A recent weekly report from Input Output Global (IOG), the technical development company behind Cardano (ADA), shows significant growth for the blockchain has been revealed. The report highlights notable achievements in Total Value Locked (TVL), transactions and the increasing number of projects being built on the network.
Thriving Cardano ecosystem
According to the reportCardano has reached a milestone of 94 million transactions, demonstrating the network’s growing adoption ahead of planned upgrades later this year. The report also reveals a TVL of 548.4 million in ADA, further highlighting the network’s growth.
Facts from DefiLlama confirms this, with on-chain data showing over 26,000 active addresses in the last 24 hours and a TVL in USD of $239 million. However, this is well below the annual USD TVL high of almost $500 million recorded in March.
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IOG’s data also shows that Cardano currently hosts more than 1,300 projects and has more than 10 million active tokens. Furthermore, underscoring the network’s appeal, there are more than 67,000 Plutus scripts, allowing the creation of decentralized applications (dApps) and smart contracts within the Cardano ecosystem.
Upcoming releases and updates
The report also sheds light on the current focus of the general ledger team in anticipation of the Chang upgrade. Efforts have shifted to ‘extensive testing’, which includes writing unit tests and running conformance tests.
On the wallet and services front, the Lace team is preparing for the release of Lace v1.14 in the coming weeks, promising updates and improvements. The report notes that the Hydra team has made progress on incremental releases, refining specifications and improving documentation.
The Mithril team also released a new distribution with support for Cardano node v9.0.0 and continued to work on certifying Cardano transactions within Mithril networks.
Cardano’s advancements extend to the Voltaire and Sanchonet domains with the release of Cardano node v9.0.0. Users are encouraged to upgrade to this version in preparation for the Chang upgrade.
Finally, IOG announced that the Intersect team has been actively educating the community about the latest release of the Cardano node, the Chang timeline, and the confirmation of the Intersect Constitutional Council.
ADA trading volume increases
At the time of writing, ADA is currently trading at $0.429 due to continued growth over the past month and the market’s recovery over the same period.
Additionally, CoinGecko facts shows that the token has seen a spike in trading volume of $628 million in recent days, representing a 154% increase in market activity for ADA.
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Further supporting the bullish sentiment and growth over the past month, ADA is currently trading above the key 200-day price. exponential moving average (EMA), after the 18% increase recorded over the past two weeks, with the price passing this key indicator at $0.423. This particularly supported the price over the weekend, with successful tests preventing another retracement for three consecutive days.
Conversely, the $0.459 level could be the next resistance in ADA’s growth path, preventing a rise to the next resistance on the daily ADA/USDT chart at $0.483 before retesting the $0.500 level.
Featured image of DALL-E, chart from TradingView.com
