Assessing Cardano’s [ADA] weekly performance based on its metrics

• The total number of transactions on the Cardano network reached 59.4 million.
• The metrics looked favorable for ADA on a higher timeframe. 

Input Output Global (IOG) recently published its latest edition of Cardano’s [ADA] weekly development report, mentioning all the notable updates and statistics regarding the network. 

The report first cited the important statistics of the network, such as the total number of transactions on the Cardano network which reached the 59.4 million mark.

Notably, 7.59 million native tokens were created, and a total of 112 projects were launched on Cardano. Moreover, IOG also mentioned that a total of 5,494 Plutus scripts have been released out of which 597 were Plutus V2 scripts. 

Every Friday, we publish our weekly #Cardano development update. So for the lowdown on what IOG's dev team has been working on last week, head on over and take a look👇https://t.co/ZHjJ83Vv86

— Input Output (@InputOutputHK) January 20, 2023

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What were the developers up to?

IOG revealed in the weekly development report that the ledger team finished up work on tracking individual depots, built the new Conway era transaction body, and reduced certain problematically large calculations on the epoch boundary.

The Adrestia team released Cardano Rosetta 2.0.0, and then they began working on getting cardano-js-sdk production-ready. 

While the Plutus team kept working on increasing script capacity, inliner optimization, and the Plutus debugger MVP, the Mithril team released a new 2302.0 distribution. The new release from the Mithril team activates the optimization of the snapshot digest computation on the signer and aggregator nodes. 

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A promising week indeed!

The investors had an encouraging week as ADA registered double-digit growth. According to CoinMarketCap, ADA’s price increased by more than 10% in the last seven days and nearly 5% in the last 24 hours. At press time, ADA was trading at $0.3814 with a market capitalization of over $13.1 billion. 

Thanks to the aforementioned updates, ADA also managed to secure the top spot in terms of development activity. Not only the development activity, but ADA’s MVRV Ratio also registered an uptick over the last few days, which might have played a role in ADA’s recent price pump.

Another optimistic metric was ADA’s positive sentiment, which went up during the last few days, reflecting the community’s trust in the network. However, the network’s velocity decreased in the last week, which might be a little concerning signal.