In a recent weekly report from Input Output Global (IOG), the engineering development firm behind Cardano (ADA), significant growth for the blockchain has been revealed. The report highlights notable achievements in Total Value Locked (TVL), transactions, and the growing number of projects being built on the network.
Thriving Cardano Ecosystem
According to reportCardano has reached the 94 million transaction mark, showing the network’s growing adoption ahead of scheduled upgrades later this year. The report also discloses a TVL of 548.4 million in ADA, further emphasizing the network’s growth.
Data DefiLlama’s on-chain data confirms this, with on-chain data showing over 26,000 active addresses in the past 24 hours and a USD TVL of $239 million. However, this is far lower than the yearly high USD TVL of nearly $500 million recorded in March.
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IOG data also reveals that Cardano currently hosts over 1,300 projects and has over 10 million active tokens. Further demonstrating the network’s appeal, there are over 67,000 Plutus scripts, enabling the creation of decentralized applications (dApps) and smart contracts within the Cardano ecosystem.
Upcoming releases and updates
The report also sheds light on the accounting team’s current focus as they await Chang’s update. Efforts have shifted toward “extensive testing,” including writing unit tests and performing compliance testing.
On the wallet and services front, the Lace team is gearing up for the release of Lace v1.14 in the coming weeks, promising updates and improvements. The report notes that the Hydra team has made progress on incremental overrides, refining specifications, and improving documentation.
The Mithril team also released a new distribution with support for Cardano node v9.0.0 and continued working on certifying Cardano transactions on Mithril networks.
Cardano’s progress extends to the Voltaire & Sanchonet domains with the release of Cardano node v9.0.0. Users are encouraged to upgrade to this version in preparation for the Change update.
Lastly, IOG disclosed that the Intersect team has been actively updating the community on the latest Cardano node launch, the Chang timeline, and the confirmation of the Intersect constitutional council.
Increases in ADA Trading Volume
At the time of writing, ADA is currently trading at $0.429 due to its continued growth over the past month and the market recovery over the same period.
Additionally, CoinGecko data shows that the token has seen an increase in trading volume of $628 million in recent days, representing a 154% increase in market activity for ADA.
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Further supporting the bullish sentiment and growth witnessed over the past month, ADA is currently trading above the key 200-day high. exponential moving average (EMA), following the 18% surge recorded over the past two weeks that saw it cross this key indicator at $0.423. Notably, this supported the price over the weekend, with successful tests over three consecutive days preventing another pullback.
On the other hand, the $0.459 level could be the next resistance on ADA’s upward trajectory, preventing a rise towards the next resistance on the ADA/USDT daily chart at $0.483 before retesting the $0.500 level.
Featured image of DALL-E, chart from TradingView.com