The Cardano (ADA) ecosystem witnessed significant growth in various key metrics in August, coinciding with the successful implementation of the Chang upgrade on September 1. Despite a bearish market sentiment affecting ADA’s price, the Cardano Foundation reported increased investor activity, and blockchain usage was on the rise. In a recent social media post, the Foundation highlighted the performance of different transaction types within the ecosystem. Smart contract transactions saw a surge of 31%, while metadata transactions (excluding smart contracts) grew by 20%. However, simple transactions faced a decline of 49%. Overall, Cardano recorded a total of 95.9 million transactions in August, marking a slight increase of 1.51%. The number of wallets created on the blockchain also saw positive movement, rising by 0.67% to reach 4.87 million. On the flip side, the number of delegated wallets decreased by nearly 1%, totaling 1.33 million.
One notable highlight was the 0.75% increase in plutus scripts, with 6,709 new smart contracts created. This increase enables developers to build secure decentralized applications without the need for intermediaries. Cardano’s native tokens also experienced growth, with a 0.85% increase resulting in the creation of 10.3 million new tokens. The most significant growth was seen in policy creation, with a remarkable 6.53% surge and the introduction of 160,299 new policies.
Looking ahead, Charles Hoskinson, the founder of Cardano, provided insights into the upcoming developmental and governance phases of the network after the Chang hard fork. Hoskinson described the current state of the Cardano network as entering a “90-day bootstrap phase,” during which key governance components will be activated. He outlined the roadmap for the Chang hard fork, detailing the transition to the age of Voltaire, where the network will achieve full decentralization. Various initiatives will take place during this bootstrap phase, including the registration of Delegated Representatives (DReps) and the formation of an interim Constitutional Committee. Furthermore, plans for the “Chang +1 upgrade” have been announced, expected to bring about fully decentralized governance by December 2024.
Constitutional Development
In line with governance reforms, Cardano is working on drafting its first formal constitution. Over 50 workshops have been held globally to engage stakeholders in the process. Delegates elected during these workshops will contribute to a constitutional convention scheduled to take place in Argentina in December, where the proposed V1 constitution will be developed. Additionally, Cardano’s treasury, valued at around $600 million in ADA, will undergo an annual budgeting process to address the ecosystem’s needs, including marketing and development initiatives. Hoskinson emphasized a significant shift towards decentralization, indicating that IOG will eventually relinquish its governance role, and DReps will no longer be necessary.
Market Activity and Price Movement
Market intelligence platform Santiment highlighted a surge in address activity for ADA, indicating potential market rebound opportunities. Despite this positive activity, ADA has seen a nearly 3% increase over the past week, trading at around $0.344, with a recent 2% rise in the last 24 hours. However, the token still reflects a monthly loss of nearly 1%.
The Cardano ecosystem’s growth and development, particularly concerning smart contracts, governance phases, and market activity, show promising signs for the future of the network. With upcoming upgrades and initiatives in the pipeline, Cardano continues to position itself as a leading blockchain platform with a focus on decentralized governance and secure decentralized applications.
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