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In August, the Cardano (ADA) system saw significant growth across several key metrics, coinciding with the anticipated Chang upgrade, which was successfully implemented on September 1.
Despite the bearish market sentiment that impacted the price of ADA during this period, the Cardano Foundation reported increased investor activity and blockchain usage.
August highlights
Recently Posted on social mediaThe Foundation has provided a breakdown of the performance of different types of transactions within the ecosystem.
It is worth noting that smart contract transactions increased by 31%, while metadata transactions (excluding smart contracts) grew by 20%. However, simple transactions saw a 49% decrease. In total, Cardano recorded a total of 95.9 million Transactions In August, it registered a slight increase of 1.51%.
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The number of wallets created on the blockchain also saw a positive movement, rising by 0.67% to 4.87 million. Conversely, the number of delegated wallets decreased by about 1%, to 1.33 million.
In addition, there was a 0.75% increase in Plautus ManuscriptsWith 6,709 new smart contracts created, allowing developers to build secure decentralized applications without intermediaries.
Cardano native tokens saw a 0.85% increase, resulting in 10.3 million new tokens being created. The most significant growth was recorded in policy creation, which saw a significant 6.53% increase with 160,299 new policies being introduced.
Cardano Enters 90-Day Bootstrap Phase
Looking ahead, Cardano founder Charles Hoskinson shared his vision for the next phases of development and governance for the network after the Chang’e hard fork.
Recently to updateHoskinson described the current state of the Cardano network as entering a “90-day warm-up phase,” during which key governance components will be activated. Hoskinson outlined the roadmap for the Chang’e hard fork, detailing the transition to the Voltaire era, where the network will achieve full decentralization.
During this preliminary phase, various initiatives will be implemented, including the registration of authorized representatives and the formation of an interim constitutional committee. Hoskinson also announced plans for a “Chang +1 upgrade,” which is expected to lead to fully decentralized governance by December 2024.
In conjunction with this Governance reformsCardano is working on drafting its first official constitution, with over 50 workshops being held globally to engage stakeholders in the process.
Delegates elected during these workshops will contribute to the Constitutional Conference scheduled to be held in Argentina next December, where the proposed V1 Constitution will be developed.
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Furthermore, Hoskinson revealed that Cardano’s treasury, which is estimated to be worth around $600 million, ADAThis initiative will be subject to an annual budgeting process to meet the needs of the ecosystem, including marketing and development initiatives.
The blockchain founder emphasized the major shift toward decentralization, noting that Input Output Global (IOG), the engineering firm behind the Cardano ecosystem, will eventually give up its governance role, and DReps will no longer be necessary.
Amid these developments, market intelligence platform Santiment has highlighted an increase in Title Activity Historically, increased address activity during price declines often indicates a potential recovery.
Currently, ADA has seen a rise of around 3% over the past week, trading at around $0.344, with a recent 2% rise in the last 24 hours. However, the token is still reflecting a monthly loss of around 1%.
Featured image by DALL-E, chart by TradingView.com