Assessing the state of Cardano following its 2023 summit

Journalist

Posted: November 12, 2023

• The upgrades on the Cardano blockchain took a faster turn after the Dubai event.
• A new staking feature may appear on Lace, a popular Cardano wallet.

Like it has done every week Cardano’s [ADA] engineering and research arm Input Output, gave a rundown of what transpired with the blockchain between 6th and 10th November. Interestingly, this report is the first after Cardano’s 2023 Summit.

This year’s Summit happened in Dubai. As usual, it was put together by the Cardano Foundation and served as a platform for the community to learn, network, and collaborate with builders on the blockchain.

Project count increases  

During the week, 148 projects were launched on the network. Also, 78 million transactions occurred. One of the reasons there were still many transactions was not because of the hike in ADA’s price alone.

Rather, the Mithril team made progress with decentralizing its peer-to-peer (P2P) concept. The function of the Mithril mainnet upgrade helps to increase the speed, efficiency, and effectiveness of the nodes on the Cardano.

A node in the blockchain ecosystem is a computer responsible for storing information on the blockchain. With regards to the Mithril upgrade, Input Output noted:

“They progressed with decentralizing the Mithril networks with the peer-to-peer (P2P) networking proof of concept, for which they have achieved the implementation of a very basic working demo with a peer-to-peer publish-subscribe (pub-sub) mechanism.”

Upgrades like this were some of the reasons Cardano was able to flip Polkadot [DOT] in terms of development activity. AMBCrypto’s assessment of the development activity at press time showed that Cardano remained at the top of its game.

Source: Santiment

The development activity tracks the work done in a project’s public GitHub repository. So, the increase in the metric suggests that developers on the network are staying committed to shipping features on the blockchain.  

The coming weeks have more in store

As the development activity jumped, so did the 24-hour active addresses. The rise in the active addresses means that market participants made a lot of transfers on the Cardano network.

Other developments on the network involved the Lace team. The Lace wallet is a platform created to allow easy staking on Cardano. It also allows users to send multiple assets to different addresses at the same time.

At the 2023 summit, Lace noted that it was collaborating with Input Output on some features. With respect to staking, Lace noted a new feature may appear on the wallet next week. The report noted that:

“They also worked on enhancing the multi-staking feature which will be released next week.”

Realistic or not, here’s ADA’s market cap in DOT terms

In conclusion, Input Output revealed that about 150 members of the community registered to join Interesect.

Intersect is a member-based organization for the ecosystem tasked with ensuring the project’s continuity and future development. With the sign-ups, Cardano may now be armed with another set of developers that can foster its growth.