- Cardano has witnessed a remarkable volume of transactions.
- The price of ADA has reached its highest increase since the SECP upgrade.
- The Cardano ecosystem displays promising and ongoing development.
The Cardano (ADA) ecosystem is undergoing continuous development in preparation for the Age of Voltaire. The fifth and final stage of Cardano’s evolution will make the network fully decentralized and self-sustaining.
Amidst Cardano’s remarkable ongoing growth and recent whale action, the price of ADA briefly increased to $0.38. The uptick has displayed a promising uptrend for the first time since the SECP upgrade.
However, the native cryptocurrency of the Cardano network has dipped once again.
Cardano: A Budding Ecosystem for ADA
Over the past few months, the Cardano network has been budding with updates, developments, and partnerships— including the Input Output (IO) report on the development of Cardano.
According to the report, there are five key highlights blooming across the ecosystem. IO reports that dynamic peer-to-peer (P2P) networking is now available on the Cardano mainnet. The Cardano Lace wallet development continues alongside improvements to Daedelus wallet features.
Work also continues on Cardano’s Layer-2 scalability solution, Hydra, and its node mainnet compatibility. Finally, Cardano’s Marlowe blockchain-agnostic is improved with new features, and CIP-1694 governance discussions continue across the ecosystem.
Beyond the network developments, Cardano witnessed a transaction volume of 63.5 million ADA coins over the last week.
Source: Input Output
Beyond the volume of ADA moving around, multiple developments on the horizon grab the community’s attention. The increased adoption of smart contract capabilities pushes the demand for ADA as the community is prepping for upcoming launches.
Upcoming Cardano network upgrades include the Mithril team running the last milestones to make the Mithril beta version available on mainnet. The Daedalus team has improved the starting screen for its wallet, and work continues on Lace desktop development.
ADA records a boost in adoption after the commercial arm of Cardano Emurgo slotted in a partnership with Thailand’s “biggest cryptocurrency exchange,” Bitkub.
Furthermore, IO and Cardano founder Charles Hoskinson asks the community to volunteer and weigh in on the CIP of governance security on the network. Hoskinson says this is a critical workstream as the network moves toward the Age of Voltaire.
At the time of writing, ADA is trading at $0.34, recording a notable increase of 30.93% over the past three months. Cardano’s native cryptocurrency remains at an 88.88% dip from its all-time high (ATH) of $3.09, recorded on September 2nd, 2021.
On the Flipside
- 80% of ADA holders are currently “Out of the Money,” according to IntotheBlock.
- Cardano recently claimed the #7 rank by market capitalization, according to CoinMarketCap.
Why You Should Care
Beyond the expansion of the Cardano ecosystem, the community still awaits a breakout for the price of ADA. A sustainable upward trajectory is expected to align ADA with the continued growth displayed by the broader Cardano network.
Read more about the inner workings of Cardano:
Cardano (ADA): What Is It, and How Does It Work?
Read more about Web 3.0 ideology at PBW:
LVMH: “Web 3.0 Ideology” Is Hurting Adoption – Paris Blockchain Week