- Cardano’s weekly development report highlights the efforts made by developers in the past week.
- On-chain performance has been good and the price action is bullish.
Cardano (ADA) Development activity took a backseat for most of the past week as it faded into the background. However, the chart managed to record a peak on March 16, after which it declined again.
Well, it is important to note that Cardano recently released their weekly development report. In that, it was found that the developers were working on some projects that could help the ecosystem with scalability and security. It’s no wonder why March 16 saw a brief spike in development activity.
What’s happening #Cardano?
See this week’s development update #EssentialCardano And stay informed about the latest developments in core technology, wallets and services, smart contracts, and scalability and governance.
– Input Output (@InputOutputHK) March 17, 2023
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Cardano Developers Captured
According to the report, development of Lace Desktop was still underway, and the team improved error handling of CIP-30 DApps activities and also fixed issues with hardware wallets signing CIP-30 transactions.
The Plutus team continued to work on the Marconi MVP and set up a separate repository to review and implement Marconi information.
CardanoThe HYDRA team addressed the complex UTXO shipping issues to the HYDRA boss and created a HYDRA node to support the mainnet.
However, the Marlo team made significant improvements to the Marlo Verifier gold tests to make them more complete.
Additionally, the Mithil team has completed the final milestones required to make the Mithil beta available on the mainnet.
Along with the first optimization of the engagement group store, the team released a new 2310.0 distribution that enables the era change mechanism and at the same time begins the transition of aggregation stores to a relational design.
Key metrics show a spike
The report states that the total number of native tokens on the Cardano network is about to hit 8 million soon. He also mentioned that the total number of transactions reached 63 million, while the number of projects built on Cardano reached 1,213.
The ADA funding rate remained relatively high last week, suggesting a strong demand from the derivatives market. ada also managed to remain one of the preferred choices for whales because it did List Among the 10 most purchased tokens of the 500 largest BCS whales.
Meanwhile, sentiment charts also reflect whale interest in ADA, as the number of whale transactions remains high.
Source: Feeling
On the other hand, adaDaily active addresses registered an increase last week, suggesting higher network utilization. However, its speed decreased, indicating less token movement between directions.
Source: Feeling
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ADA’s good on-chain performance is also reflected in its price action, which significantly supported bulls.
According coin market capThe ADA price has risen more than 11% in the last seven days. At press time, it was trading at $0.3529 with a market capitalization of more than $12.2 billion.
