Cardano (ADA), the proof-of-stake blockchain platform, has made notable progress in technological advancements, in accordance with Input Output Hong Kong (IOHK), the engineering firm behind the Cardano blockchain.
IOHK’s recent announcement highlights crucial improvements across various points of the platform, signaling further growth and development for Cardano.
Cardano Smart Contract Optimization
One significant area of improvement lies inside the ledger team, which has reportedly enhanced test frameworks and data quality within the Newconstraints phase3. They achieved this by introducing constraints and latest types resembling Size, SizeSpec, and Sized.
The engineering company has also noted advancements in wallets and services. The Lace team is preparing to release Lace v.1.9, which guarantees latest features and enhancements for Cardano users.
Within the realm of smart contracts, the Plutus team has included a guide within the documentation, elucidating tips on how to use AsData functionality to optimize scripts. They’ve also implemented a UPLC optimization pass to attenuate the variety of forces and delays within the script.
Mithril Team Releases Major Update
Addressing scalability, the Hydra team has restored test compatibility with all networks and reviewed and merged streaming plugins. They’ve rectified tutorial instructions for downloading the newest Cardano-node and resolved the observed contesters bug.
The Mithril team has released Mithril distribution 2412.0, encompassing critical updates and enhancements. These include support for the Prometheus metrics endpoint in signer, deprecation of the snapshot command within the client CLI, full Pallas-based implementation of the chain observer, and compatibility with Cardano node v.8.9.0.
Furthermore, the team has implemented community-requested features to confirm the output folder structure created by the client. They proceed to analyze and address any sources of “flakiness” within the CI end-to-end test.
Notable Surge In Token Trading Volume
In response to DeFiLlama data, Cardano’s total value locked (TVL) currently stands at $422 million, signifying a slight dip of $80 million following the achievement of the $500 million milestone. Cardano boasts a big figure of $23.3 million when it comes to stablecoin market capitalization.
Analyzing Token Terminal data reveals several key market indicators for Cardano. The fully diluted market cap, representing the utmost potential market value of all tokens in circulation, is estimated at $29.20 billion, reflecting a notable 4.9% increase over the past 30 days.
Similarly, the circulating market cap, which considers only the tokens in lively circulation, stands at $22.88 billion, with a 5.2% growth rate over the identical period.
Long-Term Outlook Stays Bullish For ADA
Regarding price motion, crypto analyst “Trend Rider” recently shared insights on ADA’s latest price motion in a post on the social media platform X (formerly Twitter).
According to the analyst, ADA’s price experienced a decline after reaching a yearly high of $0.811 on March 14. It’s currently trading inside the range of a parabolic red line and a rider band.
ADA’s support and resistance levels. Source: Trend Rider on X
The parabolic red line represents a big resistance level, while the rider band indicates a possible support region for ADA’s price. This range-bound movement suggests a period of consolidation for ADA, because the cryptocurrency takes a breather before its next significant move.
Moreover, the analyst notes that the bullish strength of the trend has weakened over the past two weeks. This might indicate a short lived slowdown in ADA’s upward momentum, potentially resulting in consolidation or sideways trading.
Nevertheless, despite this weakening bullish strength, the analyst stated that the general trend direction stays bullish, suggesting that ADA’s long-term prospects remain positive.
The each day chart shows ADA’s sideways price motion. Source: ADAUSD on TradingView.com
ADA is trading at $0.652, exhibiting a sideways price motion within the last 24 hours. Nevertheless, over the past seven days, the token has successfully recovered from previous losses and registered a gain of 5.4%.
Featured image from Shutterstock, chart from TradingView.com
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