Cardano Foundation Reports Massive Growth In These Key Metrics – ADA Price Soars 3%
10 Settembre 2024 - 12:00PM
NEWSBTC
In August, the Cardano (ADA) ecosystem experienced 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 affected ADA’s price
during this period, the Cardano Foundation reported increased
investor activity and blockchain usage. August Highlights In a
recent social media post, the Foundation detailed the performance
of various transaction types within the ecosystem. Notably,
smart contract transactions surged by 31%, while metadata
transactions (excluding smart contracts) grew by 20%. However,
simple transactions faced a decline of 49%. Overall, Cardano
recorded a total of 95.9 million transactions in August, marking a
slight increase of 1.51%. Related Reading: Crypto Analyst Predicts
Dogecoin Will Rise 3,600% To $3.7, Here’s When The number of
wallets created on the blockchain also saw positive movement,
rising by 0.67% to reach 4.87 million. Conversely, the number of
delegated wallets decreased by nearly 1%, totaling 1.33
million. Additionally, there was a 0.75% increase in plutus
scripts, with 6,709 new smart contracts created, enabling
developers to build secure decentralized applications without
intermediaries. Cardano’s native tokens experienced a 0.85%
increase, culminating in the creation of 10.3 million new tokens.
The most significant growth was recorded in policy creation, which
saw a remarkable 6.53% surge with 160,299 new policies introduced.
Cardano Enters 90-Day Bootstrap Phase Looking ahead, Charles
Hoskinson, the founder of Cardano, shared insights into the
upcoming developmental and governance phases of the network
following the Chang hard fork. In a recent update, Hoskinson
described the current state of the Cardano network as entering a
“90-day bootstrap phase,” during which key governance components
will be activated. Hoskinson outlined the roadmap for the Chang
hard fork, detailing the transition to the age of Voltaire, where
the network will achieve full decentralization. During this
bootstrap phase, various initiatives, including the registration of
Delegated Representatives (DReps) and the formation of an interim
Constitutional Committee, will take place. Hoskinson also announced
plans for the “Chang +1 upgrade,” expected to bring about fully
decentralized governance by December 2024. In tandem with these
governance reforms, Cardano is drafting its first formal
constitution, with over 50 workshops held globally to engage
stakeholders in the process. Delegates elected during these
workshops will contribute to a constitutional convention scheduled
to occur in Argentina this December, where the proposed V1
constitution will be developed. Related Reading: Dogecoin To $0.15:
Analyst Explains What Could Kick Off A Fresh Rally Furthermore,
Hoskinson revealed that Cardano’s treasury, valued at approximately
$600 million in ADA, will undergo an annual budgeting process to
address the ecosystem’s needs, including marketing and development
initiatives. The blockchain’s founder emphasized a
significant shift towards decentralization, indicating that Input
Output Global (IOG), the engineering firm behind the Cardano
ecosystem will eventually relinquish its governance role, and DReps
will no longer be necessary. Amid these developments, market
intelligence platform Santiment highlighted a surge in address
activity for ADA. Historically, increased address activity during
price declines often signals a potential rebound. Currently,
ADA has seen a nearly 3% increase over the past week, trading at
around $0.344, with a recent 2% rise in the last 24 hours. However,
the token still reflects a monthly loss of nearly 1%. Featured
image from DALL-E, chart from TradingView.com
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