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Cardano Builder Teases Exciting Updates as Network Booms

Fri, 08/18/2023 - 16:45
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Tomiwabold Olajide
Report breaks down important metrics and performance insights to highlight Cardano's growth and potential
Cardano Builder Teases Exciting Updates as Network Booms
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Cardano builder Input Output Global (IOG) shares its excitement over the recent quarterly report published by on-chain analytics firm Messari.

Messari released the "State of Cardano Q2 2023" report earlier this month, shining light on the blockchain's latest achievements and improvements. The report breaks down important metrics and performance insights to highlight Cardano's growth and potential.

Reacting to the report, IOG reveals that the Cardano community is abuzz with expectations and that the Q2, 2023, report highlights Cardano's enduring commitment to innovation, growth and pushing the frontiers of what's possible in the world of blockchain.

In addition to thanking the Cardano community and ecosystem partners for their outstanding efforts, IOG teases exciting updates on the horizon as Cardano's journey unfolds.

Cardano's "Best Days Are Ahead," Community Predicts

According to Messari's second-quarter data, Cardano saw a network boom as average daily dApp transactions increased by 49% QoQ. MinswapDEX set the pace with impressive growth, and several new dApps all worked together to boost adoption. 

Total Value Locked (TVL) in USD increased by a startling 198.6% YTD and 9.7% QoQ. Cardano improved its position in the TVL rankings across all blockchain networks, moving up from 34th to 21st.

According to data from DefiLlama, Cardano's total value locked (TVL) in ADA terms, which is now 763.62 million ADA, has just reached a record high.

The wider Cardano community is also benefiting from collaborative efforts that are fostering more interoperability and novel use cases, with Milkomeda, Midnight, Wanchain and IOG's sidechains team at the vanguard of this trailblazing exploration.

Cardano sees notable developments this week

The most recent IOG weekly report covers the changes that occurred in the Cardano ecosystem during the week. It is noteworthy that the Hydra team updated the Hydra node to support Cardano node v. 8.1.2, ensuring compatibility with the newest mainnet version.

Cardano Takes Big Step Forward as Governance Testnet Website Launches

With the debut of SanchoNet's first iteration this week, participatory governance took a step forward. SanchoNet is an ongoing technical testbed for CIP-1694's on-chain governance actions, allowing the Cardano community to test out CIP-1694 in a controlled testnet environment.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.