Successful testnet integration with Cardano’s smart contract functionality and ADA’s entry into the DeFi field brought with it a 139% rally.
The price of Cardano (ADA), the social media affiliate and the excitement about the addition of the smart contract function have pushed ADA out of the bull market of January 2018. It has risen 100% since February 1st, pushing it to the highest price level since Feb.
Data from Cointelegraph Markets and TradingView show that ADA rose from $0.35 on February 1 to its current price of $0.71. This increase made Cardano the 4th-ranked cryptocurrency by total market capitalization.
Will the Increases Continue?
The first escalation started after the group improved the delegation interface in Daedalus. Another notable increase in purchase volume began on February 4, after Cardano tweeted that a smart contract had been successfully launched on its testnet. Data from
TheTIE shows that Cardano’s social media mentions have increased since the start of the year, followed by price and tweet volume increases since the first week of February following the latest announcements. .
The Ethereum network is still dealing with heavy congestion and high gas prices, and staking projects like Cardano are gaining more and more attention.
The metric of ADA staked on the network continued to increase throughout January, with 22.6 billion tokens currently locked, representing 72% of the total supply. There are currently 1,602 active validators on the network, serving a total of 176,696 delegations.
Once smart contract functionality is brought to Cardano’s mainnet, the platform will be able to host a variety of dApps, including decentralized finance (DeFi) protocols, which were one of the main drivers in the growth of the cryptocurrency branch last year.