Cardano FUD on the rise despite network developments
- Cardano’s development activity dipped as FUD around ADA strengthened.
- ADA absorbed gains of 10% after last week’s market rally.
Last week’s rally provided a much-needed relief for Cardano [ADA], which, like other market participants, was hit hard by regulatory hostilities. Since 21 June, the token jumped 10% in value and was exchanging hands at $0.2958 at press time, as per CoinMarketCap.
Source: Santiment
Read Cardano’s [ADA] Price Prediction 2023-24
Even though investors’ sentiment improved because of the price rise, the overwhelming mood was still negative, as shown by Santiment. The U.S. Securities and Exchange Commission’s (SEC) labeling of ADA as a security might be acting as the primary fuel for the lingering negativity.
What’s cooking in Cardano’s kitchen?
While ADA was impacted by the ups and downs of the market, developers continued to put in their hours to improve the prospects of the network. Cardano published the latest edition of its weekly development report on 23 June, highlighting key technological enhancements over the past week.
One of the most notable achievements was the launch of the latest version of the Lace Wallet, version 1.2, which includes new additions like browser support, a new privacy feature, and enhanced speed. Lace Wallet made its debut in April and the first version, 1.1, was released last month.
Meanwhile, the core technology teams continued to work on node, networking, consensus, and ledger components.
As part of the efforts to improve Cardano’s scalability, the Hydra team kept their focus on experimenting with how to operate a head on mainnet. The Mithril team, on the other hand, achieved progress on several tasks, the most important of which was the completion of the Mithril Network Upgrade to Cardano node version 8.1.1. The team also worked on the signer deployment model.
Apart from this, things progressed on the Volatire era as discussions took place on the minimal viable governance (MVG) framework for participatory governance. A change to Cardano’s on-chain governance system was proposed in CIP 1694, which has Voltaire’s birth year as its name.
How much are 1,10,100 ADAs worth today?
Development activity suffers from FUD?
While Cardano’s attempts to improve the network were praiseworthy, some concerns arose by looking at its development activity chart. The metric, which tracks the work done in a project’s public GitHub repositories, showed a sharp decline since 8 June.
Development-related metrics assess a project’s progress in introducing new features and fixing the existing bugs. A drop could deter potential investors from participating in the network. Coincidentally, the dip started when FUD around the project’s token ADA strengthened.
