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Development updates released by Cardano; ADA makes a recovery

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Cardano just released updates this week that highlight technical developments on the network, including smart contracts, governance, Project Catalyst, and scaling.

Meanwhile, its parent token, ADA, has begun to recover and is trading in the green.

Cardano’s update shows that the network has launched 131 projects, while 1,261 projects are being built. In addition, it recently achieved 70 million transactions.

The Consensus team went above and beyond in implementing Genesis to facilitate the validity argument and job application processing.

As for the UTXO-HD integration, it had some issues in terms of performance, but the team investigated the issues and added the necessary improvements. Some of the support activities included incorporating ledger improvements into consensus and preparing for the upcoming 8.2 node launch.

The Lees teams looked at simulating a multi-minution portfolio and running tests of various currency selection algorithms. In addition, they’ve integrated cardano-js-sdk, new UI features for multi-authorization flow, and fixed bugs into the HD wallet.

The Marlowe team added an HTTP SSE server for Marlowe transactions, while the Plutus Tools team fixed bugs and inconsistencies in the Marconi sidechain. The Adrestia team has updated the Cardano wallet to allow integration of Node v.8.1.1 and GHC to 9.2.8 and improve the database layer. The Mithril team finished designing site deployment models and worked on stress testing tools, retry mechanisms, monitoring, and key certificate error fixes.

ADA price recovery

ADA started this week lower but rebounded in the middle of the week. The ADA price is $0.287 today, up 0.40% in the last 24 hours, and down 2.70% in the last week. Meanwhile, the token is up 33% from its June low.

The rise of the RSI and MFI shows a large amount of accumulation, especially in the second half of June, but not enough to trigger a rebound. However, Cardano is focused on development and growth, which could benefit it in the long run.

Over the past two weeks, the Cardano development activity metric has seen an upward movement. In comparison, the ADA’s measure of social dominance saw healthy activity in the past four weeks, according to Santiment data.

This was accompanied by a rise in volume reflecting the bullish recovery of the past few days. This rise is the second largest in the past four weeks, as its correlation with the MVRV ratio indicates that whales are involved in the rise. Hence, ADA rebounded quickly this week after being under selling pressure.

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