Cardano’s Ecosystem Thrives: Nearing 100 Million Transactions and Growing TVL

• Cardano network has almost completed 100 million transactions.
• The network has a stablecoin market cap of $15.6 million at the time of writing.
• The Chang Hard fork is expected to be completed by July-end.

Cardano, an Ethereum scaling solution, is showing signs of a thriving ecosystem and increased user adoption, as the network has nearly completed 100 million transactions and continues to attract more users with the upcoming Chang hard fork and improved governance models.

As noted by TapTools, a token, NFT, and wallet tracking platform, the Cardano blockchain has nearly reached 100 million transactions, and the total value locked (TVL) in the ecosystem is also growing.

According to data from DefiLlama, the Cardano blockchain has a TVL of $232.4 million, considerably down from its all-time high of $470 million in March. However, with upcoming upgrades to the network, there is a significant possibility of the TVL increasing substantially in the near future.

Cardano’s stablecoin market capitalization is also growing and currently stands at $15.6 million. Hydra, a scalability architecture designed to layer on top of the network’s existing settlement layer, is also set to debut in the near future. The Chang hard fork, part of the Voltaire phase, is slated to be completed by the end of July.

The blockchain network also recently completed the voting process for its Interim Constitutional Committee (ICC), which saw voters stake 455,779,792 ADA tokens. The ICC will be responsible for the governance of the ecosystem until the Cardano Constitution is established. The Constitution will be the final step in the network’s journey towards a fully decentralized infrastructure.

According to CoinMarketCap data , the native token of the blockchain, ADA, is currently trading at $0.4208, with a 29.53% drop in trading volume. The altcoin is down 6.00% in the last seven days but is up 11.51% in the past month.

The chart provided by TradingView below confirms that the bulls and the bears are evenly matched, as the trading volume has taken a hit recently.

Furthermore, the Relative Strength Index (RSI) for the ADA price action reads 50.53, which confirms that the bulls and the bears are evenly matched. However, the gradient of the line suggests the possibility of higher prices.