Cardano bolsters development activity as Mithril release looms, but ADA…

• Cardano made a leap in terms of scalability last week, as evident from the work done by the Hydra and Mithril teams.
• ADA was down by nearly 2% in the last seven days, but whale activity remained high.

A few days ago, Cardano [ADA] revealed that the date of Mithril’s mainnet launch was around the corner. This was a promising update considering Cardano’s efforts towards increasing its scalability under the BASHO Era. While the BASHO scaling team stepped up their game, other departments also pushed their efforts last week, which was highlighted in the blockchain’s weekly development report. The report not only mentioned the efforts made by multiple teams, but also the network’s updated statistics. 

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A closer look at Cardano’s development activity

The highlight of the week was the Mithril team’s announcement of its mainnet launch. The Mithril team completed the deployment of the mainnet infrastructure for the beta launch. They also kept working on the implementation of a simple stress test tool for benchmarking the aggregator. Apart from Mithril, the Hydra team also worked towards scalability.

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— Input Output (@InputOutputHK) July 23, 2023

The Hydra team focused on exploring event-sourced persistence to improve hydra-node performance. As a result, the protocol logic needed to be reorganized to account for snapshot emission, and the specification also needed to be updated with the new data.

The Plutus tools team kept working on setting up the runtime monitoring for the Marconi sidechain. The development included adding response fields to the indexers, and investigating the standalone emulator functionality.

Another major update came from Cardano’s Daedalus team as it released its Daedalus v.5.3.0 update. As per the official announcement, this update brought support for the new Project Catalyst registration process, improved the stability of the exchange rate conversion feature, and more.

Cardano’s metrics were promising, but ADA was down

Apart from blockchain development, the report also mentioned Cardano’s updated stats. As per the report, the total number of Cardano’s native tokens reached 8.57 million, while its total transactions crossed 71 million.

Though these looked encouraging, ADA investors were having a hard time. As per CoinMarketCap, ADA’s price was reluctant to move up as it went down by nearly 2% in the last seven days. At press time, it was trading at $0.3133 with a market capitalization of over $10.9 billion. 

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The token’s volume also plummeted, reflecting less interest from investors in trading the token. ADA’s 1-week price volatility also fell as the token’s price action remained sluggish.

However, Cardano’s open interest went down, increasing the possibility of a trend reversal. Though investors were not active, whale activity around ADA remained high, which is a positive signal. 

Source: Santiment