The native token of the Cardano blockchain Network shows a Bullish nature because of the three reasons that can act as catalysts to boost the price of ADA coin.
Cardano is a Smart contract-enabled public blockchain Network. Charles Hoskinson, the co-founder of Ethereum, is the founder of this project and the developer company IOHK is known as the highest development activities performer team in this crypto industry, as of data available of 2021, over other crypto projects.
At the time of writing this article, the price of the ADA token is $1.15 and this price is 9.5% low over the last 30 days where the whole crypto industry faced huge correction because of the news of the calendar release to hike the interest rate by the Federal Reserve.
Before the significant correction in the crypto market, ADA touched around $1.6 because of the launch of its first decentralized exchange SundaeSwap on the mainnet. And also some news about the Hydra integration in ADA coin pushed the coin to the next level of popularity, where Cardano blockchain Network achieved the second rank as a smart contract blockchain Network, just after Ethereum.
Cardano surpassed 30 million Transactions
Because of the multiple developments of Defi protocols in the Cardano ecosystem, network use in real transactions is increasing rapidly. Recently Cardano crossed 30 million transactions successfully, where the network didn’t face any kind of offline situation, unlike the Solana network outage.
Block size of Cardano blockchain Network
The developer team behind Cardano blockchain, IOHK, recently announced to increase the size of blocks from 8kb to 80 Kb. This will give a better potential to the Cardano Blockchain to handle high traffic transactions at a time.
After the announcement of this proposal on 1 February, the network facilitated more than 895,000 transactions.
Recently Cardano developers proposed the CIP-35 to bring a short path for the Defi Protocols, which are live in the Cardano network-based Plutus smart contract.
Under this new Proposal, all the developers of this project will go through a more precise and short time to get approval to update their Plutus script in the Cardano ecosystem.
Besides this, Cardano Stack Exchange is also under graduation to go live in the Beta phase.
Right now more than 1,000 projects are under development to get live on the Cardano mainnet and these are showing that soon ADA coin will try to flirt $1.5. However, this is not financial advice but still, we can consider these factors that can help us to figure out the analysis on ADA coin.