IOHK’s recent announcement highlights crucial improvements to various aspects of the platform, indicating further growth and development for Cardano.
Cardano (ADA), the proof-of-stake blockchain platform, has made notable strides in technological advancements, according to Input Output Hong Kong (IOHK), the engineering firm behind the Cardano blockchain.
Cardano Smart Contract Optimization
A major area of improvement is in the accounting team, which has reportedly improved testing frameworks and data quality in the New Restrictions3 phase. They achieved this by introducing constraints and new types such as Size, SizeSpec and Sized. The engineering company has also noted advances in wallets and services.
The Lace team is preparing to release Lace v.1.9, which promises new features and improvements for Cardano users. In the area of smart contracts, the Plutus team has included a guide in the documentation, which clarifies how to use the AsData functionality to optimize scripts. They have also implemented a UPLC optimization step to minimize the amount of forces and delays in the script.
Mithril Team Releases Major Update
To address scalability, the Hydra team restored testing support for all networks and revised and merged streaming plugins. They have rectified the tutorial instructions for downloading the latest Cardano node and resolved the error observed by the contestants.
The Mithril team has released the Mithril 2412.0 distribution, which includes critical updates and improvements. These include support for the Prometheus metrics endpoint in the signer, deprecation of the snapshot command in the client CLI, full Pallas-based chain watcher implementation, and support for Cardano node v.8.9.0.
Additionally, the team has implemented community-requested features to verify the output folder structure created by the client. They continue to investigate and address any sources of “weakness” in the end-to-end IQ test.
Notable Increase in Token Trading Volume
According to data from DeFiLlama, Cardano’s total value locked (TVL) currently stands at $422 million, which is a slight drop of $80 million after reaching the $500 million milestone. Cardano has a significant $23.3 million in terms of stablecoin market capitalization.
Analysis of Token Terminal data reveals several key market indicators for Cardano. The fully diluted market cap, which represents the maximum potential market value of all tokens in circulation, is estimated at $29.2 billion, reflecting a notable 4.9% increase over the past 30 days.
Similarly, the capitalization of the circulating market, which considers only tokens in active circulation, amounts to $22.88 billion, with a growth rate of 5.2% during the same period. Long-term outlook remains bullish for ADA.
Regarding price action, crypto analyst Trend Rider recently shared information about the latest ADA price action in a post on social media platform X (formerly Twitter). According to the analyst, ADA price saw a decline after reaching a yearly high of $0.811 on March 14. It is currently trading within the range of a parabolic red line and a cycling band.
The analyst further points out that the bullish trend strength has weakened in the last two weeks. This could indicate a temporary slowdown in ADA’s bullish momentum, which could lead to consolidation or sideways trading.
However, despite this weakening bullish strength, the analyst stated that the overall trend direction remains bullish, suggesting that ADA’s long-term prospects remain positive.
ADA is trading at $0.652, showing sideways price action in the last 24 hours. However, in the last seven days, the token successfully recovered from previous losses and recorded a gain of 5.4%.
By Leonardo Perez
