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Cardano Ecosystem

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02/02/2024

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Cardano shines light on 2023 progress in new report

Cardano Foundation has launched the 2023 Activity Report, the second activity report that sheds light on what the team has achieved in the year. It entails all the pieces of information about operational...

Cardano shines light on 2023 progress in new report
Cardano shines light on 2023 progress in new report

Cardano Foundation has launched the 2023 Activity Report, the second activity report that sheds light on what the team has achieved in the year. It entails all the pieces of information about operational resilience, adoption, and education. It has been hailed by the CEO of the Foundation, Frederik Gregaard, saying that their work to advance the ecosystem will continue at a better pace.

As for operational resilience, the report has highlighted that the Foundation is undertaking the task of building RT—real-time—monitoring capabilities. The segment has been defined as enhanced network monitoring and is being done to effectively evaluate the health of the network.

The result as of now is that the solution by the Cardano Foundation has enabled the collection of data spanning over five continents.

Voltaire has backed the release of the first draft of CIP-1694. Voltaire is the development phase of Cardano that is related to governance. The Cardano Improvement Proposal (CIP) has brought an in-chain governance model for the network that is not just equitable but also inclusive.

Initiatives in education are being taken to boost the adoption of blockchain and demonstrate the versatility of the Cardano blockchain. For this, it has partnered with prominent names like Petrobras, the Brazilian state-owned energy company. Moreover, it has worked to make sure that tools and resources are available to users at zero cost, including the Cardano Academy.

The work to develop Cardano Explorer has been kicked off, empowering stakeholders to verify the performance of Cardano.

The introduction of Aiken, the availability of tools, and consistent partnership progress are what drive adoption. Aiken is a new open-source programming language that was launched in April 2023. It now backs savings in execution costs by up to 90% while bringing down the number of barriers to innovation.

Tools, including, but not limited to, Identity Wallet, are accessible for free. They are meant to fuel the number of users onboarding the platform and drive adoption. Finally, sustained progress in partnership has instilled nearly 5.2 million ADA into the ecosystem, destined to support displaced people.

The financial summary is expected to come out in the second half of 2024. This is in contrast to last year, when the reports were compiled into a single document. This time, the financial information comes after the conclusion of the annual audit.

The launch of the 2023 Activity Report is likely to have served well for ADA, the native token of Cardano. It is up by 5.93%, listed at $0.5198 at the time of drafting this article. It is, moreover, an increase of 7.64% in the last 7 days and a drop of 17% in the last 30 days. The Market Cap and 24-hour volume are down by 5.93% and up by 9.60%, respectively.

Moving forward, all eyes are on the financial summary of the Cardano Foundation, which is scheduled to be rolled out in the second half of this year, that is, 2024.

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Jason Palmer joined CoinNewsSpan as an editor and analyst. He has over five years of experience as a forex analyst. He holds a master's degree in business administration with specialization in finance. He is actively involved in analyzing the prevalent crypto trends. He has a keen interest in commodities and forex trading.

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