Cardano is following the overall market sentiment as it has recorded a 4.2% profit over the past 24 hours. The price for ADA is at $0.96, with a 12.6% profit over the past 7 days.
Cardano appears to be benefiting from an increase in demand for digital assets as well as potential mitigation of macroeconomic headwinds that could affect assets. Additionally, it seems that the network is steadily improving.
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Per a recent update from Input Output Hong Kong (IOHK), the company behind Cardano’s development, the network recently saw the implementation of the first of 3 major updates. IOHK claims the core network was upgraded and was introduced to “powerful improvements and enhancements”.
Tim Harrison, Marketing and Communications Director of IOHK said that the company had been preparing for these changes in the network. This was after successful implementations of smart contracts capabilities. IOHK added:
The February release forms part of an overall plan for core Cardano optimizations, enhancements, and delivery in 2022. They include important elements such as pipelining and significant improvements in Plutus and Hydra performance, along with input endorsers.
Further, the company announced the availability of additional products and architecture such as light wallets and UTXO off-disk storage. A dApp store and a certification program are also planned. IOHK claims they’ll release more APIs and tools for developers, sidechains, as well as a faster synchronization system.
Cardano will adjust parameter values throughout the year in order to achieve their optimization and scaling goals. The company claims these changes will be implemented “steadily” to guarantee the safety of the users. IOHK has added:
While you can still expect high network loads at times – e.g. around highly-anticipated launches & NFT + token drops – through methodical adjustments you’ll steadily see headroom expand as the ecosystem grows. All the while maintaining the robustness & security of the network
Cardano’s Improvements
Harrison clarified some improvements previously mentioned, including the ability to create transactions via CDDL. This will decrease developers dependence on third party tools. ADA users will also be able leverage incremental multisignature transaction.
IOHK also implemented enhancements to the network Command Line Interface. Stake pool operators (SPOs), users and developers can now benefit from predictability, improved mempool inspection tools and leader schedule tools.
Harrison provided the following update on recently released and upcoming updates, which include two Hard Fork Combinator(HFC) events scheduled for June 2022 and October 2022.
In combination with parameter adjustments, these features will enhance Cardano’s throughput and optimize the system to accommodate an increasing range of decentralized finance (DeFi) apps, smart contracts, and DEXs.
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Despite its recent price action and improvements, some users have expressed “frustration” over the pace at which the ecosystem is growing. Other users see the opposite and place more importance on slow but steady growth that will yield long-term benefits.
The frustration and grumblings that plagued me a month back are gone. A reliable chain is key to success. @InputOutputHK
They are now delivering. It was a slow approach to scale that I hated, but it is quickly forgotten once it delivers!!— VEGAS ADA Pool (@VEGAS_ADA_Pool) February 26, 2022