Cardano Doing Well: IOG Report Disagrees with “Not Dead” Talk

Cardano ADA

Cardano’s recent weekly IOG report not only highlighted substantial growth but also showcased its ability to surpass rivals in monthly development activity.

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Cardano’s early 2024 progress is evident in a recent IOG report, showcasing 1,319 projects, heightened native tokens, and Plutus scripts. Key updates include Marlowe 0.3.0 for financial accessibility, advancements in Hydra scaling, and improvements in the Cardano node and Lace wallet. Leading GitHub activity, Cardano surpasses rivals like Polkadot in development engagement, yet faces a decline in whale activity.


Cardano’s Vibrant Ecosystem: Dispelling “Dead” Notions

Contrary to speculations about Cardano’s demise in the cryptocurrency space, a recent IOG weekly report highlights significant updates and progress. The platform has witnessed the launch of 157 projects, bringing the total to an impressive 1,319.

The network’s expansion is underscored by notable statistics: over 9.45 million native tokens governed by 93,021 token policies. Plutus scripts, essential for Cardano’s smart contracts, demonstrate robust growth with 6,332 Plutus v1 scripts and 17,531 Plutus v2 scripts in use. The Cardano network has recorded a total of 83.4 million transactions.

The early months of 2024 have brought forth several releases and upgrades within the Cardano ecosystem. Marlowe, focusing on enhancing financial accessibility, released Marlowe 0.3.0, achieving significant milestones. The first Hydra release of the year, version 0.15.0, aims to improve transaction throughput and latency as a layer-2 scaling solution.

Another key update is Cardano node v.8.7.3, addressing a minor Ouroboros network issue. The Lace wallet, vital for user interactions, has been upgraded to version 1.8. These developments reflect the vitality and progress within the Cardano ecosystem, dispelling any notion of stagnation.

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IOG’s Active Development and Cardano’s Resilience

The ledger team at Input Output Global (IOG) has been actively implementing new features in recent weeks, including the introduction of new ledger events, an extension of the URL length limit for transactions, and improvements in consensus queries and JSON instances. Meanwhile, the Mithril team, a vital component of the Cardano ecosystem, completed the client’s implementation in Explorer.

This achievement enables direct certificate verification from the browser, elevating security and trust within the network. The team also progressed in upgrading the devnet to support the Conway era and successfully enabled the Mithril era marker reader on the Cardano chain during end-to-end testing.

In parallel, Project Catalyst, Cardano’s community-driven innovation platform, is approaching the conclusion of its community review moderation period. This phase has witnessed substantial engagement, with over 70,000 moderations submitted by around 250 active level 2 moderators.

On a broader scale, IOG is actively exploring advancements in quantum technology and its potential applications in finance. In the coming weeks, IOG will support a collaborative workshop with the School of Informatics Edinburgh, featuring IOG Chief Scientist Aggelos Kiayias, Ethereum researcher Justin Drake, and other leading experts.

The workshop aims to delve into the intersection of quantum-enhanced protocols and financial systems. In essence, the IOG report unequivocally dispels any notion that Cardano is dormant, showcasing ongoing development and resilience within the ecosystem.

Cardano’s Robust Development: Outperforming Competitors

Recent data from GitHub reveals that Cardano has outperformed many major competitors in terms of monthly development activities. Crypto analytics platform Santiment indicates that Cardano maintained a marginal lead over its peers in the last month.

In the realm of total GitHub data, Cardano recorded 332.9 commits over the past 30 days, slightly surpassing Polkadot, which logged 329.57 commits. Notably, Cardano consistently held the top position in developer engagement, maintaining this trend amidst the emergence of various alternative protocols, both layer-1 and layer-2 solutions.

This sustained high level of development activity positions Cardano as a robust contender in the race to become a significant Ethereum alternative. This achievement is particularly noteworthy considering that other leading chains, including Ethereum, have exhibited comparatively lower GitHub commit activity. Even Kusama, recognized as Polkadot’s canary network, demonstrated strong activity with a total of 329.57 commits, on par with Polkadot.

Cardano’s Blockchain Activity: Decline in Large Transactions

Recently, Cardano’s blockchain witnessed a significant decline in the volume of large transactions, causing a notable slowdown in the network’s overall activity.

Typically, large transactions are viewed as indicators of whale behavior on the blockchain. However, the sudden and substantial drop in these transactions on the Cardano network has left the crypto community puzzled. The reasons for this decline remain unclear, giving rise to speculations ranging from accumulation phases to strategic asset redistribution by major holders.

This reduction in whale activity is not an isolated event but aligns with a longer-term trend. Gradually, there has been a decline in these substantial transactions, suggesting various strategies employed by whales, such as discreetly accumulating more assets or strategically redistributing their holdings.

Despite these possibilities, the absence of clear information makes it challenging to pinpoint the exact motives behind these movements and their potential impact on the Cardano ecosystem and its investors.


Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

 

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  • SHBAZ

    A crypto enthusiast, Loves to write, Loves to explore and stay up-to-date about the latest developments in the crypto world. #Btc #Crypto #NFT

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