Cardano [ADA] is being discussed at length of late, with the Vasil Upgrade release data finally revealed. With Cardano’s development becoming a talking point again, @cardano_whale recently shared some insights on Cardano’s growing strength in development activity.
According to their analysis, Cardano is the first protocol since Ethereum that’s rolling out a DeFi ecosystem largely without a VC leg up. The same can be evidenced by Cardano’s DeFi protocols as they operate in a much more independent manner, when compared to its competitors.
Cardano has also shared its latest weekly development report which continues to show progress on the network. As per the report, the network completed a relatively low 49.1 million transactions. The report also claimed that 75% of mainnet blocks have been created by the final Vasil nodes. Moreover, the top 10 Cardano dApps (by TVL) confirmed that they have upgraded to the latest v.1.35.3 and are ready for the mainnet.
The Vasil hype is starting to reap trader rewards as we observe ADA’s price action. According to Coinstats, ADA was available at $0.50 at press time after a late surge over the last 24 hours. ADA’s chart flashed a 4.88% hike over the said period, with ADA up by 9.92% over the week. This, an uptick on the back of weeks of obscurity for investors.
The uptick in traders’ fortunes was also underlined by Cardano’s MVRV chart in recent days. As shown below, the MVRV Ratio was heading down south towards the end of August, but it has seen a timely resurgence of late. For the first time since mid-August, ADA trading has become profitable again.
With the altcoin’s price shooting upwards, there has been increase in ADA trading too. In the past 24 hours, there has been massive 76% surge in trading volume on Cardano.
However, the current volume data still falls short of its average performance in June 2022 when it hit a recent high of $2.66 billion.
As covered previously, the Vasil upgrade is scheduled to happen on 22 September. Cardano is looking ready for the major transition and ADA prices are complimenting the situation.
There is now renewed hope in the community for the next phase of the crypto’s development.