- Cardano’s development activity declined as the FUD around ADA strengthened.
- ADA absorbed 10% gains after last week’s market rally.
Last week’s rally provided some much needed relief for Cardano [ADA], which, like other market participants, was hit hard by regulatory hostilities. Since June 21, the token is up 10% in value and changed hands at $0.2958 at the time of writing, according to CoinMarketCap.
Source: Sentiment
Read Cardanos [ADA] Price Forecast 2023-24
Although investor sentiment improved with the price increase, the overwhelming mood was still negative, as evidenced by Santiment. The fact that the US Securities and Exchange Commission (SEC) labels ADA as a security may be the primary fuel for the ongoing negativity.
What’s cooking in Cardano’s kitchen?
While ADA was affected by the ups and downs of the market, the developers continued to put their hours into improving the network’s prospects. Cardano has published the latest edition of its weekly development report on June 23, highlighting the most important technological improvements of the past week.
One of the most notable achievements was the launch of the latest version of the Lace Wallet, version 1.2, which includes new additions such as browser support, a new privacy feature and improved speed. Lace Wallet made its debut in April and the first version, 1.1, was released last month.
Meanwhile, the core technology teams continued to work on node, network, consensus, and ledger components.
As part of the effort to improve Cardano’s scalability, the Hydra team continued to focus on experimenting with serving a head on the mainnet. In contrast, the Mithril team made progress on several tasks, the most important of which was the completion of the Mithril network upgrade to Cardano node version 8.1.1. The team also worked on the signer deployment model.
Apart from this, it moved forward in the Volatire era when discussions took place about the minimum viable governance (MVG) framework for participatory governance. A change to Cardano’s on-chain governance system was proposed in CIP 1694, which is named after Voltaire’s birth year.
How much are 1,10,100 ADAs worth today?
Development activity suffers from FUD?
While Cardano’s efforts to improve the network were commendable, some concerns arose when looking at the graph of development activity. The metric, which tracks work done in a project’s public GitHub repositories, has seen a sharp drop since June 8.
Development related metrics assess a project’s progress in introducing new features and fixing existing bugs. A drop could deter potential investors from participating in the network. Coincidentally, the dip started when FUD around the project’s token ADA got stronger.