Cardano piques investor interest as network breaks two-week slump
- ADA’s transaction volume shot up by 38% over the week.
- Cardano’s development activity showed a steady decline over the past week.
Cardano [ADA] broke out of its two-week downtrend to post gains of 2.8% in the last seven days, data from Santiment showed. At the time of publication, the native token of the decentralized proof-of-stake blockchain was exchanging hands at $0.3652.
Read Cardano’s [ADA] Price Prediction 2023-24
The uptick was driven by strong demand as ADA’s transaction volume shot up by 38% over the week. However, the network activity did not instill much hope as the number of daily active addresses decreased following a brief upswing over the course of the week.
Meanwhile, Cardano developers continued to work on different projects to improve the capabilities of the network and increase mainstream adoption.
Summary of weekly developments
Cardano published the latest edition of its weekly development report on 20 May, encapsulating some significant improvements.
As far as enhancements on the core technology were concerned, the networking team improved switching between root and ledger peers, worked on Eclipse Evasion, and enhanced the handshake protocol.
The consensus team continued to focus on the implementation of Ouroboros Genesis design and the team collaborated with counterparts from research and networking teams to bring more improvements.
Currently running on Ouroboros Praos, the Cardano network plans to make a transition to Genesis in 2023.
Genesis’ primary feature enables users to join the network securely without having to rely on certain peers to accurately capture the status of the blockchain at the time of joining.
As part of the roadmap to improve Cardano’s scalability, there were some major accomplishments. Hydra Head, a layer-2 protocol designed to bolster Cardano’s scalability, went live on the mainnet.
The Hydra team addressed inconsistencies in rollback handling and added a Hydra node architecture explainer to the website to provide more clarity.
Moreover, the Mithril team finalized the implementation of the framework to sign generic types of data in the aggregator and the signer nodes.
Hydra and Mithril are part of Cardano’s ambitious Basho roadmap, focused on improving the scalability and interoperability of the network.
While Cardano’s attempts at upgrading the network were praiseworthy, the development activity showed a steady decline over the past week. This could also affect the timelines for the enhancements, putting new investors away.
How much are 1,10,100 ADAs worth today?
Staked ADA count surges
Cardano continued its march in the decentralized finance (DeFi) landscape.
Over the past week, the network’s total value locked (TVL) in ADA went past 400 million. It was inching swiftly towards the 500 million mark at press time, as per DeFiLlama.