en
Back to the list

Cardano Breaches 1 Million Staking Wallet Milestone, Here's How It Can Impact $ADA Price


coingape.com 06 December 2021 09:36, UTC
Reading time: ~4 m

Cardano ($ADA) breached the 1 million staking wallets milestone earlier on Sunday. This was the first major milestone for the proof-of-stake blockchain after the much-hyped Alonzo hardfork in September this year. The rising popularity of ADA staking highlights Cardano’s growing influence in the Defi ecosystem. Charles Hoskinson, the founder shared the milestone with his Twitter followers with a screenshot of staking wallet stats and the number of active pools.

We did it! https://t.co/cpQCV8LQdo

— Charles Hoskinson (@IOHK_Charles) December 5, 2021

The Alonzo hardfork in September integrated smart contract support, opening many new avenues in the defi. Critics have continued to be skeptical about Cardano’s impact on the defi market due to its late entry, however, Hoskinson has maintained throughout that the focus is on building a reliable product rather than a gimmick. Cardano has swiftly made a mark in the Defi ecosystem with a growing number of stakers and Dapp support.

Cardano is also set to launch its first decentralized exchange in the form of Sundae Swap later today and the team has encouraged developers and users to find bugs to make it a formidable product when launched on the mainnet.

“And expect bugs in the DEX. The sundaes wap team is encouraging you to find some. Remember this is early DApp software, and it’s still early days for DeFi on Cardano. Testnet are a key part of iterating & improving the experience”

Later today, @SundaeSwap will launch their DEX on the #Cardano TestNet launch. We’re expecting a huge amount of interest in this highly-anticipated event, and lots of activity. This is why we are collaborating. Because we're looking to learn a lot, too.

1/8

— Input Output (@InputOutputHK) December 5, 2021

Can Cardano’s Rising DeFi Popularity Help $ADA Price?

Cardano’s rising Defi popularity and growing development activity on the blockchain haven’t reflected on the price. $ADA price hit a new ATH in the run-up to the Alonzo upgrade hitting $3.10 and many expected the price to rise further after the successful update quite similar to Ethereum. However, the $ADA price continued to slide downwards even when other altcoins made new highs.

Cardano ($ADA) is currently trading at $1.32 with a 7% decline over the last 24-hours. The altcoin lost key support around $1.60 during the recent market flash crash and now looks to gain back momentum amid overall market recovery. Cardano proponents believe the growing development on the platform has not priced in yet, and once it does, ADA would get back to its bullish ways.

Cardano

  • Trending
  • Price Analysis
  • Cardano Breaches 1 Million Staking Wallet Milestone, Here’s How It Can Impact $ADA Price
  • Binance Looking to Setup A Dedicated U.K. Arm After FCA Crackdown
  • Terra’s LUNA is Among the Top Ten Cryptocurrencies With a Sharp 32% Bounce Back
  • Presale of AXL INU Tokens Begins Shortly
  • China Crypto Ban: This Province Just Hiked Electricity Prices for Crypto Mining Activities
  • Here’s What Led to the $500 Billion Crypto Market Mayhem Earlier Today
  • FTX Crypto Exchange Proposes 10 Key Principles for Regulating the Crypto Market
  • XRP Lawsuit: This Development in Scope of DPP May Make or Break the Case
  • As BTC and ETH Tank Nearly 20%, Buy The Dip Interest Spikes to 3-Month High
  • Indian Crypto Bill in Anvil, Govt. to Weigh Pros & Cons of Crypto
  • Decentraland Price Analysis: A Descending Trendline Leads The Short-Term Downtrend In MANA Token
  • Ethereum Price Analysis: ETH Price Sustains Above The $4000 Support. Can The Bull Rally Continue Now?
  • FLOKI Price Analysis: Floki Inu On Sale After It Dips Below The $0.00016 Level
  • GXChain Price Analysis: GXS Token Skyrocketed 800% In Just Two Trading Days; know Why
  • Sandbox Price Analysis:  SAND Token Price Prepares For Its Next Big Move Resonating In A Symmetrical Triangle Pattern
  • FLOKI Price Analysis: FLOKI Token Shows A V-shaped Recovery Of 80%; Has The Retracement Phase Ended
  • Binance Coin Price Analysis: Completing The Cup And Handle Pattern, The BNB Coin Could Hit The $1000 Mark
  • Bitcoin Price Analysis: Which Way For BTC As It Consolidates Above $56,500?
  • SOL Price Analysis: A Bullish Breakout From The $260 Mark Should Initiate A Significant Rally In SOL Coin
  • Cardano Price Analysis: ADA Coin Is Up By 10% From An Important Support; Has The Recovery Phase Started?

   Source
Back to the list