As a seasoned crypto investor who’s been through countless market cycles and blockchain revolutions, I can’t help but be impressed by Cardano’s resilience and growth during these challenging times. Despite the bearish market sentiment that had ADA‘s price in a bit of a slump, the underlying ecosystem showed signs of robustness that are hard to ignore.
During August, the Cardano (ADA) environment observed substantial expansion in various critical areas, a growth spurt that aligned with the expected rollout of the Chang update. This upgrade was effectively executed on September 1.
Even though a negative market outlook seemed to influence ADA‘s pricing during this timeframe, the Cardano Foundation noted an uptick in investor engagement and blockchain utilization.
August Highlights
In a recent social media post, the Foundation detailed the performance of various transaction types within the ecosystem.
Significantly, there was a 31% rise in smart contract transactions, and metadata transactions (excluding smart contracts) experienced a 20% growth. In contrast, basic transactions decreased by 49%. The total number of transactions on Cardano reached 95.9 million in August, showing a small uptick of 1.51%.
On the blockchain, there was a growth in the number of newly created wallets, increasing by approximately 0.67% to reach a total of about 4.87 million. Meanwhile, the number of delegated wallets experienced a drop of close to 1%, ending up at around 1.33 million.
Moreover, we observed a rise of 0.75% in the use of Plutus scripts, resulting in the creation of 6,709 fresh smart contracts. This allows developers to construct robust, decentralized applications devoid of any intermediaries.
Cardano’s own tokens witnessed a rise of approximately 0.85%, leading to the generation of around 10.3 million fresh tokens. The area that experienced the most substantial growth was policy creation, which recorded an impressive jump of 6.53% and added 160,299 new policies to its tally.
Cardano Enters 90-Day Bootstrap Phase
Moving forward, Charles Hoskinson, creator of Cardano, revealed details about the forthcoming developmental and administrative stages of the network after the Chang hard fork.
In a recent update, Hoskinson described the current state of the Cardano network as entering a “90-day bootstrap phase,” during which key governance components will be activated. Hoskinson outlined the roadmap for the Chang hard fork, detailing the transition to the age of Voltaire, where the network will achieve full decentralization.
In this initial stage, several projects are underway, such as registering Delegated Representatives (DReps) and establishing a temporary Constitutional Committee. Charles Hoskinson also unveiled intentions for the “Chang +1 update,” which aims to institute entirely decentralized management by December 2024.
Alongside these governance improvements, Cardano is in the process of creating its inaugural written constitution. To ensure all stakeholders have a voice, more than 50 workshops have been conducted around the world.
At these workshops, individuals chosen as delegates will participate in a constitutional convention set for December in Argentina. During this event, they’ll collaborate on creating the draft of the proposed new constitution, known as the V1 constitution.
Additionally, Hoskinson disclosed that the Cardano treasury, worth around 600 million ADA, is set to follow an annual budgeting procedure to tackle the ecosystem’s requirements, such as promotional activities and advancement projects.
The creator of the blockchain underscored a substantial move towards decentralization, suggesting that Input Output Global (IOG), the engineering company responsible for the Cardano network, will eventually hand over its governing responsibilities, making Decentralized Representatives (DReps) redundant in the future.
In light of recent events, the market intelligence platform Santiment has pointed out a significant increase in transactional activity at ADA addresses. Typically, more transactions during price drops can be an indicator suggesting a possible recovery may follow.
In the last week, ADA has experienced an almost 3% growth and is currently priced at approximately $0.344. Interestingly, it’s also risen by about 2% over the past day. Despite this recent uptick, the token has shown a significant decline of nearly 1% in the last month.
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2024-09-10 13:16