Cardano (ADA) has achieved a significant milestone of over 90 million transactions processed on its network. This milestone highlights Cardano’s growing prominence in the blockchain space and underscores the robust ecosystem around its network.
According to Cardano’s Weekly Development Report, the Cardano ecosystem is undergoing a dynamic expansion. 169 projects have already launched, and an additional 1,357 projects are actively in development. This surge in activity highlights the platform’s growing community and commitment to innovation.
These projects encompass various industries and applications, showcasing Cardano’s versatility and potential in addressing real-world challenges. From finance to healthcare to supply chain management, developers are leveraging Cardano’s capabilities to create impactful solutions.
At the core of Cardano’s growth are its robust infrastructure and features. With support for 9.96 million native tokens, 117,275 token strategies, and 43,933 Plutus scripts, the platform provides a solid foundation for developers to build and deploy their ideas. This infrastructure enables a rich ecosystem of tokens and smart contracts, fostering creativity and driving progress within the Cardano community.
As Cardano continues its development journey, the imminent launch of the Ouroboros Genesis protocol and Plutus smart contract upgrades promises to redefine the network’s capabilities. These technical upgrades represent a leap forward in Cardano’s mission to provide a secure, scalable, and efficient blockchain platform.
Ouroboros Genesis Upgrade
One of the most anticipated upgrades for Cardano is the Ouroboros Genesis protocol, which is set to be implemented as part of the Chang upgrade scheduled for this summer. This upgrade will enable nodes to self-bootstrap from the Cardano network, enhancing the network’s decentralization and resilience.
The Ouroboros Genesis release is a crucial step towards full P2P node operations, further strengthening Cardano’s position as a decentralized blockchain platform.
Plutus Upgrade and Smart Contracts
In addition to the Ouroboros Genesis upgrade, Cardano is also preparing for upgrades to its smart contract platform, Plutus. These upgrades are expected to significantly improve the performance and functionality of smart contracts on the Cardano blockchain.
Some of the key capabilities of Plutus V3, expected in 2024, include increased performance and throughput, efficient smart contract size, smart contract migration from Ethereum, creation of side chain bridges, and Mithril integration and governance-related script execution.
These developments are poised to enrich the Cardano ecosystem, offering developers and users new avenues for growth and innovation.
ADA Market Outlook
Despite notable network expansion and development strides, Cardano’s native token, ADA, has shown a level trend, hovering around $0.45.
While the lack of significant price movement may appear disconnected from the platform’s progress, it’s crucial to recognize that ongoing developments and network upgrades have the potential to impact ADA’s future price trajectory positively.
Santiment’s blockchain analytics reveal a surge in Cardano’s development activity, surpassing many other projects. This uptick underscores the community’s commitment to enhancing the network. Despite ADA’s price not reflecting these advancements, Santiment’s Weighted Sentiment metric indicates bullish sentiment in the broader market regarding Cardano’s future to $3 valuation.
