- New projects launched on Cardano triggered an increase in development activity.
ADA’s slight increase helped the supply in profit rise to 18.88 billion.
As a long-term crypto investor with experience in following the Cardano ecosystem, I’m encouraged by the recent development activity on the platform. The launch of five new projects and the upcoming eight more is a clear sign that Cardano is thriving and outpacing other blockchains in terms of progress.
I. In April, InputOutput HQ announced the launch of five new projects on the Cardano [ADA] blockchain, as disclosed in a recent update on their X platform.
Based on findings from the research and development team linked to the blockchain, some initiatives involved implementing new script designs. In contrast, other projects focused on launching fresh tokens, while a few teams introduced updated versions to enhance the network’s transactional capabilities.
The post disclosed that,
Over the past month, there was a rise of 3,875 in the count of token policies, causing a corresponding increase of 100,000 in the number of minted native tokens. Additionally, there were 2,656 new additions to the Plutus scripts collection, bringing the total to 42,703. Moreover, the transaction tally saw an addition of approximately 1.6 million.
Eight more to come
In addition to the ongoing project, InputOutput Hong Kong (IOHK) mentioned that there are eight more projects scheduled for release in the near future. Each week, Cardano unveils an update report detailing the progress within its ecosystem.
Based on AMBCrypto’s analysis, the project has made significant strides in enhancing the quality of its network. This improvement is a key factor contributing to its vibrant development scene, which surpasses that of many other projects.
As a Cardano investor, I’ve noticed a decrease in development activity metrics at one point. This suggests to me that the team has been shipping out fewer new features for the Cardano platform recently.
At the current moment, according to Santiment’s data, there had been a positive shift in the metric I was monitoring. This uptick served as evidence that recent upgrades had yielded significant results during this past week.
As a crypto investor, I’ve noticed that Cardano, specifically its native token ADA, hasn’t fully taken advantage of recent positive developments in the market. Unfortunately, at this moment, ADA is priced at only $0.46 on my portfolio. This price represents a modest 1.41% growth in the last day.
As a researcher, I’ve observed that although ADA didn’t experience a significant price surge, ongoing advancements such as those previously cited have the potential to positively influence its market behavior.
If this is the case, other parts of the Cardano ecosystem might be affected positively.
ADA supply in profit rises, but it can be better
As a researcher examining this data, I would express it by saying, “One significant area that may be influenced is the overall profit distribution. Among the existing 38.84 billion tokens, approximately half, or 18.88 billion tokens, are currently generating profits.”
If the price of the token reaches or exceeds $0.50 again, its market capitalization could reach or even surpass the $20 billion mark. Moreover, according to AMBCrypto’s report, Cardano may display similar trends as it did in 2019.
If the anticipated growth occurs, the cryptocurrency may continue to rank among the top 10 by market capitalization. Conversely, if it fails to do so, the 10th spot in the market cap ranking, currently occupied by this digital asset, might become contested.
Read Cardano’s [ADA] Price Prediction 2024-2025
Currently, Santiment indicated a Weighted Sentiment score of 0.16 for Cardano. A positive Weighted Sentiment implies a generally optimistic outlook among the crypto community regarding the project.
If the assessment was pessimistic, it indicated a dismal perspective on Cardano. Based on this interpretation, it’s reasonable to conclude that ADA may experience a pause in its progression. However, if (when) it manages to break free from this, the surge could be astonishingly significant.
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2024-05-05 14:15