Cardano’s Progress in Q3 2023
In Q3 2023, Cardano made significant strides, with a standout highlight being the 461% year-to-date increase in stablecoin value. Project Catalyst Fund10 was completed, and development in the Voltaire governance phase continued. A significant technological advancement was the launch of Mithril, which enhanced node syncing efficiency.
Cardano’s Focus and Expansion
Cardano is described as a Proof-of-Stake Layer-1 smart contract network focused on security, scalability, and sustainability. The network expanded into DeFi and NFT markets post-Alonzo while maintaining its core focus. It uses the Ouroboros consensus model and an eUTXO accounting model.
Hot Take
Despite a decline in daily Dapp transactions, overall growth in the DeFi sector was noted. Stablecoins have been pivotal, indicating a robust DeFi ecosystem on Cardano. The introduction of new networks like Milkomeda C1 and upcoming Midnight, along with the launch of Hydra, demonstrates Cardano’s commitment to enhancing scalability and efficiency.
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