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Cardano (ADA) up 13%, Here Are Possible Reasons

Wed, 03/22/2023 - 09:56
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Godfrey Benjamin
Cardano's newly launched Dynamic P2P feature might be driving its growth
Cardano (ADA) up 13%, Here Are Possible Reasons
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Cardano (ADA), the highly versatile proof-of-stake (PoS) Layer 1 blockchain protocol is seeing high growth potential today as it is trading at a price of $0.3727, up 13.77% at the time of writing. Cardano's growth action, though not new, is impressive considering how much of a conservative push it has recorded in recent times.

Looking at Cardano's on-chain metrics, we discovered a healthy growth spread across the board. The current upsurge is being pushed by a positive ecosystem embrace that is reflected in trading volume, which is up by more than 192%. With its current price action, Cardano is now gradually paring off its losses over the past week with an 8.44% gain in that time span.

The Cardano ecosystem has recorded notable organic milestones thus far, and in the recent update from the parent company, Input Output Hong Kong, a new feature dubbed Dynamic P2P has now been rolled out on the mainnet.

As detailed by the start-up, Dynamic Peer-to-Peer (P2P) networking comes with the release of node v.1.35.6, and it will enhance communication between distributed nodes.

"Dynamic P2P networking is an important evolution for Cardano and a further boost to the network's performance, resilience, and decentralization," the protocol said.

Cardano's First-Ever L2 Solution Hydra to Work in Lego-like Manner

Banking on ecosystem growth

The Cardano growth trigger has always hinged on the ability of the protocol to create new innovations that can help power proper ecosystem growth across the board.

The release of node v.1.35.6 is just one of many efforts the protocol has made in recent times to make life easy for those building or actively participating in keeping the network operational.

From the launch of the DJED stablecoin to plans to float its scalability solution Hydra, Cardano remains at the forefront of DeFi innovation, and this is billed to have a more positive impact on the bearing of ADA moving forward.

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About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on, Cryptonews and Coingape, among others.