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- Transactions occurring on the Cardano network have increased.
- New developments could help the network in the future.
Cardano [ADA] There has been a huge influx of public activity in the past few days. It is worth noting that the network successfully completed 250,000 payment transactions during the past 24 hours. Its daily transactions also increased materially.
Daily activity is on the rise
However, daily active addresses on the network decreased, meaning that there were only a few users responsible for the large number of transactions.
Source: Artemis
One of the reasons for the spike in transactions is the DEX (decentralized exchange) volumes on the Cardano network.
The important thing to note is that despite the significant rise in DEX volumes, the total TVL (Total Value Locked) has decreased. So, although Cardano saw activity in some areas, it did not translate into value being captured.
At press time, ADA was trading at $0.3874, and its price was up 2.37% in the past 24 hours. Although the price hike was high, it was not significant enough to reverse the current ADA trend.
Since April 23, the price of ADA has been declining, showing higher lows and higher lows. This was an indicator of a downward trend.
For ADA to reverse this trend, it would need significant upward momentum. The Relative Strength Index (RSI) was favoring ADA at 51.13, meaning the bullish momentum around the token was high.
However, the CMF (Chaikin Fund Flow) has been exhausted, indicating a decrease in funds flowing into ADA.
Source: Trading Offer
Cardano development is in full swing
Recent updates to the Cardano network could help the network grow.
In a move to strengthen its position, Cardano has unveiled a new upgrade – “docker-cardano-cli v8.24.0.0-1”.
Developed by Blinken Labs, a company known for its contributions to the Cardano ecosystem, this update specifically targets staking access.
By simplifying staking operations, docker-cardano-cli v8.24.0.0-1 promises to make staking on Cardano easier and more efficient to use.
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While detailed documentation for the new features has not yet been released, previous updates from Blinken Labs have continually improved ease of use and performance for stock pool operators.
This indicates that “docker-cardano-cli v8.24.0.0-1” will likely follow suit, providing significant improvements to the staking experience in Cardano.
Source: X
