Analysts witnessed a surge in transfer volume on the Cardano network
In 2022, the number of ADA’s token transactions over $100 000 increased by 50 times
31.03.2022 - 13:00
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What’s new? The volume of transfers on the Cardano network has increased dramatically, according to analytics firm IntoTheBlock. The analysts believe that this may indicate a massive purchase of ADA tokens by institutional investors. .
What is known about the network? Cardano is a blockchain platform with the native ADA token. The platform allows developers to create smart contracts and decentralized applications. ADA trades at $1,22 on March 31. During the week, the altcoin gained more than 12%, according to CoinGecko.
What had happened before? On March 29, the Milkomeda Foundation launched a “C1” sidechain compatible with the Ethereum Virtual Machine (EVM), which is directly connected to the Cardano blockchain. With the sidechain, the users can move their assets between the two blockchains, enabling the deployment of decentralized Ethereum-based applications on the Cardano network.
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