- Cardano’s weekly dev report discussed the efforts made by its multiple teams, over the past seven days, to improve the network.
- On-chain performance was decent, but ADA’s price disappointed investors.
gimbal [ADA] has pushed its efforts in terms of scalability, which is the main goal of its fourth generation BASHO.
A few weeks ago it was revealed that the Hydra team continues to work on a gold test suite for Hydra Plutus scripts while also working on hydra-node mainnet compatibility. Since then, there have been many new updates.
Read Cardan [ADA] Price prediction 2023-24
Amplified efforts for scaling
gimbalThe latest edition of its weekly dev report highlighted areas where developers have been working in the past week to evolve the blockchain.
ICYMI: All updates on core technology, wallets and services, smart contracts, scaling and governance are in this week’s dev update. Live of #EssentialCardano. https://t.co/JHHN0twgNF
— Input Output (@InputOutputHK) April 9, 2023
The Hydra team performed semi-automated smoke tests and updated the draft documentation while ensuring compatibility of the hydra node with the mainnet. According to the report, the team also fixed a few issues and made the aperture heads more protocol-robust.
On the other hand, the Mithril team has released a new distribution 2313.0 which implements minor improvements and bugfixes. The team has upgraded the version of the Cardano node used in the Mithril and devnet testnets to 1.35.6.
Other Notable Updates
Apart from these, a few other notable developments include the completion of the UTXO-HD prototype refactoring. The report also highlighted updated statistics from the Cardano network.
For example, the gimbal the network’s native tokens reached 8.9 billion and the total number of transactions reached 64.2 million. There have been over 1,220 projects built on Cardano, and the number of projects launched has reached 122.
On-chain weekly performance remained promising
It was surprising that despite the aforementioned updates, ADA development activity has decreased over the past week, which is generally a negative signal. However, other than that, the rest of the metrics were in decent states.
Demand for ADA in the futures market has increased, as evidenced by its Binance green funding rate. Cardano’s social dominance has increased several times over the past week, suggesting an increase in its popularity.
ADA has also managed to remain popular among whales – its number of whale transactions has remained consistently high. Apart from these, ADA’s TVL has been on a uptrend for a while.
Realistic or not, here ADA market capitalization in BTCterms
Investors haven’t had a happy week?
While the metrics looked bullish for Cardano, the same cannot be said for the token’s price action, which was in favor of the bears. According to CoinMarketCap, ADAThe price of is down more than 3% in the past seven days.
At press time it was trade at $0.3884 with a market cap of over $13.5 billion. The direction that ADA will take in the coming week will be quite interesting to analyze.