ADA’s final week continued with developers working on multiple projects.
The on-chain stats revealed the reason behind the double-digit growth of ADAs.

Cardano [ADA] recently released its weekly highlights, which revealed several key developments that have taken place in its ecosystem over the past seven days.

The official blog stated that Cardano’s total transactions exceeded 58 million. The total number of native tokens reached 7.5 million and the total number of projects launched on Cardano reached 112.

Read from Cardano [ADA] Price prediction 2023-24

This has been an exciting week

In addition to the stats, Cardano also revealed all the new projects the developers have been working on over the past week. For example, the consensus team focused on cleaning and benchmarking the UTXO-HD prototype.

Improvements that might be required for upcoming prototype revisions were also discussed with the general ledger team. Cardano mentioned that the Plutus team was working on increasing the scripting capacity, inliner optimization and the Plutus debugger MVP.

The Mithril team, on the other hand, was working on a mechanism to handle seamless updates of the Mithril networks in case of major changes that necessitate a synchronous update of the signer nodes.

In addition, Input Output Global also made an important announcement last week regarding a new toolkit. IOG released the first iteration of the sidechains development toolkit, which comes with a technical specification for building sidechains on Cardano. The custom sidechain solution will benefit stake pool operators as well as the dApp ecosystem.

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A good week for investors too!

Cardano’s price action also favored investors as its weekly chart was colored green. CoinMarketCaps data revealed that ADAThe company’s share price is up more than 26% in the past seven days and at the time of writing it is trading at $0.3463 with a market cap of over $11.9 billion.

ADA’s on-chain stats helped shed light on the rationale behind this pump aside from the rising market. ADA’s MVRV ratio has risen steadily over the past week, which has been bullish.

ADA development activity also increased, thanks to the aforementioned updates. ADA managed to be in demand in the derivatives market as the Binance funding rate remained consistently high. Social volume also continued to rise, reflecting ADA’s popularity in the crypto community.

Source: Sentiment

This post Cardano: Reviewing reasons behind ADA’s double weekly gains

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