Transactions on the Cardano network grew materially.
- Transactions occurring on the Cardano network surged. New developments could potentially help the network in the future.
Cardano [ADA] witnessed a massive influx in overall activity in the last few days. Notably, the network successfully completed 250,000 payments in the last 24 hours. Its Daily Transactions also surged materially.
Daily activity on the rise
However, Daily Active Addresses on the network fell, implying that there were only a few users who were responsible for the high number of transactions.
Source: Artemis
One of the reasons for the surge in transactions would be the DEX (Decentralized Exchange) volumes on the Cardano network.
An important thing to note is that despite the surge in DEX volumes, the overall TVL (Total Value Locked) had plummeted. So, even though Cardano saw activity in some areas, it did not translate to the value captured.
At press time, ADA was trading at $0.3874 and its price had grown by 2.37% in the last 24 hours. Even though the surge in price was high, it wasn’t significant enough to reverse ADA’s current trend.
Since the 23rd of April, the price of ADA started to decline, showcasing both lower lows and lower highs. This was indicative of a bearish trend.
For ADA to reverse this trend, it would need significant bullish momentum. The RSI (Relative Strength Index) was favoring ADA at 51.13, implying that bullish momentum around the token was high.
However, the CMF (Chaikin Money Flow) had depleted, indicating that the money flowing into ADA had declined.
Source: Trading View
Cardano development in full swing
Recent updates on the Cardano network could help the network with growth.
In a move to solidify 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 accessibility.
By streamlining stake pool operations, “docker-cardano-cli v8.24.0.0-1” promises to make staking on Cardano more user-friendly and efficient.
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While detailed documentation for the new features is yet to be released, past updates from Blinken Labs have consistently improved usability and performance for stake pool operators.
This suggests that “docker-cardano-cli v8.24.0.0-1” will likely follow suit, offering significant enhancements to the Cardano staking experience.
Source: X
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