Posted:
- Cardano’s upcoming Chang hardfork and Plutus V3 upgrade aim to boost sentiment within the network.
- Despite positive developments, Cardano faced a decline in overall activity on the network.
Cardano[ADA] has been struggling in terms of sentiment for quite some time, despite the price movement of its token being relatively positive.
However, sentiment around Cardano may change quickly due to recent updates to the network.
New developments
The Chang hard fork, expected to take place in early 2024, could help improve sentiment around the network.
Plutus V3 will receive a substantial upgrade in addition to the Chang hardfork. It will introduce a number of notable improvements to Cardano’s dApps and strengthen the interoperability of the blockchain.
As part of the broader effort to refine the platform’s capabilities, Plutus V3 is expected to contribute to the evolution of Cardano’s infrastructure.
The integration of these upgrades is expected to deliver improvements for both developers and users within the Cardano network.
Plutus V3 is a huge upgrade that comes with the Chang hard fork that has so much to offer for Cardano DApps and blockchain interoperability https://t.co/0ZSTQFJLK4
— Charles Hoskinson (@IOHK_Charles) February 12, 2024
A lack of activity
Despite the promise of new developments, network activity continued to decline. It is striking that the number of daily active addresses on the Cardano network has fallen from 57,000 to 37,000 in recent days.
As a result, the number of transactions on the network also fell, from 79,000 to 65,000 at the time of writing.
This decrease in activity could affect the overall health of the Cardano ecosystem in the future.
Source: Artemis
State of ADA
In terms of price movements, ADA has shown positive movements in recent weeks. However, in the past 24 hours, the price had fallen by 3.64%. At the time of writing, it was trading at $0.5344.
How much are 1,10,100 ADAs worth today?
The rate at which ADA was traded had also increased during this period, implying that the frequency at which ADA was traded had increased.
At the time of this report, ADA’s rate was 46,552.
Source: Santiment