Cardano took a leap in scalability last week, as evidenced by the work of the Hydra and Mithril teams.
ADA fell nearly 2% over the past seven days, but whale activity remained high.
A few days ago, Cardano [ADA] revealed that Mithril’s mainnet launch date was just around the corner. This was a promising update given Cardano’s efforts to increase scalability under the BASHO era. As the BASHO scaling team stepped up their game, other departments also pushed their efforts last week, highlighted in the blockchain’s weekly development report. The report not only listed the efforts of multiple teams, but also updated statistics from the network.
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A closer look at Cardano’s development activities
The highlight of the week was the Mithril team’s announcement of the mainnet launch. The Mithril team completed the implementation of the mainnet infrastructure for the beta launch. They also continued to implement a simple stress testing tool for benchmarking the aggregator. In addition to Mithril, the Hydra team also worked on scalability.
ICYMI: the #EssentialCardano development update is live and packed with all the details of what is going on in development #Cardano.
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— Input Output (@InputOutputHK) July 23, 2023
The Hydra team focused on exploring event-based persistence to improve the performance of hydra nodes. As a result, the protocol logic had to be reorganized to account for snapshot emission, and the specification also had to be updated with the new data.
The Plutus tools team continued to work on setting up the runtime monitoring for the Marconi sidechain. Development included adding response fields to the indexers and exploring standalone emulator functionality.
Another major update came out Cardano‘s Daedalus team when it released its Daedalus v.5.3.0 update. According to the official announcement, this update brought support for Project Catalyst’s new registration process, improved the stability of the exchange rate conversion feature, and more.
Cardano’s stats were promising, but ADA was down
Apart from the development of blockchain, the report also mentioned the updated statistics of Cardano. According to the report, the total number of Cardano’s native tokens reached 8.57 million, while the total number of transactions passed 71 million.
While these looked encouraging, ADA Investors struggled. From CoinMarketCap, the price of ADA has been hesitant to move up as it has fallen nearly 2% in the past seven days. At the time of writing, it was trading at $0.3133 with a market cap of over $10.9 billion.
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The volume of the token also plummeted, due to less investor interest in trading the token. ADA’s 1-week price volatility also declined as the token’s price action continued to be sluggish.
However, Cardano’s open interest dropped, increasing the likelihood of a trend reversal. Although investors were not active, there was whale activity around ADA remained high, which is a positive sign.
Source: Sentiment
This post Cardano supports development activity as Mithril release looms, but ADA…
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