10 cryptocurrencies by market capitalization despite a brief slowdown this week.

In the last day alone, ADA gained more than 7%, showing its revival with the emergence of the bull market. Additionally, a crucial on-chain metric has reached levels last seen more than two years ago, further validating the bullish thesis.

Catalysts that fuel ADA’s career

The latest on-chain data from IntoTheBlock highlights an impressive increase in network activity, with over 840,000 transactions recently recorded, generating total fees of 279,000 ADA. This increase in usage mirrors levels last seen in March 2022, demonstrating increased interest and adoption within the Cardano ecosystem.

An analyst citing ITB data said:

“A few months prior to this time, $ADA was primarily used as a speculative asset. However, $ADA recorded sustained growth in the number of holders from July 2022 to today. This suggests a growing confidence in the Cardano Blockchain ecosystem”.

ADA has been one of the best-performing crypto assets in this bull run, reclaiming the crucial $1 mark. During this week’s minor dip, large ADA investors were seen to have bought over 130 million tokens worth approximately $130 million.

This acquisition strengthens supply, potentially increasing the value of the asset if demand remains constant or grows. Additionally, these large purchases can signal confidence to smaller investors, inspiring them to enter the market.

Moving away, ADA whales have amassed $10 million in chips in the past month alone, increasing their positions by an astounding 146%

Milestone for the Cardano ecosystem

On the ecosystem side, Cardano recently reached a critical milestone with the successful deployment of its first zero-knowledge (ZK) smart contract, Halo2, to the mainnet using the Plutus v3 registry language. This move essentially enables zero-knowledge applications and integration with partner chains like Midnight.

On November 25, the Input-Output (IO) research team demonstrated Halo2’s capabilities by verifying the Ad-hoc Threshold Multiple Signature Scheme (ATMS) on the mainnet, confirming 50 of the 90 signatures . Transactions included a fee of 0.16 ADA to lock funds and 2.03 ADA to unlock them after proof verification.

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