According to data science firm IntoTheBlock, as Cardano’s native asset ADA reached a new all-time high of $2.55 earlier today, it also showed significant rises in several key metric directions, pushing ADA to the new historic peak alongside the upcoming smart contract launch in September.
ADA has seen an increase in a number of critical metrics.
Earlier today, ADA showed a 20% increase in the previous twenty-four hours before reaching a new historic high of $2.55 on the CoinMarketCap analytics website.
According to a recent tweet from the IntoTheBlock team, ADA now has a year-to-date price increase of 1,304.71 percent. Furthermore, it has seen a surge in the number of new holders – 1.484 million as of now, representing a 233% increase.
The number of profitable addresses has increased from 80% to 20%. Aside from that, the ADA has recorded a record number of hodlers, totaling 226,000.
According to IntoTheBlock, the announcement by Cardano that the feature for creating smart contracts would be released in September as part of the Alonzo hard fork was a major factor in the coin’s rise to a new all-time high.
$ADA blasted through the previous ATH propelled by the anticipated launch of smart contractsA recap of the performance YTD1,304.71% price increase1,.484m new holders (233% increase)Addresses in profit increased from 80% to 100%Record number of hodlers (226k) pic.twitter.com/z2djfMGnG3— IntoTheBlock (@intotheblock) August 20, 2021
ADA is appealing to institutional investors.
According to CoinShares data, ADA received $1.3 million inflows from financial institutions via this company over the past week, as previously reported by U.Today. This far outpaced inflows into XRP, XLM, and DOT.
The amount of ADA inflows over the last month totals $2.1 million. At the moment, the total amount of ADA managed by the company is $47 million.
Furthermore, Grayscale Investments, the world’s largest crypto hedge fund, has recently added Cardano’s native asset to its list of crypto-based trusts. Grayscale ADA Trust is the third most popular among the company’s institutional clients.
Cardano is developing a new stablecoin.
Djed, a new algorithmic stablecoin protocol proposed by Cardano developers, is a concept for a new algorithmic stablecoin protocol.
Djed will be able to avoid major issues that other stablecoins have encountered. Cardano developers are developing an algorithmic stablecoin. It will easily integrate into any type of DeFi protocol.
Djed will also have an autonomous bank, and the process of minting new coins and backing them with the base coin will be stable and controlled thanks to its smart contract design.
Djed will initially be backed by USD, but it can be pegged to any fiat currency.