Cardano’s Net Inflows Hit $400K In A Week-Report
Cardano witnessed a steep spike in its net inflows, a fourfold increase over the course of a week, as per a report published by digital asset management firm CoinShares. The weekly funds flow on the PoS blockchain totaled $400,000...
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September 14, 2022 by Lipika Deka
Cardano witnessed a steep spike in its net inflows, a fourfold increase over the course of a week, as per a report published by digital asset management firm CoinShares.
The weekly funds flow on the PoS blockchain totaled $400,000 and $14.1 million on a monthly and annual basis, respectively.
Exchange inflow is the rate at which the amount of coin is deposited into the exchange wallets. The latest surge before the much-awaited Vasil hard fork reflects investors’ desire to trade.
In addition to that, the asset is one of the only cryptocurrencies with a positive fund flow balance.
With regards to other altcoins, XRP and Solana [SOL], have lesser inflows compared to Cardano
As for the largest crypto asset, Bitcoin outflows totaled $13 million, while short-bitcoin investment products saw inflows reaching $11 million highlighting continued negative sentiment.
Ethereum, on the other hand, saw outflows, totaling $62 million last week.
“This comes despite the improved certainty of the Merge [expected to be on or around 15th September] and perhaps highlights a concern amongst investors that the event might not go as planned”, the report read.
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95% of blocks were already arriving from 1.35.3 nodes as of September 12th. It is worth recalling that version 1.35.3 was selected as the final candidate for the Vasil hard fork, and the network had to proceed with the upgrade in order to meet the 75% requirement.
The majority of the largest exchanges by liquidity have either integrated Vasil or started preparing for the high-stakes upgrade. This includes such big names as Binance and Coinbase.
Meanwhile, ChangellyPRO and ZB.com are the only top 12 exchanges by liquidity that haven’t started integrating the upgrade.
Others such as Zipmex, CEX.io, CoinDCX, and Coinbase Pro are among those exchanges that are yet to get on board.
The much-anticipated Cardano upgrade, named after the late honorary community member Vasil Dabov, has been scheduled to go live on Sept. 22. All of the top DeFi projects by total value locked [TVL] for decentralized applications have either begun testing version 1.35.3 in pre-production or have already done so.
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