Cardano Sees Insane Growth As SundaeSwap Hits Major Milestone, Signaling Surging Adoption for ADA
Cardano’s ADA is one of the biggest gainers in the top ten of the crypto market this week. This comes during a price increase of more than 8% from last week despite being down almost 2% in 24 hours. Only Bitcoin gained more over the past week in the top ten, with an impressive 13% gain.
Near the overhead resistance level, the ADA/USDT pair has been trading in a constrained range. This suggests that both bulls and bears are unsure of the path forward. Meanwhile, SundaeSwap, one of the most well-known DEXes on Cardano, just crossed the milestone of 600,000 ADA. In total, there are now 1,289,818 Staked Addresses, according to data from Adaverse.
Several new developments have come to the Cardano ecosystem in recent weeks, supporting the price rally and signalling increased adoption.
For instance, Lace, the lightweight Cardano wallet for ADA and web3, released its v.1.2 updates with expanded browser support, enhancing how users can organize their NFTs, improving privacy choices and enhancing speed. At the same time, the Adrestia team focuses on improving the congruity of node v.8.1.1. with the Cardano wallet, database layer improvements, and introducing the capability to delegate functions of a multi-signature wallet.
Cardano’s smart contract language Plutus also sees impressive adaption, adding over 1,000 smart contracts since the beginning of 2023.
The Plutus Tools team achieved significant milestones, which include finalizing the Marconi GetUtxoFromAddress and GetTokenBurnEvent indexers for the Sidechain Tribe. They also conducted a thorough comparison between the GetTokenBurnEvent indexer result and Cardano-db-sync. Additionally, they carefully changed the JSON-RPC request and response for the Marconi-sidechain to follow the API definition. To improve functionality, they also added an AssetId filter to the CLI of the Marconi-sidechain.
The Hydra team performed research and testing in Basho to enhance a head’s performance on the mainnet. They addressed bugs and issues to prepare for the release of version 0.11.0, including various changes and fixes. The Mithril team worked on bug fixes and updates while concentrating on the signer deployment methodology for SPOs and developing a stress test tool for evaluating the aggregator. Discussions on creating the first Minimum Viable Governance (MVG) framework, which aims to encourage participatory governance within the Cardano ecosystem by incorporating community feedback, went on in Voltaire.
According to EssentialCardano.io, there are now 130 launched projects, with almost 1,300 still building, an impressive 8.44 million native tokens and close to 70 million transactions in the Cardano network.
Going by data from Artemis, at present, over 66,000 daily active addresses participate on Cardano with 77,700 daily transactions and 156 million in Total Value Locked (TVL). Total Value Locked measures the entire value of assets locked or held within a specific protocol, platform, or smart contract frequently used in the cryptocurrency and decentralized finance (DeFi) field. A DeFi platform’s overall activity and popularity are frequently gauged using TVL.
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