Decoding Cardano’s weekly development report for your next trade

• Cardano’s weekly development report discussed the efforts made by its multiple teams, over the past seven days, to improve the network. 
• On-chain performance was decent, but ADA’s price disappointed investors. 

Cardano [ADA] has been pushing its efforts in terms of scalability, which is the primary focus of its fourth-era BASHO.

A few weeks ago, it was revealed that the Hydra team continued to work on a golden test suite for Hydra Plutus scripts while also working on hydra-node mainnet compatibility. Since then, there have been a lot of new updates.

Read Cardano’s [ADA] Price Prediction 2023-24

Amplified efforts for scaling

Cardano’s latest edition of its weekly development report highlighted the areas in which the developers worked in the last week to scale the blockchain.

The Hydra team carried out semi-automated smoke tests and updated draft documentation while they worked on ensuring the hydra-node’s compatibility with the mainnet. As per the report, the team also fixed a few issues and made opening heads more robust from a protocol perspective. 

On the other hand, the Mithril team released a new 2313.0 distribution that implements minor improvements and bug fixes. The team upgraded the version of the Cardano node used in the Mithril testnets and devnet to 1.35.6.

Other notable updates

Apart from these, a few other notable developments include the completion of the UTXO-HD prototype’s refactoring. The report also highlighted the updated statistics of the Cardano network.

For instance, the Cardano network’s native tokens reached 8.9 billion, and the total number of transactions touched 64.2 million. There have been more than 1,220 projects built on Cardano, and the number of projects launched has reached 122. 

Weekly on-chain performance remained promising

It was surprising that despite the aforementioned updates, ADA’s development activity declined over the last week, which in general is a negative signal. However, apart from that, the rest of the metrics were in decent states. 

ADA’s demand in the futures market increased, as evident from its green Binance funding rate. Cardano’s social dominance spiked quite a few times last week, suggesting an increase in popularity.

ADA also managed to stay popular among the whales- its whale transaction count remained consistently high. Apart from these, ADA’s TVL has been on an uptrend for quite some time. 

Source: Santiment

Realistic or not, here’s ADA market cap in BTC‘s terms

Investors did not have a happy week?

Though the metrics looked optimistic for Cardano, the same can’t be said for the token’s price action, which was in the bears’ favor. According to CoinMarketCap, ADA’s price declined by over 3% in the last seven days. 

At press time, it was trading at $0.3884 with a market capitalization of more than $13.5 billion. Which way ADA heads in the coming week will be quite interesting to analyze.