Cardano development activity experienced an uptrend last week. The network reached a major milestone in its Hydra scaling solution.
After facing steady declines since mid-March, Cardano [ADA] network development activity has shown signs of recovery in the past week, data from Santiment revealed.
Development activity is an important indicator for gauging the prospects of a Blockchain, with high values implying that the network was preparing to introduce new features or polish existing ones.
In the case of Cardano especially, this was a healthy sign, as the network was about to push a major upgrade.
Cardano Scales
Cardano published the latest edition of its weekly development report on March 31. One major update was on the upcoming Layer 2 network scalability solution, Hydra.
According to the report, the Hydra development team demoed Hydra heads running on the mainnet, reaching a major milestone before the final release. The team added that more capabilities will be developed so that applications can use the Hydra Head protocol. Additionally, the Hydra roadmap has been updated to allow for more user engagement and community discussions.
Hydra Head is the first protocol in the Hydra family, laying the foundation for more advanced deployment scenarios. Developers can build specialized protocols on top of the Cardano chain using Hydra Head.
Furthermore, Hydra is part of Cardano’s ambitious Basho roadmap, focused on improving the scalability and interoperability of the network. The scaling solution aims to increase the speed of transactions and reduce the cost associated with each.
The weekly report also indicated some vital statistics related to the growth of the network. A total of 119 projects have been launched on the network since its launch, while the total number of transactions exceeded 63 million.
Will ADA give a Bullish Turn?
ADA posted losses of 9% in March. However, the last week stopped the tide, during which it rose 4%, according to CoinMarketCap.
According to Coinglass, ADA open interest (OI) rose to 196.8 million, representing a gain of more than 10% in the 24-hour period. During the weekly period, the gains were in the order of 14%. Funding rates on most exchanges were neutral, implying that bullish and bearish forces were in balance in the market.
On the other hand, Changelly Blog has presented a real-time ADA to USD price update, which shows the current price of Cardano as $0.39 USD. According to said price prediction for Cardano, the price of ADA is expected to have a decrease of -4.38% and fall until April 03, 2023. Technical indicators analyzed by Changelly suggest that current market sentiment is Neutral Bearish at 37%, with a Fear and Greed Index score of 61 (Greed). In the last 30 days, Cardano has had 13/30 (43%) green days, and a price volatility of 5.97%.
By Audy Castaneda
