DeFiLlama data showed that Cardano’s DeFi ecosystem reached a new milestone when the total value of ADA tokens staked on the network passed 430 million.
With staking, people who have ADA tokens can add their tokens to a pool and get benefits based on how much they put in. Staked value is the total USD value of all the tokens that are being used.
The network will be safer and decentralized if more people participate in staking, which will also bring in passive income.
Staking has become more popular than minting, which has been criticized for using more power and energy.
Still, the most recent milestone shows that people are becoming more confident in Cardano’s proof-of-stake (PoS) voting system.
Cardano is more secure because it is not centralized. This makes it less likely that there will be a single point of failure, which may be one reason for the sharp rise in staking.
The smooth integration of Plutus V1 into Plutus V2 is another thing that should be mentioned. Plutus V2 now has all of Plutus V1’s built-in types and features. This has made Cardano work better and given developers more choices.
But what does this do to Cardano’s price?
As more tokens are held, there is less ADA to trade, which creates a shortage. This mismatch between supply and demand could change how much ADA is worth on the market.
Investors who choose to risk their ADA tokens get a chance for the price to go up and also help the network.
In another big change, Cardano’s trading volume in the last 24 hours has been more than $12 million, and the usual weekly volume is $50 million.
On the other hand, the Cardano network recently slowed down, and swaps on its decentralized markets took an hour longer than usual.
Reports say that the problem wasn’t just with one exchange, but with the network that powers it.
Long swaps that took 30 minutes to finish have made a lot of noise in the community.
With its pipelining method, which uses multiple paths and sub-chains to speed up transactions, the recent Vasil hard fork upgrade promises fast transactions.
But the long swaps are a warning that changes need to be made if the network is going to reach its goal of 1 million transactions per second.