As a seasoned blockchain analyst with years of experience observing and evaluating various projects, I find the recent report from Input Output Global (IOG) highlighting Cardano’s growth particularly intriguing. The data presented in the report underscores the significant progress this network has made in terms of transaction volume, TVL, and the number of active projects.
In a recent weekly update from Input Output Global (IOG), the engineering firm behind Cardano (ADA), the progress of the blockchain was prominently showcased. The report brought attention to impressive advancements in Total Value Locked (TVL), transaction volume, and the burgeoning number of projects under development on the platform.
Thriving Cardano Ecosystem
According to the latest report, the Cardano network has accomplished a significant achievement with over 94 million transactions. This figure underscores the expanding use of the platform prior to its scheduled upgrades slated for later this year. Additionally, the report reveals a Total Value Locked (TVL) amounting to 548.4 million ADA, which serves as another testament to the network’s continued growth.
As an analyst examining DefiLlama’s data, I can confirm that over 26,000 unique addresses have interacted with decentralized finance platforms within the last 24 hours. Additionally, the total value locked (TVL) in these platforms amounts to approximately $239 million in US dollars. However, it is important to note that this TVL figure is significantly lower compared to the annual high of nearly $500 million recorded back in March.
The data from Input Output Global indicates that more than 1,300 projects are currently underway on the Cardano network, with over 10 million active tokens in circulation. Furthermore, the network’s allure is demonstrated by the existence of over 67,000 Plutus scripts, which allow for the development of decentralized applications (dApps) and smart contracts within the Cardano community.
Upcoming Releases And Updates
The report provides insights into the present priorities of the ledger team, who are in a holding pattern before the Chang upgrade. Their attention has been redirected towards rigorous testing, encompassing the creation of unit tests as well as conformance testing.
Regarding financial matters and offerings, Lace’s team is set to roll out version 1.14 of their product in the near future, bringing forth enhancements and advancements. According to the report, Hydra’s team has made significant strides in the areas of incremental commits, fine-tuning specifications, and boosting documentation.
Mithril’s team has rolled out a fresh distribution, which includes compatibility with Cardano node version 9.0.0. Simultaneously, they have been diligently working on verifying Cardano transactions within Mithril’s network infrastructure.
The advancements in Cardano reach the Voltaire and Sanchonet realms as version 9.0.0 of the Cardano node is unveiled. It’s recommended that users update to this iteration in anticipation of the upcoming Chang upgrade.
The IoTeX Group (IOG) announced that the Intersect team has been keeping the Cardano community informed about the latest node release, the Chang timeline, and the confirmation of Intersect’s constitutional council.
ADA Trading Volume Surges
Currently, ADA is being bought and sold for approximately $0.429 on the cryptocurrency market. This price increase can be attributed to ADA’s consistent advancement during the previous month as well as the overall market upturn over the same time frame.
Over the last several days, there’s been a significant surge in trading volume for ADA, with CoinGecko data indicating an impressive jump of approximately $628 million. This equates to a noteworthy 154% increase in market activity for this token.
Supporting the optimistic outlook and the significant growth experienced during the previous month, ADA presently trades above its crucial 200-day moving average (MA), marking a 18% rise over the last fortnight that allowed it to surpass this vital benchmark at $0.423. Remarkably, this price level held firm during the weekend, as three successful tests thwarted any potential retreats.
In other words, the price of ADA at $0.459 could act as a hindrance to its further advancement, halting its progression towards the next resistance at $0.483 on the daily ADA/USDT chart before attempting to reach $0.500 again.
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2024-07-22 22:53