Advances in the Cardano network: Will ADA reach $1?

Cardano Crypto

IMPORTANT POINTS:

  • Imminent expansion of Cardano thanks to advances in the network.
  • Scaling and UX improvements with Hydra and Voltaire.
  • Progress on Ouroboros Genesis and Daedalus development for a smooth transition.

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Cardano expansion is imminent as a result of recent advances in the network. The current weekly development report was released on Friday, May 19, and it highlights several significant developments.

The article states that the Hydra team has made great strides in their scaling efforts with the release of the first mainnet-compatible version of the Hydra node. These enhancements streamline and safeguard the user experience in preparation for Hydra Head’s eventual integration with real ADA.

Voltaire workshops have been launched, offering more possibilities for local Cardano communities to work together and build connections with each other. Voltaire is a major upgrade for Cardano’s long-term prospects. The Cardano website states that Cardano’s Voltaire period “will provide the final pieces necessary for the Cardano network to become a self-sustaining system.”

Ouroboros Genesis was refined through the collaboration of the decision-making group, the research group, and the networking group. They improved their ability to choose a starting point, select prospects, and use key relationships. These adjustments were made to improve overall system performance and stability.

To ensure accurate ADA conversion rates from the CoinGecko API, the Daedalus team has finished their work on the proxy server. According to the article, the group is working on a new version of Daedalus that will allow for a smooth transition to the new endpoint.

Meanwhile, despite the changes, Cardano continued to make substantial progress, with various teams working on many projects that advanced the platform as a whole.

The recent Cardano report shows staggering growth. More than 8.28 million native tokens have been created thanks to the 127 projects that have been published on the platform to date. Cardano’s adaptability and usefulness have also been demonstrated through the execution of 8,277 Plutus scripts.

Specifically, there are currently 1,242 ongoing projects on Cardano. Collectively, these initiatives manage an impressive $66.8 million in transactions per day, attesting to the growing popularity and pervasiveness of the platform.

This spectacular increase in activity is proof of the growing popularity of the Cardano blockchain technology. The Cardano team has been pushing for increased decentralization, and an upcoming vote will give Stake Pool Operators (SPOs) a voice in shaping the future of the network.

Overall, Cardano’s recent and ongoing innovations and ambitions bode well for the decentralized ecosystem as a whole, especially in light of the price watchtower approaching $1.

As the network continues to grow in popularity, those who have invested in the network’s native token, ADA, may soon see huge returns on their investments. At the time of writing these lines, a unit of the cryptocurrency was worth $0.35, down 1.85% in the last 24 hours.