Cardano Updates Network as ADA Recovers from June Slump
Estimated Reading Time: 3 minutes
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong. Take 2 minutes to learn more
Cardano, the third-largest blockchain platform by market capitalization, has released its weekly update, showcasing the technical progress made on various aspects of the network. The update comes as the native token, ADA, rebounds from a month-long downtrend and trades around $0.29.
According to the update, Cardano has launched 131 projects on its network, with 1,261 more in the pipeline. The platform also celebrated reaching 70 million transactions since its inception in 2017.
Cardano has so far launched 131 projects and 1,261 projects are currently being built on its network.
In addition, it recently marked a 70 million transaction milestone.
— whalechart (@WhaleChart) July 2, 2023
Highlights From the Cardano Update
- The consensus team improved the Genesis implementation, which is crucial for the transition to a fully decentralized network.
- The UTXO-HD integration team resolved some performance issues and added new features to the ledger and node components.
- The Lace teams simulated a multi-delegation wallet and tested different coin-selection algorithms for optimal transaction fees.
- The Marlowe team added a server for streaming Marlowe transactions, which enables smart contracts for financial applications.
- The Plutus Tools team fixed bugs and discrepancies on the Marconi sidechain, which is a testbed for Plutus smart contracts.
- The Adrestia team updated the Cardano wallet to support the latest node version and enhanced the database layer for faster queries.
- The Mithril team completed the design of the signer deployment model and worked on stress testing tools, retry mechanisms, and monitoring.
ADA price recovers after hitting a monthly low
The price of ADA, the native token of Cardano, has also shown signs of recovery after dropping to $0.22 on June 10, its lowest level since January 2021. At the time of writing, ADA is trading at $0.290, up 0.30% in the last 24 hours and down 1.41% in the last week.
The token has been under pressure due to the overall bearish sentiment in the crypto market as well as some delays in the rollout of smart contracts on Cardano.
You can purchase Lucky Block here. Buy LBLOCK
