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.
Recent from IOHK announcement highlights crucial improvements across multiple aspects of the platform, signaling further growth and development for Cardano.
Cardano smart contract optimization
A significant area of improvement is in the accounting team, which has reportedly improved test frameworks and data quality in the New Restrictions phase3. They achieved this by introducing constraints and new types such as Size, SizeSpec and Size.
The engineering company also noted advances in portfolios and services. The Lace team is preparing to release Lace v.1.9, which promises new features and improvements for Cardano users.
In the context of smart contracts, the Plutus team included a guide in the documentation, explaining how to use the AsData functionality to optimize itineraries. They also implemented a UPLC optimization pass to minimize the number of forces and delays in the script.
Mithril Team Releases Major Update
Addressing scalability, the Hydra team restored test compatibility with all networks and revised and merged streaming plugins. They fixed the tutorial instructions for downloading the latest Cardano node and resolved the observed bug from competitors.
The Mithril team has released the Mithril 2412.0 distribution, covering critical updates and improvements. This includes support for the Prometheus metrics endpoint on the signer, deprecation of the snapshot command in the client CLI, full Pallas-based chain observer implementation, and compatibility with Cardano node v.8.9.0.
Additionally, the team implemented Community requested features to check the structure of the output folder created by the client. They continue to investigate and address any sources of “weakness” in end-to-end CI testing.
Notable increase in token trading volume
According to DeFiLlama data, Cardano’s total value locked (TVL) is currently $422 million, meaning a slight drop of $80 million after reaching the $500 million mark. Cardano boasts a significant value of $23.3 million in terms of stablecoin market capitalization.
Analyzing Token Terminal data reveals several key market indicators for Cardano. The fully diluted market cap, representing the maximum potential market cap of all tokens in circulation, is estimated at $29.20 billion, reflecting a notable increase of 4.9% over the past 30 days.
Likewise, the circulating market value, which only considers tokens in active circulation, is US$22.88 billion, with a growth rate of 5.2% over the same period.
The long-term outlook remains bullish for ADA
Considering price action, crypto analyst “Trend Rider” recently shared insights into ADA’s latest price action in a post on social media platform X (formerly Twitter).
According to For the analyst, the price of ADA suffered a decline after reaching a yearly high of US$0.811 on March 14. It is currently trading within the range of a parabolic red line and a knight range.
![Cardano's latest technological updates revealed, analyst maintains optimistic outlook on ADA 1 Cardano](https://thegurumedia.com/wp-content/uploads/2024/03/GJ1z7YFWEAAlZvO.jpeg)
The parabolic red line represents a significant resistance level, while the range indicates a potential support region for ADA price. This limited movement suggests a period of consolidation for ADA as the cryptocurrency pauses before its next significant move.
Furthermore, the analyst notes that the bullish strength of the trend has weakened over the past two weeks. This could indicate a temporary slowdown in ADA’s upward momentum, potentially leading to consolidation or side trading.
However, despite this weakening bullish strength, the analyst stated that the overall direction of the trend remains bullish, suggesting that ADA’s long-term outlook remains positive.
ADA is trading at $0.652, exhibiting sideways price action over the last 24 hours. However, over the past seven days, the token has successfully recovered from previous losses and recorded a gain of 5.4%.
Featured image from Shutterstock, chart from TradingView.com
Disclaimer: The article is provided for educational purposes only. It does not represent NewsBTC’s opinion on buying, selling or holding any investments and, naturally, investing carries risks. We advise that you conduct your own research before making any investment decisions. Use the information provided on this website at your own risk.