There is a massive amount of money being invested in Cardano platform ahead of the Alonzo upgrade. It was only a few weeks ago when the amount of money staked in Cardano platform reached $31 Billion. And now, reports indicate an astonishing 10.1 million weekly inflows into ADA-related products. You can read more about the Cardano Platform and ADA here.
Cardano Platform Weekly Inflows Break Records
In the latest report published by Coinshares, there has been $10.1 million inflow into ADA. With a monthly Inflows of $18.7, it is clear that the investors are rushing in to invest in Cardano Platform. Taking a look at the published chart, ADA is still behind Ethereum. However, if the current rate of investments keeps up, it might very well take the winning spot.
This massive success is partly due to the anticipations for the Alonzo upgrade. A part of Alonzo called “Purple Upgrade” will go live on September 12 Bringing smart contract capability to the network. Another contributor to the rise in inflows is simply the more than double growth in value for ADA in August, reaching almost $3.
Diversity Sells!
The smart contract capability would open so many doors for the Cardano Platform. A crucial step that has proven to be incredibly beneficial for their main competitor Ethereum. As the Cardano Platform expands its capabilities, their native Token ADA will have much more utility in return. This will ensure that ADA`s market cap keeps on a steady rise.
In a recent interview with Insider, Dmitry Mishunin, founder and CEO of HashEX told Insider “As smart contracts enabling Blockchains, the duo of Cardano and Ethereum have the propensity to harbor countless innovative projects. These projects, in turn, will promote the utility of the native tokens for both Blockchains, driving their valuations,”
Cardano Platform for the win
Taking a look at ADA`s performance, it looks to be as safe as an investment as one can make. Showing great resistance when faced with a brutally bearish market, ADA managed to keep its value and even make big bullish runs. At the same time, considering the enormous amounts of money that flows into either the Cardano Platform or ADA, investors simply can have enough ADA in their wallets.
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