Cryptocurrency NewsCardano releases development updates, ADA is recovering

Cardano releases development updates, ADA is recovering

Cardano recently released its latest updates, showcasing advancements in smart contracts, governance, Project Catalyst, and scaling on the network. Meanwhile, the native token ADA has started to recover and is currently experiencing positive trading activity.

The Cardano update reveals that the network has launched 131 projects, with an additional 1,261 projects currently under development. Furthermore, it has reached a significant milestone of 70 million transactions. The consensus team has made further progress in the Genesis implementation to improve correctness and address functionality requests.

Regarding the integration of UTXO-HD, there were some performance issues initially, but the team has investigated and made necessary improvements to resolve them. Support activities involved incorporating Ledger improvements into Consensus and preparing for the upcoming launch of node 8.2. The Lace teams have been focused on simulating a multi-delegation wallet, conducting tests for various coin-selection algorithms, integrating cardano-js-sdk, and introducing new UI features for the multi-delegation flow. They have also fixed bugs related to the HD wallet.

The Marlowe team has introduced an HTTP SSE server for Marlowe transactions, while the Plutus Tools team has addressed bugs and discrepancies related to the Marconi sidechain. The Adrestia team has updated the Cardano wallet to enable integration with node v.8.1.1 and GHC v.9.2.8, along with enhancing the DB layer. The Mithril team has completed the design of signer deployment models and worked on stress testing tools, retry mechanisms, monitoring, and fixing a bug related to the computation of master certificates.

In terms of ADA’s price, it started the week on a bearish note but experienced a rebound in the middle of the week. Currently, the price of ADA stands at $0.287, reflecting a 0.40% increase in the last 24 hours and a 2.70% decline over the past week. However, it is still 33% higher than its lowest price in June. The higher RSI and MFI indicators suggest significant accumulation, particularly in the second half of June. While this hasn’t triggered a full recovery yet, Cardano’s focus on development and growth could prove beneficial in the long run.

Recent data indicates that Cardano’s development activity has been on the rise over the past two weeks. Additionally, ADA’s social dominance metric has shown healthy activity in the last four weeks, according to Santiment data. There has been a surge in trading volume, indicating a bullish recovery in recent days. This surge is the second largest in the last four weeks and appears to be correlated with the MVRV ratio, suggesting the involvement of whales. As a result, ADA rebounded quickly this week after facing selling pressure.

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