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▲ Cardano (ADA)/AI Generated Image
Cardano (ADA) ranked 4th in decentralization, receiving the assessment that the possibility of network takeover is virtually very low.
On June 23 (local time), according to the cryptocurrency specialized media The Crypto Basic, Cardano was counted as the 4th most decentralized network among major blockchains based on the Nakamoto coefficient. Decentralization is an indicator that shows how evenly control and authority are distributed among network participants.
Cardano's Nakamoto coefficient was calculated to be 23. This means that consensus from 23 independent participants is required to compromise the network. The Crypto Basic reported that this condition is considered an almost impossible scenario in reality.
Only three networks recorded higher rankings than Cardano. Polkadot (DOT) ranked 1st with a Nakamoto coefficient of 178. Ton Network (TON) was 2nd with 72, and Avalanche (AVAX) came in 3rd with 26.
Cardano's rise in ranking is analyzed to have been influenced by the introduction of fully decentralized governance through the Plomin hard fork. This transition involves transferring network control to ADA holders. Holders can directly decide the main direction of the network.
The decrease in transaction fees also drew attention. As of June 22, Cardano's average transaction fee was recorded at $0.056. This is one of the lowest levels since March. The Crypto Basic analyzed that low fees could reduce the cost of using Cardano and be a positive factor in expanding adoption.
*Disclaimer: This article is for investment reference only, and we are not responsible for investment losses based on it. The content should be interpreted for informational purposes only.*
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