The Cardano (ADA) network has seen significant growth in its activity, which recently saw it top the 50,000 daily active addresses mark at a time in which the price of the cryptocurrency has been enduring a significant downturn.
The number of daily active addresses on Cardano surged to 50,828 earlier this week according to data from on-chain analytics firm Santiment first shared by popular cryptocurrency analyst Ali Martinez on the microblogging platform X.
Ali Martinez on X
As reported, whales on the Cardano network have recently been accumulating the cryptocurrency, having acquired over 100 million ADA tokens in around two days last week.
Cardano’s ADA is at the time of writing trading around $0.99 after falling more than 12% over the past week amid a correction that came after the cryptocurrency’s price surged more than 200% in a rally that started in November.
Cardano is experiencing several significant developments. Notably, the Plomin hard fork, a major upgrade that builds upon the Chang hard fork in September, empowers ADA token holders to directly participate in the protocol’s future through its governance system.
By delegating their voting power to Delegated Representatives (DReps) or assuming the role of DReps, ADA token holders gain the ability to vote on-chain. Beyond governance, the hard fork introduces various technical enhancements, including new Plutus primitives that enhance smart contract functionality and provide improved support for Stake Pool Operators.
Featured image via Unsplash.
