- ADA’s transaction volume shot up 38% over the course of the week.
- Cardano’s development activity has shown a steady decline over the past week.
Cardano [ADA] broke out of the two-week downtrend and posted a 2.8% gain over the past seven days, data from Santiment showed. At the time of publication, the original token of the decentralized proof-of-stake blockchain was exchanging hands for $0.3652.
Read Cardanos [ADA] Price Forecast 2023-24
The uptick was driven by strong demand as ADA’s transaction volume rose 38% over the week. However, network activity did not give much hope as the number of daily active addresses decreased after a brief rebound during the week.
Source: Sentiment
Meanwhile, Cardano developers continued to work on various projects to improve the network’s capabilities and increase widespread adoption.
Summary of weekly developments
Cardano released the latest edition of its weekly development report on May 20, which summarized a number of key improvements.
In terms of core technology improvements, the network team improved switching between root and ledger peers, worked on Eclipse Evasion, and improved the handshake protocol.
The consensus team continued to focus on the implementation of the Ouroboros Genesis design and the team worked with counterparts from research and network teams to make more improvements.
The Cardano network currently runs on Ouroboros Praos and plans to move to Genesis in 2023.
The primary function of Genesis is to allow users to join the network securely without relying on certain peers to accurately record the state of the blockchain at the time of joining.
As part of the roadmap to improve Cardano’s scalability, there were some key achievements. Hydra Head, a layer-2 protocol designed to boost Cardano’s scalability, went live on the mainnet.
The Hydra team has addressed inconsistencies in rollback handling and added an explanation of the Hydra node architecture to the website to provide further clarity.
In addition, the Mithril team completed the implementation of the framework for signing generic types of data in the aggregator and signers.
Hydra and Mithril are part of Cardano’s ambitious Basho roadmap, aimed at improving network scalability and interoperability.
While Cardano’s efforts to upgrade the network have been commendable, development activity has shown a steady decline over the past week. This can also affect the timelines for the improvements, deterring new investors.
Source: Sentiment
How much are 1,10,100 ADAs worth today?
Deployed number of ADA increases
Cardano continued its rise in the decentralized finance (DeFi) landscape.
Last week, the total value of the network (TVL) in ADA passed 400 million. According to DeFiLlama, it was quickly moving towards the 500 million mark at the time of writing.
Source: DeFiLlama
