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Cardano Unveils Crucial Upgrade as Price Aims for Rebound

Fri, 10/05/2024 – 14:37

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The Cardano protocol has unveiled the latest set of launched upgrades across its most important applications. The proof-of-stake (PoS) network looks to reposition its chain in line with the growing competition on the market. In its weekly development report, Cardano revealed that a total of 1,358 projects are currently building on its chain.

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To create a platform for these innovators to build usable applications, the blockchain revealed it had analyzed and implemented benchmarks for performance and tracing for the Conway era. To do this, it revealed that DReps were injected and it traced the DRep data, improving error in the transaction generator tool.

With this upgrade, Cardano’s main chain will benefit from relatively more fluid transaction execution, giving users an enhanced experience. Besides this, the Cardano Hydra scaling protocol was refactored and detected network protocol version mismatches. 

Besides this, Cardano said its Project Catalyst Fund 12 is underway. At the moment, submissions remain open, with interest recorded around the world. Previous Project Catalyst programs proved successful, with new innovators onboarded onto Cardano at different times.

The Cardano development report comes at a time when the broader digital currency ecosystem is experiencing a bullish comeback. For a market with an almost weeklong bearish strain, the 2.97% jump in the ADA price to $0.4636 lends bullish optimism.

With this recovery in place, the protocol’s upgrade is strategic, positioning it to tap more into the market share in the Decentralized Finance (DeFi) ecosystem. With swift usability, Cardano can start competing with protocols like Arbitrum (ARB), Polygon (MATIC) and other Ethereum-based protocols like EigenLayer.

The strategy remains to maintain a highly scalable network such that when the expected liquidity rolls in, the infrastructure can match the demand. With the revived market outlook, ADA recorded a boosted trading volume as it generally banks on its growing transaction count to drive new liquidity.

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