Cardano may become the new talk of the town again at least in the crypto world with its planned “Cardano Improvement Proposal 30” (CIP-30) update scheduled to take place. This new update will give the ecosystem even more utility and an increased ability to handle transactions.
With one of their developers hinting at this update, will this see an uptick in the ADA token?
The recent positive performance of Cardano (ADA) is a good sign for its ongoing efforts to recover and become profitable again. With the CIP-30 update on the way, it’s important to note how it will affect the ecosystem and why the upgrade is important.
The implementation of Cardano Improvement Proposal 30 (CIP-30) represents a significant step forward for the altcoin as it allows for the development of a web-based communication bridge that facilitates interaction between Cardano wallets and Web2 platforms like Amazon.
To simplify further, the Cardano update is all about adding special code to the ecosystem. This code acts as a bridge between Cardano wallets and the website, allowing for easier interaction between the two. Hence, faster processing of transactions and improved performance.
The cryptocurrency market has many competitors, but data from ProofofGitHub shows that Cardano (ADA) stands out as the most well-developed networks. This is evidenced by the fact that it has a robust ecosystem, with over 4,800 smart contracts on its network and more than 1,000 projects currently in development on its blockchain. This is a significant achievement compared to other networks such as Polkadot (DOT) and Cosmos (ATOM).
More data from Proof of GitHub shows that Cardano is the second most active blockchain in terms of development.
No shortage of Developers
One of the major hurdles that blockchain projects encounter is a shortage of proficient developers. Nevertheless, the Cardano (ADA) network has proven to be an exception by boasting a team of accomplished and well-versed professionals. This has enabled it to maintain its position among the top 10 projects, despite the market’s volatility and price fluctuations over the past year.
The Cardano (ADA) network has also seen significant usage according to the Daily Active Address metric study. Although it may not be as high as it was in November 2022, it still shows a noticeable increase from earlier months.
Cardano’s Increasing Utility:
After a less-than-impressive few months, this update could be what Cardano needs to get back on the up. CIP-30 is expected to be instrumental in achieving this objective. It could make Cardano more accessible for users, resulting in an increase of its market capitalization, building confidence in the cryptocurrency among investors, and making the ADA ecosystem even more decentralized.
At the time of writing, ADA was trading at around $0.38 which is an improvement from weekend levels of around $0.35.
The original story was done by Suzuki Shillsalot of Ambcrypto