Cardano Network Advances with $573M TVL and Key Upgrades

Cardano’s latest development report for August 30, 2024, highlights significant advancements and updates in the network. The report highlights a surge in Total Value Locked (TVL) to $573 million, up from $556 million the previous week. The Cardano ecosystem is expanding, with 1,373 active projects and a slight increase in native tokens to 10.32 million from 10.31 million. Transactions on the network continue to grow steadily, reaching a total of 95.6 million.

The ledger team focused on enhancing the network’s core technology in preparation for the Chang hard fork on September 1. They conducted conformance tests and collaborated with the community and other teams to ensure a smooth transition. The upcoming Conway upgrade may bring changes for DApp developers, particularly in PlutusV3, where issues with visibility in stake credentials certificates could occur. The team also fixed a minor bug related to DRep expiration initialization to prevent it from impacting the Chang upgrade.

Site Reliability and Network Enhancements

The site reliability engineering (SRE) team has made substantial progress in enhancing Cardano’s environment. They also upgraded the pre-production network to the Conway era and improved the nixosModule, adding Prometheus metrics and automated scraping capabilities. These upgrades, along with other updates, aim to boost the network’s performance and reliability.

The Lace team is preparing to launch version 1.15 of the wallet, which will introduce new governance features, further aligning Cardano’s infrastructure with its evolving governance framework. The Mithril team has also initiated the decentralization of the Mithril network’s signature orchestration. Additionally, they have optimized memory usage for signers and completed a proof of concept for diffusing Mithril signatures with the Cardano network layer. These efforts are part of broader scaling initiatives aimed at enhancing the network’s efficiency and scalability.

Mixed Market Outlook for ADA

On the market side, Cardano (ADA) has struggled to recover from recent losses, leading to mixed opinions within the crypto community. According to an update from The Crypto Basic, analysts are divided on ADA’s future performance.

Alan Santana, a TradingView analyst, outlined a detailed chart showing Cardano’s prolonged bear market phase, characterized by a descending channel. This phase has led to lower highs and lows, indicating bearish sentiment.

However, Santana also points to a potential breakout, with projections of a significant price surge. His analysis suggests possible increases to $1.0002 and $1.6709, reflecting potential gains of 284.58% and 475.39%, respectively, marking key resistance levels.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.