- Cardano recorded 69.1 million cumulative transactions.
- The Cardano team introduced new features, but DeFi growth remained limited.
The Cardano [ADA] network was severely impacted by the recent SEC lawsuit. However, despite the uncertainty brought on by these developments, network activity remained high. According to IOHK, the number of transactions occurring on Cardano reached 69.1 million at press time, demonstrating continued network usage and adoption.
Is your portfolio green? Check out the Cardano Profit Calculator
Work on Cardano network continues
Amidst all the volatility, the Cardano team continued to add new features to its technology, showcasing its commitment to progress and innovation.
ICYMI: the #EssentialCardano development update is live and packed full of all the details of what’s been going on development-wise on #Cardano.
Check it out now! https://t.co/b7g2l99W2x
— Input Output (@InputOutputHK) June 18, 2023
One such feature is the inclusion of light peer sharing feature, which allows the inclusion of inbound peers into the outbound governor’s known peers. This functionality aims to expand network participation and enhance decentralization. The experimental peer-sharing feature will be enabled after the completion of the Genesis implementation.
Speaking of Genesis, this upcoming release holds great significance. It will enable participants to safely join the network without the need to rely on selected peers for an accurate snapshot of the blockchain state. This will enhance security and accessibility on the network.
Significant progress has been made on the UTXO HD feature as well, with the merger of the prototype branch and the latest ouroboros-consensus main branch. This integration, connected to cardano-node 8.1.1-pre, includes the recently released mempool fairness fix.
Unfortunately, these developments were not enough to propel Cardano’s DeFi sector.
Looking at the DeFi angle
At press time, Cardano’s TVL declined materially. Additionally, decentralized exchange (DEX) volumes on the network fell as well, potentially reflecting the overall market conditions.
Source: Artemis
However, the progress of DEXes such as SundaeSwap could turn things around for Cardano.
JUST IN: Cardano $ADA DEX SundaeSwap $SUNDAE daily volume surpasses 1 million ADA.
— Adaverse News | Cardano and Ergo News (@AdaverseNews) June 19, 2023
Realistic or not, here’s ADA’s market cap in BTC’s terms
How did ADA fare?
ADA has yet to recover from the impact of the SEC lawsuit. It has continued to trade below its monthly high, sitting at $0.262 at press time, with both its volume and price experiencing a significant decline.
Interestingly, despite the decline in price, the number of addresses holding ADA had increased. This possibly hinted at the growing retail interest in ADA and a potential base of long-term supporters.
Source: Santiment
