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Cardano Completes Major Developments This Week, ADA Price Rally Ahead?


coingape.com 26 May 2023 17:08, UTC
Reading time: ~2 m

Cardano’s research and development team Input Output completed several crucial developments related to key projects this week. After facing some challenges related to network issues, swaps on decentralized exchanges, and dapps, the team is taking several steps to fix these issues. Traders immediately respond to the announcement, with ADA rising 1% in an hour.

Cardano Makes Network, Nodes, and Ledger Improvements

Input Output on May 26 revealed in its latest development updates that the team completed significant developments this week. The core technology team worked on node, networking, and ledger improvements. The network faced several issues this month, the team ensured the issues are fixed.

The Lace wallet is added with the capability to the cardano-js-sdk backend to import multi-address wallets such as Daedalus. The Adrestia team worked on separating the balance TX library, database layer, and multi-signature wallet delegation functionality.

Plutus smart contracts maintenance and improvements include bug fixes in the EpochState indexer, correctness of the AddressUtxo indexer, and burned tokens events from the MintBurn indexer. Also, works on integrating a standalone emulator with Atlas and standalone emulator with a Haskell interface.

Clients can now submit and validate transactions to their Hydra nodes. Hydra and Mithril teams made many improvements, improving Cardano’s network and nodes performance. Until now, Cardano had 2 million transactions.

How ADA Price To Impact?

Dapps and tokens on the Cardano blockchains are performing greatly, the overall improvements and token price rise will impact ADA price. Candano’s meme coin SNEK price jumped 26% to hit an all-time high.

ADA price is currently trading above the key support level of $0.33. The price jumped over 1% in the last 24 hours, with the price currently trading at $0.36. The rally mostly came after the IOHK team announced various key developments completed this week.

Cardano influencer Dan Garmbardello believes ADA price can hit $15 in the next bull market. The number of wallets on Cardano continues to rise.

Also Read: Biden-McCarthy Debt Ceiling Deal To Finalize Today; PCE Inflation Rises To 4.7%

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