Cardano (ADA) Soars To New Levels: IOG Unveils Explosive Growth In Key Metrics

In a recent weekly report by Input Output Global (IOG), the engineering development company behind Cardano (ADA), significant growth for the blockchain has been unveiled. The report highlights notable achievements in Total Value Locked (TVL), transactions and the increasing number of projects being built on the network.

Thriving Cardano Ecosystem

Per the report, Cardano has reached a milestone of 94 million transactions, showcasing the network’s growing adoption ahead of scheduled upgrades later this year. The report also discloses a TVL of 548.4 million in ADA, further emphasizing the network’s growth.

Data from DefiLlama confirms this, with on-chain data showing over 26,000 active addresses in the last 24 hours and a TVL in USD of $239 million. However, this is much lower than the annual high in TVL in USD terms of nearly $500 million recorded in March. 

IOG’s data also reveals that Cardano currently hosts over 1,300 projects and boasts over 10 million active tokens. Additionally, showcasing the network’s appeal, there are over 67,000 Plutus scripts, enabling the creation of decentralized applications (dApps) and smart contracts within the Cardano ecosystem.

Upcoming Releases And Updates

The report also sheds light on the current focus of the ledger team as they await the Chang upgrade. Efforts have shifted toward “extensive testing,” including writing unit tests and conducting conformance testing. 

On the wallet and services front, the Lace team is preparing for the release of Lace v1.14 in the coming weeks, promising updates and improvements. The report notes that the Hydra team has progressed on incremental decommits, refining specifications and enhancing documentation. 

The Mithril team also released a new distribution with support for Cardano node v9.0.0 and continued working on certifying Cardano transactions within Mithril networks.

Cardano’s progress extends to the Voltaire & Sanchonet domains with the release of Cardano node v9.0.0. Users are encouraged to upgrade to this version in preparation for the Chang upgrade. 

Lastly, IOG disclosed that the Intersect team has been actively updating the community on the latest Cardano node release, the Chang timeline, and the Intersect’s constitutional council confirmation.

At the time of writing, ADA is currently trading at $0.429 due to its continued growth over the past month and the market’s recovery over the same period. 

Additionally, CoinGecko data shows that the token has seen a spike in trading volume of $628 million over the past few days, representing a 154% increase in market activity for ADA.

Further supporting the bullish sentiment and growth witnessed over the past month, ADA is currently trading above the key 200-day exponential moving average (EMA), following the 18% surge recorded over the past two weeks that saw it cross this key indicator at $0.423. Notably, this supported the price over the weekend, with successful tests for three consecutive days preventing another retracement. 

Conversely, the $0.459 level may be the next resistance in ADA’s growth path, preventing a rise towards the next resistance on the daily ADA/USDT chart at $0.483 before retesting the $0.500 level. 

Featured image from DALL-E, chart from TradingView.com