Bullish Signal for ADA Price

Cardano (ADA) records a total transaction of 110.43 million, with 2004 projects currently building on its blockchain.

• A latest report has confirmed that 352 DReps have been registered on the network, coupled with 278 Commits.

Cardano (ADA) has announced a significant surge in network activities, with a whopping number of 2004 projects currently building on the blockchain.

According to the details highlighted in the weekly development report dated June 13, 820 of these projects are reported to be focusing on Non-Fungible Tokens (NFTs) use cases. 1,184 of these projects are also related to NFTs, while their delegated wallets increased by 0.04% from the previous week to reach 1.33 million. Within the period, a total of 10.83 million native tokens were recorded, coupled with 216,879 token policies.

Further reviewing Cardano’s performance within the week, we found that the number of Plutus scripts has also reached 138,365, with Aiken scripts made up of 7,213. Cardano recorded 110.43 million transactions, a 0.20% increase from the previous week, as mentioned in our recent news brief. 1,352 delegated representatives (DReps) were also registered, marking a 0.44% increase. Above all, there was a 32% surge in Commits to 278.

Apart from these, several technological upgrades were recorded within the week, with the Site Reliability Engineering (SRE) team improving the Cardano environment and engaging in regular maintenance.

The consensus team also worked on the “Leios ledger and protocol design.” According to reports, they are working to add transactions to the Haskell Leios simulator. Meanwhile, a proposed change to the VRF tiebreaker was extensively evaluated.

Developmental Updates in Cardano’s Smart Contract and Scaling

Under the Smart Contracts, the implementation of the case analysis of the booleans and integers was completed by the Plutus Core team. Apart from this, the Plutus section of the blueprint was completed to support the implementation of alternative evaluators by developers.

Under scaling, Cardano hinted that the Hydra team completed the final security check for the deposit logic. The Mithril team also unveiled the pre-release version of the 2524.0-pre distribution. On top of this, the Leios team focused on the formal methods, infrastructure, and the large-scale network simulation.

As indicated in our earlier discussion, the major Cardano governance vote went live last week with ADA holders and delegated representatives (DReps) invited to vote on a proposed 275 million ADA budget.

The team launched simulations using a new pseudo-mainnet topology with 10,000 nodes, including 2,657 block producers and a realistic global distribution. Simulations ranged from 1 to 300 transactions per second (TPS), revealing some performance bottlenecks, particularly in the Haskell simulation and higher TPS in the Rust version.

Amidst the backdrop of this, Cardano co-founder Charles Hoskinson has suggested that 140 million ADA should be converted to USDM to solve the existing liquidity supply challenge on the network. As noted in our recent post, a successful implementation could generate some non-inflationary revenue for the treasury and build a stronger digital economy.

Hoskinson has also disclosed his willingness to lead the project into several jaw-dropping partnerships. As indicated in our earlier discussion, he is anticipating a groundbreaking integration of XRP Decentralised Finance (DeFi) on the network.

Until then, Cardano has received a major boost triggered by Nasdaq’s decision to include ADA in its Crypto US Settlement Price Index (NCIUS), as reviewed in our recent coverage.

At the time of writing, ADA was trading at $0.63 after declining by 4% in the last 24 hours. According to analysts, these developments could propel the price of ADA on an explosive run to $3 in the near term.