Cardano (ADA), the proof-of-stake blockchain platform, released its latest weekly development report, showcasing continued progress on various technical fronts. However, the report also highlighted a significant decline in the price of ADA.
Active Ecosystem and On-chain Growth:
The report reveals a vibrant Cardano ecosystem with over 1.37 billion projects built on the platform. Additionally, the network processed a staggering 94.5 million transactions during the week. Other metrics indicating growth include 159,477 token policies, 71,108 Plutus scripts, and 10.25 million native tokens minted. Notably, the Total Value Locked (TVL) within the Cardano ecosystem stood at 579.8 million.
Technical Advancements Take Center Stage:
The report delves into specific technical improvements across different Cardano teams. The ledger team successfully identified and addressed a critical bug within the Conway functionality, potentially preventing future disruptions. The Hydra team focused on enhancing network reliability by pinpointing and resolving specific faults. They also conducted thorough testing with the Hydra head on the preview to ensure smooth operation and minimize issues related to empty decommits.
Furthermore, the Hydra team upgraded their compatibility layer to the latest Cardano node version, guaranteeing a seamless transition during the upcoming hard fork. Additionally, they adopted a standardized technical writing style for improved documentation consistency.
Mithril Team Makes Strides in Stake Distribution Certification:
The Mithril team reported significant progress on certifying Cardano’s stake distribution process. They released the new “Mithril 2430.0” distribution, facilitating compatibility with the latest Cardano node version (v9.1.0). This update also incorporates API enhancements, bug fixes, and performance improvements. Notably, the team successfully activated transaction certification for Cardano within test networks and initiated the implementation of new routes for the aggregator REST API. Their efforts further included benchmarking the signer’s footprint on Stake Pool Operator (SPO) infrastructure and comprehensively testing edge cases for Cardano transaction certification.
Catalyst Onboarding Progresses, Education Team Continues Outreach:
The report informs readers about the successful onboarding process within Catalyst, Cardano’s decentralized governance project. With 91% of onboarding forms and 81% of statements of milestones submitted, the project demonstrates strong community engagement. Reviewers have already approved 36% of statements of milestones, indicating progress toward project deliverables. The report also mentions the conclusion of Fund12’s final town hall on July 31st, with future town halls likely focusing on gathering feedback from the community during the Catalyst cooldown period.
Furthermore, the education team continues its efforts by organizing graduation events and updating content for the “Mastering Cardano” educational program. Their activities this week included a successful CardanoDeveloper course graduation in Buenos Aires, celebrating over 20 aspiring smart contract developers. Additionally, the team updated content for their resources and supported training initiatives for the Cardano Constitutional Committee.
Price Dip Amidst Development:
Despite the positive development updates, the report concludes with a note on the decline of ADA’s price. At the time of writing, ADA was trading at $0.288, reflecting a significant drop of 31% in the past week.
Conclusion:
Cardano’s latest weekly report showcases the platform’s continued commitment to technical development and ecosystem growth. Despite facing a price slump in the short term, the team’s progress on critical functionalities like stake distribution certification and network reliability enhancements could bode well for Cardano’s future. The success of Catalyst’s onboarding phase and the education team’s ongoing efforts further highlight the project’s focus on community engagement and developer adoption.
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