Cardano’s weekly development report for August 30th highlighted a range of technical advancements and on-chain statistics, showcasing the network’s continued progress.
The report revealed a notable increase in Total Value Locked (TVL), reaching $573 million. Additionally, the Cardano ecosystem continues to expand, with 1,373 projects actively building on the network and the number of native tokens slightly increasing to 10.32 million. Transactions have also seen steady growth, totaling 95.6 million.
Core Technology Enhancements
The ledger team focused on preparing the network for the upcoming Chang hard fork, scheduled for September 1st. Conformance tests were conducted, and issues related to PlutusV3 and DRep expiration initialization were addressed.
The site reliability engineering (SRE) team made significant strides in enhancing Cardano’s environment, including upgrading the pre-production network and introducing improvements to the nixosModule.
Scaling and Governance
The Lace team is preparing to launch version 1.15 of the wallet, which will introduce new governance features. The Mithril team initiated the decentralization of the Mithril network’s signature orchestration, optimizing memory usage for signers and completing a proof of concept for diffusing Mithril signatures with the Cardano network layer.
Analyst Predictions
Despite these advancements, Cardano’s price has faced challenges, leading to a divided outlook among analysts. While some foresee significant gains, others remain cautious.
Analyst Alan Santana highlighted Cardano’s prolonged bear market phase, characterized by a descending channel. However, Santana’s analysis also suggests a potential breakout, with projections of a price surge of over 2,200%.
Cardano’s weekly development report showcases the network’s continued growth and progress. While the market outlook for Cardano remains uncertain, the ongoing advancements and technical enhancements suggest a potential for future growth and development.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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