Cardano’s ADA experiences significant gains, showcasing bullish activity and increasing adoption in the crypto market.
Important Points
- Cardano’s ADA has experienced significant gains in the crypto market, with an overall increase of more than 8% from the previous week.
- SundaeSwap, a leading decentralized exchange on Cardano, surpassed 600,000 ADA, indicating growing adoption.
- Updates and improvements in the Cardano ecosystem include enhancements to the Lace wallet, improvements in the Adrestia team’s node compatibility, and notable adoption of Cardano’s smart contract language, Plutus.
Cardano’s ADA has experienced significant gains in the crypto market this week, placing it among the top performers in the top ten. Despite a slight 2% drop in the past 24 hours, ADA has seen an overall increase of more than 8% from the previous week. Only Bitcoin has surpassed ADA’s gains, with an impressive 13% increase.
Trading within a narrow range near the overhead resistance level, the ADA/USDT pair indicates uncertainty among both bulls and bears about its future direction. However, the Cardano ecosystem has recently witnessed several developments that have supported the price rally and signaled increased adoption.
JUST IN: Cardano $ADA DEX SundaeSwap $SUNDAE daily volume surpasses 600,000 ADA.
— Adaverse News | Cardano and Ergo News (@AdaverseNews) June 24, 2023
About SundaeSwap
SundaeSwap, one of the leading decentralized exchanges (DEXes) on Cardano, achieved a milestone by surpassing 600,000 ADA. Additionally, there are currently 1,289,818 Staked Addresses, according to data from Adaverse.
Various updates and improvements have contributed to Cardano’s growing ecosystem. Lace, a lightweight Cardano wallet for ADA and web3, released its v.1.2 updates, which include expanded browser support, enhanced NFT organization features, improved privacy choices, and increased speed. The Adrestia team has focused on improving node v.8.1.1. congruity with the Cardano wallet, enhancing the database layer, and introducing multi-signature wallet delegation functions.
Cardano’s smart contract language, Plutus, has witnessed notable adoption, with over 1,000 smart contracts added since the beginning of 2023. The Plutus Tools team achieved significant milestones, including finalizing the Marconi GetUtxoFromAddress and GetTokenBurnEvent indexers for the Sidechain Tribe. They also conducted extensive comparisons and made changes to follow the API definition for the Marconi-sidechain.
Basho Overview
The Hydra team has been researching and testing in Basho to enhance the head’s performance on the mainnet. They have addressed bugs and issues in preparation for the release of version 0.11.0. The Mithril team has focused on bug fixes and updates, working on the signer deployment methodology for SPOs and developing a stress test tool for evaluating the aggregator. Discussions on the first Minimum Viable Governance (MVG) framework, which aims to incorporate community feedback for participatory governance within the Cardano ecosystem, have taken place in Voltaire.
EssentialCardano.io reports that there are currently 130 launched projects on Cardano, with nearly 1,300 projects still in development. The Cardano network boasts an impressive 8.44 million native tokens and close to 70 million transactions.
Data from Artemis reveals that Cardano has over 66,000 daily active addresses, with 77,700 daily transactions and 156 million in Total Value Locked (TVL). TVL is a measure of the total value of assets locked within a specific protocol or platform, often used in the cryptocurrency and decentralized finance (DeFi) field to gauge activity and popularity.
With increasing adoption and a thriving ecosystem, Cardano’s ADA continues to attract attention and show bullish activity in the crypto market.
