Cardano's Dormant Wallet Activity Hits Highest In 18 Months

In the midst of a bullish trend in the cryptocurrency market, Cardano’s ADA has recently recorded a significant surge in activity. In the last days of “Uptober,” ADA experienced a remarkable milestone, with the highest number of older wallets moving the coin since April 2022. This uptick in movement suggests a renewed circulation of coins within the Cardano network, indicating increased investor activity.

Notably, large holders of ADA, including whales and sharks with holdings ranging from 100k to 10 million ADA, have accumulated a staggering $48 million in just a span of two weeks. These strategic moves by influential investor groups have catalyzed a price rally for ADA. As of the latest update, the leading token is valued at $0.30, reflecting a 2.3% increase in the past 24 hours. Over the course of the past month, Cardano’s price has surged by an impressive 18.30%, further bolstering investor confidence.

Cardano, established in 2017 as a Proof-of-Stake [PoS] layer-1 smart contract network, encountered a relatively quiet period in the crypto market during the third quarter of 2023. Despite encountering challenges such as a decline in ADA’s price and revenue, the network showcased growth in key areas. ADA demonstrated improvements in its treasury balance, stablecoin market cap, and Total Value Locked [TVL] ranking. Additionally, its robust infrastructure and connections with other ecosystems have paved the way for future developments in the decentralized finance [DeFi] sector.

Cardano Foundation Introduce Open Source Rewards Calculation

In a strategic move to enhance operational resilience, the Cardano Foundation recently made a significant contribution by open-sourcing a node-independent reward calculation system. This initiative aims to ensure the network’s stability by enabling delegators and stake pool operators [SPOs] to receive rewards in a manner that is independent of a single implementation. Furthermore, the foundation is committed to providing comprehensive documentation related to Cardano’s treasury, reserves, and pool rewards, contributing to greater transparency and accountability within the Cardano ecosystem.

Open-sourcing the rewards calculation can empower public inspection, review, and verification of the algorithm as well as the code used to determine how rewards are distributed. As an open-source repository, the rewards calculation further engages the community, propelling everyone to contribute as much documentation as possible.