The Cardano (ADA) ecosystem has recently experienced significant growth across various key metrics, coinciding with the successful implementation of the anticipated Chang upgrade on September 1st. Despite the bearish market sentiment impacting ADA’s price, the Cardano Foundation has reported increased investor activity and blockchain usage.
In a recent social media post, the Foundation detailed the performance of different transaction types within the ecosystem. Smart contract transactions surged by 31%, while metadata transactions (excluding smart contracts) grew by 20%. However, simple transactions faced a decline of 49%. In August, Cardano recorded a total of 95.9 million transactions, showing a slight increase of 1.51%.
The number of wallets created on the blockchain saw positive movement, rising by 0.67% to reach 4.87 million. On the other hand, the number of delegated wallets decreased by nearly 1%, totaling 1.33 million.
There was a 0.75% increase in plutus scripts, with 6,709 new smart contracts created, allowing developers to build secure decentralized applications without intermediaries. Cardano’s native tokens experienced a 0.85% increase, resulting in the creation of 10.3 million new tokens.
The most significant growth was seen in policy creation, with a remarkable 6.53% surge and 160,299 new policies introduced. Looking ahead, founder Charles Hoskinson shared insights into the upcoming developmental and governance phases of the network following the Chang hard fork.
Hoskinson outlined the roadmap for the Chang hard fork, aiming to transition to the age of Voltaire, where the network will achieve full decentralization. Plans for the “Chang +1 upgrade” were also announced, expected to bring about fully decentralized governance by December 2024.
Cardano is in the process of drafting its first formal constitution, with over 50 workshops held globally to engage stakeholders in the process. Delegates elected during these workshops will contribute to a constitutional convention scheduled to occur in Argentina in December, where the proposed V1 constitution will be developed.
Hoskinson emphasized a significant shift towards decentralization, indicating that Input Output Global (IOG), the engineering firm behind the Cardano ecosystem, will eventually relinquish its governance role, and DReps will no longer be necessary.
Market intelligence platform Santiment noted a surge in address activity for ADA, which historically signals a potential rebound during price declines. Currently, ADA has seen nearly a 3% increase over the past week, trading at around $0.344, with a recent 2% rise in the last 24 hours. However, the token still reflects a monthly loss of nearly 1%.
The growth and development of the Cardano ecosystem are driven by increased investor activity, blockchain usage, and a strategic roadmap towards full decentralization. With the successful implementation of upgrades and the drafting of a formal constitution, Cardano is poised to make significant strides in the crypto space.
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