Cardano’s development activity surges, but ADA disappoints

A major update of the last week was the pre-release of node v.8.2.1-pre for use on SanchoNet.
ADA’s price action remained less volatile last week.

Cardano’s [ADA] development activity registered a substantial spike over the last two days as the metric crossed six. A look at Cardano’s latest weekly development report revealed the reasons behind this uptick in the metric.

Source: Santiment

Read Cardano’s [ADA] Price Prediction 2023-24

Cardano’s development remains high

Cardano’s latest edition of its weekly development report highlighted the efforts made by its developers in the last seven days, which caused the surge in the aforementioned metrics.

The major update of this week was that the core technology teams tagged and pre-released node v.8.2.1-pre for use on SanchoNet. It is a new development network intended to introduce the ADA community to governance features from CIP-1694.

Efforts were also made towards improving the scalability of the blockchain. The Mithril team released a new distribution, 2331.1, which includes some optimizations and bug fixes. Meanwhile, the Hydra team updated the use case section for auctions on the unstable branch of the website to enhance clarity around Hydra’s practical applications.

Not only that, but the Lace team released Lace v.1.4, introducing new features, ‘ADA Handle’ support enhancements, and bug fixes. Users can view personalized handles alongside regular ones in the receive tab and NFT viewing areas.

Apart from these, the report also mentioned updated network statistics for the blockchain. As per the report, ADA’s total number of native tokens reached 8.68 million, while total transactions surpassed 73 million.

Source: Essential Cardano

ADA is moving slow

Amidst all this, Cardano’s native token’s price action remained dormant last week as it only moved narrowly. According to CoinMarketCap, at the time of writing, it was trading at $0.2942 with a market capitalization of over $10.3 billion.

The bad news was that the token’s trading volume fell, suggesting a lower willingness of investors to trade the token.

Realistic or not, here’s ADA market cap in BTC‘s terms

ADA’s velocity also sank last week. A drop in the metric means that a coin is used in transactions less often within a set time frame. Nonetheless, whale interest in ADA continued to remain high, as evident from its whale transaction count.

The token’s MVRV Ratio also registered an uptick, which was bullish.