Will Cardano’s upcoming updates solve ADA’s problems?

• Cardano’s upcoming Chang hardfork and Plutus V3 upgrade aim to boost sentiment around the network.
• Despite positive developments, Cardano faced a decline in overall activity on the network.

Cardano[ADA] has been struggling in terms of sentiment for quite some time, despite the price movement of its token being relatively positive.

However, the sentiment around Cardano can soon change due to recent updates on the network.

New developments

The Chang hardfork, which is expected to occur in the early parts of 2024 may aid in improving sentiment around the network.

Plutus V3 is set to undergo a substantial upgrade alongside the Chang hardfork. It will introduce several notable enhancements for Cardano’s dApps and bolster blockchain interoperability.

As part of the broader effort to refine the platform’s capabilities, Plutus V3 is expected to contribute to the evolution of Cardano’s infrastructure.

The integration of these upgrades is anticipated to bring improvements for both developers and users within the Cardano network.

A lack of activity

Despite the promise of new developments, network activity continued to decline. Notably, Daily Active Addresses on the Cardano network fell from 57,000 to 37,000 over the last few days.

As a result, the number of transactions on the network also witnessed a plummet, going from 79,000 to 65,000 at press time.

This decline in activity could affect the overall health of the Cardano ecosystem in the future.

Source: Artemis

State of ADA

In terms of price movement, ADA showcased positive movements over the last few weeks. However, in the last 24 hours, its price had fallen by 3.64%. At press time, it was trading at $0.5344.

How much are 1,10,100 ADAs worth today?

The velocity at which ADA was trading had also grown during this period, implying that the frequency at which ADA was being traded had grown. 

At the time of this report, ADA’s velocity stood at 46,552.

Source: Santiment