The Cardano (ADA) ecosystem recently underwent significant growth in various key metrics, coinciding with the planned Chang upgrade that was successfully implemented on September 1. Despite facing a bearish market sentiment that impacted ADA’s price, the Cardano Foundation reported a surge in investor activity and blockchain usage. According to a social media post by the Foundation, there was a notable increase in smart contract transactions by 31%, while metadata transactions (excluding smart contracts) grew by 20%. However, simple transactions experienced a decline of 49%. Overall, Cardano recorded a total of 95.9 million transactions in August, reflecting a slight increase of 1.51%.
The number of wallets created on the Cardano blockchain also saw positive movement, rising by 0.67% to reach 4.87 million. In contrast, the number of delegated wallets decreased by almost 1%, totaling 1.33 million. The ecosystem also witnessed a 0.75% increase in plutus scripts, with 6,709 new smart contracts developed. This advancement allows developers to create secure decentralized applications without the need for intermediaries. Cardano’s native tokens experienced growth as well, with a 0.85% increase resulting in the creation of 10.3 million new tokens. Policy creation recorded the most significant growth, with a remarkable 6.53% surge and the introduction of 160,299 new policies.
Looking ahead, Charles Hoskinson, the founder of Cardano, provided insights into the upcoming developmental and governance phases following the Chang hard fork. Hoskinson described the current state of the Cardano network as entering a “90-day bootstrap phase,” during which key governance components will be activated. The roadmap for the Chang hard fork outlines the transition to the age of Voltaire, where the network aims to achieve full decentralization. During this bootstrap phase, various initiatives such as the registration of Delegated Representatives (DReps) and the formation of an interim Constitutional Committee will take place. Plans for the “Chang +1 upgrade” were also announced, with expectations to achieve fully decentralized governance by December 2024.
In line with governance reforms, Cardano is in the process of drafting its first formal constitution, with over 50 workshops held globally to engage stakeholders. Delegates elected during these workshops will contribute to a constitutional convention scheduled to take place in Argentina in December, where the proposed V1 constitution will be developed. Hoskinson also revealed plans for Cardano’s treasury, valued at around $600 million in ADA, to undergo an annual budgeting process addressing the ecosystem’s needs, including marketing and development initiatives. The founder emphasized a significant shift towards decentralization, indicating that Input Output Global (IOG) will eventually relinquish its governance role, and DReps will no longer be required.
Amid these developments, market intelligence platform Santiment highlighted a surge in address activity for ADA. History suggests that increased address activity during price declines could signal a potential rebound. Currently, ADA has seen a nearly 3% increase over the past week, trading at approximately $0.344, with a recent rise of 2% in the last 24 hours. However, the token still reflects a monthly loss of nearly 1%.
The Cardano ecosystem has been experiencing significant growth and development across various aspects, from increased transaction activity to advancements in governance and decentralization. The ongoing improvements and initiatives within the ecosystem indicate a promising future for Cardano as it strives towards achieving its goals of full decentralization and widespread adoption.
Leave a Reply