Chainlink incorporated Cardano’s ADA and six other cryptocurrencies into its Data Streams platform, providing real-time data for the assets.
The Cardano network has seen fresh adoption after Chainlink announced it has added support for Cardano’s ADA through its Data Streams project. Users can now access on-chain and off-chain data related to the asset through the platform.
New assets supported by #Chainlink Data Streams ↓
ADA – @Cardano
ILV – @illuviumio
INJ – @injective
JTO – @jito_sol
LDO – @LidoFinance
ONDO – @OndoFinance
SUI – @SuiNetwork pic.twitter.com/hTXjpTtJtC— Chainlink (@chainlink) August 30, 2024
In addition to ADA, the new Chainlink additions included assets like Illuvium (ILV), Injective (INJ), Jito (JTO), Lido (LDO), ONDO, and SUI. The Chainlink Data Streams now provide real-time data on 52 different assets, including Bitcoin, XRP, and Shiba Inu.
Launched in 2023, the Chainlink Data Streams provide low-latency, high-frequency data to users off-chain. The technology offers real-time asset prices without delays and utilizes its automated feature to settle transactions on-chain.
Since its debut, the Chainlink Data Streams has seen notable adoptions. Its recent breakthrough was a unanimous vote by the Synthetix Spartan Council to incorporate the Chainlink Data Streams into Synthetix version 3 on the Arbitrum network.
Also, Beefy Finance adopted Chainlink’s Price Feed system, proof of the endless utility the chain’s new product could provide. The multichain yield optimizer noted that the integration would help protect its concentrated liquidity manager across multiple chains.
The addition of ADA reinforces the widespread adoption of the token. Cardano’s ADA remains one of the top assets in the crypto space, commanding a market cap of $12.5 billion.
ADA Sees Large Transaction Volume
Data from IntoTheBlock showed an increased number of whale activities on Cardano’s ADA. The volume of large transactions involving ADA surged, as 16.33 billion ADA was moved in the past 24 hours.
Large Transaction Volume per IntoTheBlock
These figures neared the 7-day large transaction volume high of 16.98 billion ADA as whales continued to transact with the asset. Notably, large-scale movements in this manner signal bullish momentum around the asset.
This further reinforces the positive sentiments surrounding the network following its upcoming Chang upgrade. The September 1 hard fork will improve the blockchain’s functionality and introduce a new governance system.
ADA’s price continued its unimpressive run, trading at $0.3479. The asset is down less than 1% in the past 24 hours and almost 12% in the past seven days.
