- Developers continued to focus on the Marlowe smart contract tool.
- Cardano’s development activity has died down over the past week.
Cardano [ADA]one of the largest proof-of-stake (PoS) blockchains, experienced a strong rebound in DeFi activity in 2023 after emerging from the depths of the 2022 bear market.
Since the start of the year, Cardano’s total value locked (TVL) has tripled in value to $210 million at the time of going to press. According to DeFiLlama, Cardano was one of the best performing chains in the past 30 days, growing at 12.55%.
Source: DeFiLlama
Cardano’s DeFi performance provided enough boost for native token ADA, which was up 3.61% last week and changed hands at $0.3776 at the time of writing, data from CoinMarketCap showed.
A big factor that spurred the general public’s adoption of Cardano was the work done by its pool of developers.
Summary of the development report
Cardano published the latest edition of its weekly development report on June 2, highlighting the most significant technology improvements made over the past week.
The most notable of these was the launch of Marlowe, a new tool for creating smart contracts on the mainnet. Apart from this, the team worked on the implementation of Marlowe Playground along with the GetContract query and automated end-to-end testing scenarios.
Marlowe Playground is a tool to simulate and verify smart contracts in a test environment.
What is going on #Cardano? Check out this week’s development update at #EssentialCardano and stay on top of the latest developments in core technology, portfolios and services, smart contracts, scaling, governance and more.https://t.co/SkQcG07JnU
— Input Output (@InputOutputHK) June 2, 2023
The core technology team worked on the upcoming node v.8.1.0, which will introduce improvements such as more Conway-era support, era boundary optimizations, and new network packages. In addition, the ledger team made progress in the Conway ledger era.
In terms of scaling, the Hydra team held their monthly review meeting and improved benchmarks and version reporting. In contrast, the Mithril team completed upgrading the Cardano node in the Mithril networks to version 8.0.0.
Hydra and Mithril are part of Cardano’s ambitious Basho roadmap, aimed at improving network scalability and interoperability.
Meanwhile, things progressed in the Volatire era as discussions took place about the minimum viable governance (MVG) framework for participatory governance. A change to Cardano’s on-chain operating system is proposed in CIP 1694, which is named Voltaire’s year of birth.
How much are 1,10,100 ADAs worth today?
ADA has these concerns
Surprisingly, Cardano’s development activity ebbed over the past week, raising concerns about the timelines of the aforementioned upgrades. Cryptocurrency investors are often attracted to networks with a healthy development ecosystem.
In addition, ADA’s weighted sentiment, which presumably peaked due to the launch of Marlowe, fell back into negative territory. However, with a bullish ADA trajectory, investors could start betting on the token again.
Source: Sentiment