u.today
In a week marked by significant technological strides, Cardano's native cryptocurrency, ADA, surged by an impressive 16.5%, reaching a peak of 20% in value. The price surge propelled ADA to $0.7, consolidating its position as the eighth-largest digital asset by market capitalization, which now stands at a formidable $24.45 billion.
The surge in ADA's price was not an isolated event but rather a reflection of the substantial progress witnessed across the Cardano ecosystem. Major developments in core technology, smart contracts, scaling solutions and governance initiatives have set the stage for ADA's remarkable ascent.
Cardano development week
In terms of core technology, the ledger team made significant strides by introducing reference script support for Plutus V1 in Conway. This development, coupled with bug fixes addressing stake distribution inaccuracies, lays a robust foundation for the blockchain's functionality.
Meanwhile, the Plutus team advanced smart contract implementation by initiating the Plutus contract blueprint for Plutus Tx and updating the quick start guide to streamline developer onboarding.
Scaling solutions received a boost as the Hydra team resolved critical bugs, optimized fee estimation mechanisms and implemented transaction metadata enhancements. Similarly, the Mithril team introduced a new distribution with critical updates, including improved stake distribution support and bug fixes.
On the governance front, the SanchoNet team launched a patch release to address compatibility issues and facilitate wallet upgrades. Additionally, Project Catalyst continued its momentum by onboarding 300 approved projects, emphasizing community-led accountability and transparency.
As ADA continues to attract attention and investment, the Cardano ecosystem appears poised for further growth and advancement on the burgeoning cryptocurrency landscape.