In a recent weekly report from Input Output Global (IOG), the engineering development company behind Cardano (ADA), a significant growth was recorded for Blockchain The report highlights notable achievements in total value locked (TVL), transactions, and the growing number of projects being built on the network.
The thriving Cardano ecosystem
according to a reportCardano has reached a historic milestone of 94 million transactions, demonstrating the network’s growing adoption ahead of planned upgrades later this year. The report also reveals a total value of 548.4 million ADA, further underscoring the network’s growth.
Data This is confirmed by DefiLlama, with on-chain data showing over 26,000 active addresses in the last 24 hours and a TVL in USD of $239 million. However, this is significantly lower than the yearly high of nearly $500 million in USD TVL recorded in March.
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IOG data also reveals that Cardano currently hosts over 1,300 projects and boasts over 10 million active tokens. Additionally, demonstrating the network’s appeal, there are over 67,000 Plutus scripts, which enable the creation of Decentralized Applications (dApps) and smart contracts within the Cardano ecosystem.
Upcoming Releases and Updates
The report also highlights the current focus of the notebook team as they await Zhang’s promotion. Efforts have shifted toward “end-to-end testing,” including writing unit tests and running conformance tests.
On the wallet and services front, the Lace team is preparing to release Lace v1.14 in the coming weeks, promising Updates The report notes that the Hydra team has made progress on gradual decommissioning, improving specifications, and enhancing documentation.
The Mithril team also released a new distribution that supports the Cardano v9.0.0 node and continues to work on adopting Cardano transactions within the Mithril networks.
Cardano’s progress extends to the Voltaire and Sanchonet domains with the release of Cardano node v9.0.0. Users are encouraged to upgrade to this version in preparation for Chang’s promotion.
Finally, IOG revealed that the Intersect team has been actively updating the community on the latest Cardano node release, the Chang timeline, and Intersect’s constitutional council confirmation.
ADA trading volume increases
At the time of writing, ADA is currently trading at $0.429 due to its continuous growth over the past month and the market recovery during the same period.
In addition, CoinGecko Data The data shows that the token has seen a trading volume of $628 million over the past few days, which represents a 154% increase in market activity for ADA.
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In further support of the bullish sentiment and growth we have seen over the past month, ADA is currently trading above its key 200-day moving average. Exponential Moving Average (EMA), after an 18% rise over the past two weeks that saw it break this key indicator at $0.423. It is worth noting that this supported the price over the weekend, as successful tests for three consecutive days prevented any further decline.
Conversely, the $0.459 level could be the next resistance in ADA’s growth 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 by DALL-E, chart by TradingView.com