Cardano [ADA]: Post Hydra’s launch, how has the network fared? Gauging…
- ADA investors’ sentiment improved over the last few days.
- Cardano network’s development activity nosedived in May.
After a sharp leg down witnessed in the last week of April, Cardano [ADA] has made a recovery of sorts in May. As evident from Santiments’ data, transaction volume increased by over 3% in the last 24 hours. Moreover, investors’ sentiment improved for ADA as it crawled back towards positive territory.
Read Cardano’s [ADA] Price Prediction 2023-24
A plausible explanation behind this improved sentiment could be the launch of Cardano’s ambitious layer-2 scaling solution, Hydra, which is expected to make transactions cheaper and faster on the blockchain.
However, this was not the end, as Cardano developers were all set to push more network upgrades in the days to come.
What’s buzzing in the Cardano ecosystem?
On 5 May, Cardano released the most recent edition of its weekly progress report, outlining major technological developments.
As part of its attempts to improve the overall performance and stability of the network, the Cardano networking team worked on making the Ouroboros-network compatible with GHC v.9.4 and v.9.6. They also prepared the release of network packages for the upcoming Cardano-node-8.0.
After the launch of Hydra, the focus now shifts towards the next major scaling solution, Mithril. Moreover, the Mithril team successfully implemented the new certifier service of the aggregator. Apart from this, the team finished implementing the interfaces defined to provide certification for the fully immutable Cardano files snapshot and the Mithril stake distribution.
To add context, Mithril is a stake-based multi-signature scheme that leverages the existing Cardano network to provide certified snapshots of all or part of the blockchain state. This will result in faster bootstrapping of nodes, without compromising on security aspects.
— Input Output (@InputOutputHK) May 5, 2023
Another key update was regarding progress made on CIP-1694. Applications for funding to host workshops on Cardano’s on-chain governance proposal were received and all updates regarding the same will be provided in the days to come.
A change to Cardano’s on-chain governance system is proposed in CIP 1694, which has Voltaire’s birth year as its name.
How much are 1,10,100 ADAs worth today?
Development activity goes the other way
Despite the plethora of network enhancements that were in the pipeline, the development activity on the Cardano network has gone downhill since the start of May. This could potentially deter new investors from making big bets on the ecosystem and ADA.
At the time of writing, ADA was valued at $0.3911, recording a marginal drop in the last 24 hours. ADA witnessed good demand in the futures market as the funding rates across most top exchanges were positive, implying dominance of long position traders.