Cardano’s weekly development report highlighted developers’ efforts over the past week.
On-chain performance remained reasonable and price action turned bullish.
from Cardano [ADA] development activity has been in the background for most of the past week as it went sideways. However, the chart peaked on March 16, then dropped again.
Well, it’s important to note that Cardano recently posted its weekly development report. It revealed that developers were working on a few projects that could help the ecosystem in terms of scalability and security. No wonder that development activity recorded a brief spike on March 16.
What is going on #Cardano?
Check out this week’s development update at #EssentialCardano and stay abreast of the latest developments in core technology, portfolios and services, smart contracts, and scaling and governance. https://t.co/nH0oRj86dC
— Input Output (@InputOutputHK) March 17, 2023
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Cardano developers busy
According to the report, the development of Lace desktops was still ongoing, the team improved the error handling of CIP-30 DApps activities and also corrected issues with signing CIP-30 transactions with hardware wallets.
The Plutus team continued to work on the Marconi MVP and set up a separate repository for it, while also reviewing and deploying Marconi notifications.
CardanoThe Hydra team solved problems capturing complex UTXOs in a Hydra header and prepared the Hydra node to support the mainnet.
However, the Marlowe team has made significant improvements to the gold tests for the Marlowe validator to make them more comprehensive.
In addition, the Mithril team completed the final milestones needed to make the beta version of Mithril available on the mainnet.
With the first stake pool store modification, the team has released a new 2310.0 distribution that enables the epoch switching mechanism while also beginning to implement the conversion of the aggregator stores to a relational design.
The most important statistics show a spike
The report highlighted that the total number of native tokens in the Cardano network would soon reach 8 million. It also mentioned that the total number of transactions reached 63 million, while the number of projects building on Cardano reached 1,213.
ADA’s funding rate remained relatively high last week, indicating higher demand from the derivatives market. ADA also managed to remain one of the preferred choices for whales when it reached the list of the top 10 most purchased tokens among the 500 largest BCS whales.
Meanwhile, Santiment’s chart also reflected whale interest in ADA as the number of whale transactions remained consistently high.
On the other hand, ADA‘s daily active addresses registered an increase last week, suggesting higher usage of the network. However, the speed decreased, indicating less token movement between addresses.
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ADA’s decent performance in the chain was also reflected in the price action, which significantly supported the bulls.
According to CoinMarketCap, the price of ADA is up more than 11% in the past seven days. At the time of writing, it was trading at $0.3529 with a market cap of over $12.2 billion.
This post Cardano’s weekly development update has interesting insights for traders
was published first on https://ambcrypto.com/cardanos-weekly-development-update-has-interesting-insights-for-traders/