Cardano Surpasses 111 Million Transactions, 27% Developer Activity Growth

Cardano has achieved a significant milestone by surpassing 111 million transactions on its blockchain network. This accomplishment highlights the network's robust performance and growing user base, reinforcing its position as a leading Layer-1 network offering utility-based solutions in the decentralized space. The network has maintained an impressive seven years of uninterrupted uptime, demonstrating its reliability and efficiency in handling multiple transactions without performance dips.

In addition to this milestone, the Cardano ecosystem continues to expand with 2,005 active projects currently building on the platform. Developer activity has increased by 27% based on GitHub commit data, indicating a strong commitment to advancing the ADA ecosystem. The network also supports 138,996 Plutus scripts and 7,682 Aiken scripts, showcasing its growing smart contract deployment capabilities. Furthermore, the network hosts 10.84 million native tokens and 217,415 token policies, reflecting its diverse and active community.

The Cardano network has also seen a surge in delegated representatives (DReps), with 1,377 DReps, of which 976 are active. This increase signals community expansion and greater on-chain oversight. In the past 67 days, the platform has recorded 276 billion ADA transactions, totaling $165 billion at current market rates. Additionally, holders have staked over 22 billion ADA, representing about 62% of the circulating supply. This massive staking record underscores the deep belief and strong confidence in the network’s future performance.

The growing bullish sentiment and increased adoption have contributed to the Cardano community's positive outlook. Approximately 93.8% of users on CoinMarketCap are favoring the asset to be bullish, reflecting the community's optimism about the network's future. The network's strong performance and increased utility have also attracted attention from market participants, who are closely monitoring its price movements.

At the time of writing, Cardano (ADA) is trading at $0.57, facing repeated rejection at the $0.60 price mark. Crypto commentator Ali Martinez explained that if ADA closes above $0.67, it could kickstart a significant price movement. Based on previous significant swing high and low calculations, the predicted price range aligns with the 0.5 and 0.382 Fibonacci retracement levels, which served as resistance zones early last year and could become key price targets if upside pressure mounts.

Prominent market personality Lucky Luciano is bullish on the asset, suggesting it is bound to hit “higher levels.” Assuming ADA reclaims its November 2023 peak, Lucky believes it could hit a long-term target of $1.32. CoinCodex’s price prediction model aligns with this long-range forecast, projecting the coin to trade between $1.18 and $1.31 by December 2027. If the predicted ADA breakout above $0.80 holds, the token could initiate another leg higher, resembling its epic 2020 rally.

Cardano is also underway with a new development called Project Acropolis, which aims to simplify dApp development on the network. With this new program, builders can create dApps directly within the Cardano node, eliminating the need for rigorous workarounds and technical maneuvers. Project Acropolis is designed to provide developers with a seamless and easy way to create apps on the network, potentially positioning Cardano as a top layer-1 network in the cryptosphere. The project, launched in October 2024, is still in its early days, but experts believe it has the potential to go mainstream and attract more developers to the platform.