- Cardano’s development activity has been steadily rising in May.
- Market mood was yet to rebound following a precipitous drop from mid-April highs.
Cardano [ADA], one of the biggest proof-of-stake (PoS) blockchains in the crypto space, has witnessed a remarkable growth in its network activity and decentralized finance (DeFi) landscape of late.
Read Cardano’s [ADA] Price Prediction 2023-24
A Cardano community member stated on Twitter that up until May 24th, there were about two million transactions on the chain on a month-to-date (MTD) basis. This was primarily driven by DeFi activity.
#Cardano community, May was a MASSIVE month for our defi. In only 24 days @Cardano did 2 MILLION transactions. See below May 2 snapshot & todays data release. ?? @cardano_whale @IOHK_Charles @ArmySpies @CryptoIRELAND1 $ADA pic.twitter.com/aGfoAzlOIy
— Chris O (@TheOCcryptobro) May 26, 2023
ADA’s price movement reflected the surge in network traffic. The coin made gains of 2.61% in the last 24 hours to trade at $0.366 at press time, per Santiment. However, market mood was yet to rebound following a precipitous drop from mid-April highs, as weighted sentiment was still in the negative zone.
Source: Santiment
But this didn’t deter Cardano developers from upgrading and polishing the network’s features.
What’s cooking in Cardano’s kitchen?
Cardano published the latest edition of its weekly development report on 26 May, highlighting key technological developments over the past week.
The core technology teams continue to improve node, networking, and ledger functionality.
As far as progress on wallets and services was concerned, the Lace development team added the capability to import multi-address wallets into the Lace wallet in preparing for adding multi-delegation UI components. On the other hand, the Adrestia team worked on separating out the balance TX library, enhancing the database layer, and multi-signature wallet delegation functionality.
As part of the efforts to improve Cardano’s scalability, the Hydra team focused on CI efficiency, documentation improvements, implementing a feature for time validity ranges in transactions. It should be recollected that Hydra Head, a layer-2 protocol designed to bolster Cardano’s scalability, went live on the mainnet earlier in the month.
The Mithril team spent the previous week working on implementing the framework to sign general forms of data in the client node. Most importantly, the team implemented the new stake distribution and upgraded Mithril networks to the recently released node v.8.0.0.
The efforts of Cardano’s developers were captured in the steadily rising graph of development activity. Thus, investors were assured that future upgrades would meet their deadlines. This, in turn, boosted ADA’s value proposition.
Source: Santiment
How much are 1,10,100 ADAs worth today?
ADA stays lukewarm
Over the last few weeks, ADA’s volatility has fallen, causing it to move in a narrow trading range between $0.36-0.37. This has resulted in reduced speculative interest for ADA with the Open Interest (OI) also remaining tepid, per Coinglass data.
Source: Coinglass
ADA’s weighted funding rate has flipped into the green, suggesting that bullish leverage traders still had an edge.
Source: Coinglass
