- There has been a surge in transactions taking place on the Cardano network.
- The new development could potentially benefit the network in the future.
Cardano (ADA) has seen a huge influx of overall activity over the past few days. Notably, the network successfully completed 250,000 payments in the last 24 hours. Daily trading volume has also increased significantly.
Daily activities are increasing.
However, the daily active addresses on the network decreased, meaning that only a few users were responsible for the high number of transactions.
Source: Artemis
One of the reasons for the surge in transactions is the Decentralized Exchange (DEX) volume on the Cardano network.
What is important to note is that despite the surge in DEX trading volume, overall Total Value Locked (TVL) has plummeted. So, although Cardano has seen activity in some areas, it has not translated into captured value.
At press time, ADA was trading at $0.3874, with the price up 2.37% over the past 24 hours. Although the price spike was large, it was not large enough to reverse ADA’s current trend.
From April 23, the price of ADA began to decline, showing both lower lows and lower highs. This indicated a bearish trend.
ADA will need significant bullish momentum to reverse this trend. The Relative Strength Index (RSI) was in favor of ADA at 51.13, meaning the bullish momentum around the token was high.
However, we can see that as Chaikin Money Flow (CMF) is depleted, the inflow of funds into ADA has decreased.
Source: Trading View
Cardano development begins in earnest
The latest updates to the Cardano network can help the network grow.
To solidify its position, Cardano has released 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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Detailed documentation for the new features has not yet been released, but past updates from Blinken Labs have continued to improve usability and performance for stake pool operators.
This is followed by “docker-cardano-cli v8.24.0.0-1”, which suggests that the Cardano staking experience will be significantly improved.
Source: X