Cardano Eyes $1 Valuation Amid Increase Network Activity
Last month, the Cardano network made further attempts to solidify its position as one of the leading platforms in the crypto and blockchain ecosystem. Accordingly, the Cardano development team has been working hard to create new solutions and grow the network to keep up with the increasing popularity of DeFi protocols.
Cardano’s May Performance Report
Meanwhile, as the Cardano network continues to witness a flurry of activities in the DeFi space, the platform’s native asset, ADA, is pushing to reach the $1 price mark. IOHK, Cardano’s parent company, recently published a monthly development report on May 31.
The report highlights the outstanding progress and accomplishments of the network during the previous month. It also emphasized Cardano’s significant advancements in decentralization and development.
Moreover, the Cardano network has introduced 150,000 newly minted native tokens as part of its development drive. The network also incorporated 2,218 token policies, further enhancing its capabilities.
As a result of these developments, there was a significant surge in the network’s activity, with May alone witnessing a remarkable 1.8 million recorded transactions. On top of that, the Cardano network has grown significantly after reportedly deploying more than 500 smart contracts in May.
Thus, the current number of smart contracts on the platform has jumped to 8,333, indicating the platform’s exponential growth in the decentralized finance ecosystem.
The SNEK Memecoin Trend
Recently, the crypto market has seen an emergence of several memecoins following in the footsteps of the PEPE Coin. Throughout May, SNEK consistently generated impressive daily gains of 30%.
The remarkable performance of this memecoin has played a significant role in driving Cardano’s recent surge in activity and transactions. As the meme community enthusiastically embraces SNEK, the token has experienced an astonishing increase of over 1000% since its initial launch.
Towards the end of last month, the SNEK token witnessed a mesmerizing surge of 245%, pushing its value from $0.00044 to $0.0015. As a result of this unprecedented growth, SNEK has emerged as the third-largest token in the Cardano ecosystem regarding market capitalization, ranking just behind VYFI and AGIX.
Cardano’s Decentralization Drive
Meanwhile, the Cardano development team has been busy launching new protocols and trying to move the network toward its final update stage. Their key focus areas include decentralization and scalability.
Another highly anticipated occurrence from May was the introduction of Cardano’s layer-2 scaling solution, Hydra. The primary objective of this solution, as emphasized by Charles Hoskinson, the founder of Cardano, is to establish the network as the fastest blockchain globally.
Furthermore, the PoS Chain recently unveiled the much-anticipated Marlowe update to continue the network’s upgrade. This latest protocol implementation strives to enhance the accessibility of smart contracts for users who lack programming expertise.
It achieves this goal by offering a comprehensive tools ecosystem that caters to diverse users. With the Marlowe update, engaging with smart contracts has become more user-friendly and approachable.
In an exciting development last month, Cardano successfully conducted its inaugural on-chain governance poll test. This significant experiment signals a transformative journey for the Cardano ecosystem.
Once fully implemented, this mechanism will empower every participant on the network to engage and advocate for changes actively. By staking their tokens and delegating their votes, individuals will have the opportunity to shape the future of the network.
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