⏰ Act Early, Profit Big!
Be among the first to access the newest altcoins. Don't miss out, click now!

Cardano (ADA) Surpasses 10 Million Tokens: A Major Milestone in Crypto History

  • The Cardano network has reached a significant milestone, surpassing 10 million native tokens.
  • This achievement underscores Cardano’s increasing adoption within the blockchain and cryptocurrency space.
  • Native tokens allow the transacting of multi-assets on Cardano, uniquely enabling users to transact with ADA and an unlimited number of user-defined tokens natively.

Cardano’s native tokens surpass 10 million, marking a significant milestone in blockchain adoption and functionality.

Cardano’s Native Token Milestone

The Cardano network has achieved a remarkable milestone by surpassing 10 million native tokens. This accomplishment highlights the growing adoption and utility of Cardano within the blockchain and cryptocurrency ecosystem. Native tokens on Cardano allow for the seamless transacting of multiple assets, including ADA and user-defined tokens, without the need for complex smart contracts. This native support simplifies the process for developers and reduces the risk of manual errors, as the ledger manages all token-related functionalities.

Advantages for Developers

One of the key benefits of Cardano’s native tokens is the elimination of the need for smart contracts to handle custom tokens. This reduces an additional layer of complexity and the possibility of manual errors. Developers can focus on building innovative applications without worrying about the intricacies of token management. According to the most recent weekly report, the network has reached 10 million native tokens with 120,576 token policies. Additionally, network transactions have reached 90.8 million, and Plutus scripts are at 46,698.

ADA Price Action

ADA’s recent price rise appears to have stalled under the pressure of its daily moving averages. ADA began to rise gradually and reached highs of $0.51 on May 21 before encountering resistance. After that, ADA decreased for four consecutive days before rising again. Selling has continued, with ADA down 0.33% to $0.4611 at the time of writing, during the last 24 hours.

The 50-day and 200-day simple moving averages (SMA) have posed significant barriers to ADA’s rising trend since the beginning of April. Further conjecture over the short-term price trajectory of ADA is raised by a recent crossing that showed a death cross. The 50-day EMA serves as an immediate resistance level for ADA in the short term, which it must surpass to indicate a possible rally.

Market Outlook

Following the approval of Ethereum ETFs, traders, and analysts will continue to watch the indicators and market signals closely, ready to adjust their strategies in response to ADA’s next significant move. The coming days and weeks will be crucial in determining the direction of ADA’s price. Looking ahead, the Cardano network is poised for further growth and expansion. The continued development of its smart contract capabilities and upcoming upgrades, such as the Chang network upgrade, are expected to attract even more users to the platform.

Conclusion

Cardano’s achievement of surpassing 10 million native tokens marks a significant milestone in its journey towards widespread adoption and functionality. The network’s unique ability to handle multiple assets natively without the need for complex smart contracts provides a distinct advantage for developers. As ADA navigates its price fluctuations, the continued development and upcoming upgrades are likely to drive further growth and user engagement on the Cardano platform.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.

BREAKING NEWS

Whale Sells 1,085 ETH and Opens $19.82M 10x Leverage Long Position

A prominent cryptocurrency whale recently executed a significant transaction...

Major ETH Whales Boost Holdings by Over 43,000 ETH Worth $145M Amid Institutional Accumulation Trend

Recent data from EmberCN reveals that two prominent Ethereum...

Whales and Institutions Boost Ethereum Holdings by 43,591 ETH Worth $145 Million

Two prominent crypto whales or institutional investors have significantly...

Whale Transfers $2.82M KAITO to Binance, Incurring $1.17M Loss Amid 43% Price Drop

On July 24, prominent on-chain analyst Ai Yi (@ai_9684xtpa)...

Trump Family’s WLFI Crypto Project Buys Over 10,500 ETH Worth $38M, Showing $511K Unrealized Profit

On July 24, on-chain analyst Ai Yi (@ai_9684xtpa) reported...
spot_imgspot_imgspot_img

Related Articles

spot_imgspot_imgspot_imgspot_img

Popular Categories

spot_imgspot_imgspot_img