Summary of Cardano’s Recent Progress 🚀
This year, the Cardano (ADA) ecosystem has witnessed remarkable advancements across multiple important metrics, particularly leading up to the significant Chang upgrade that took place on September 1. Despite a generally bearish trend impacting ADA’s value, the Cardano Foundation noted a rise in investor engagement and increased usage of the blockchain. Let’s dive into the specifics of the ecosystem’s performance in August and the upcoming phases of development.
Key Achievements in August 🌟
In a recent overview shared by the Foundation, various types of transactions within the Cardano ecosystem displayed distinct performance trends.
- Smart Contract Transactions:
- Rose by 31%, indicating growing use and interest.
- Metadata Transactions:
- Increased by 20%, showcasing the ecosystem’s expanding capabilities.
- Simple Transactions:
- Fell by 49%, suggesting a potential area for improvement.
Overall, August saw a total of 95.9 million transactions, reflecting a slight uptick of 1.51%. Additionally, the growing number of wallets indicated healthy user engagement:
- Total Wallet Creation:
- Increased by 0.67% to 4.87 million.
- Delegated Wallets:
- Decreased by nearly 1%, totaling 1.33 million.
- Plutus Scripts:
- Grew by 0.75%, with 6,709 new smart contracts available for developers.
Moreover, Cardano’s native tokens saw an increase of 0.85%, leading to the issuance of 10.3 million new tokens. The creation of policies was particularly impressive, with a remarkable surge of 6.53%, totaling 160,299 new policies introduced.
Upcoming Developments: The 90-Day Bootstrap Phase 🛠️
Looking ahead, Charles Hoskinson, the founder of Cardano, provided insights on the major development and governance phases that will follow the Chang hard fork. He recently articulated that the Cardano network is entering a “90-day bootstrap phase,” a crucial period where essential governance components will be activated.
During this phase, several initiatives will occur:
- Registration of Delegated Representatives (DReps):
- Critical for upcoming governance frameworks.
- Formation of an Interim Constitutional Committee:
- To facilitate discussions and proposals regarding the network’s governance.
Hoskinson also highlighted plans for the “Chang +1 upgrade,” aimed at achieving fully decentralized governance by December 2024. In conjunction, a first formal constitution for Cardano is in the drafting process, with over 50 workshops having occurred globally to engage community stakeholders.
Delegates elected in these workshops will participate in a constitutional convention scheduled for December in Argentina, where they will contribute to creating the proposed V1 constitution.
Beyond governance, the treasury fund for Cardano, which is approximately valued at $600 million in ADA, will undergo annual budgeting to meet various ecosystem requirements, including marketing and development projects. The future indicates a shift towards decentralization; ultimately, Input Output Global (IOG), the engineering firm behind Cardano, will step back from its governance role, making DReps less necessary.
As these developments unfold, market intelligence highlights an uptick in ADA address activity, which historically correlates with potential price rebounds. ADA has seen nearly a 3% rise recently, trading around $0.344, but still faces a monthly decline of approximately 1%.
Hot Take 💡
This year presents an exciting landscape for Cardano followers. With significant strategic transitions on the horizon and a robust increase in various usage metrics, the Cardano ecosystem is clearly in a transformative phase. Monitoring these developments will be crucial for those engaged in or observing the cryptocurrency space.
For further reading on the latest developments and metrics in Cardano and its ecosystem, you may refer to the following sources:
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