Cardano (ADA) has seen a surge in various key metrics within its ecosystem, especially following the successful implementation of the anticipated Chang upgrade on September 1. Despite facing a bearish market sentiment that impacted ADA’s price, the Cardano Foundation reported increased investor activity and blockchain usage. According to a recent social media post by the Foundation, smart contract transactions increased by 31%, metadata transactions (excluding smart contracts) grew by 20%, and simple transactions faced a decline of 49%. Overall, Cardano recorded a total of 95.9 million transactions in August, showing a slight increase of 1.51%.
Wallet and Smart Contract Growth
The number of wallets created on the Cardano blockchain saw a positive movement, rising by 0.67% to reach 4.87 million. However, the number of delegated wallets decreased by nearly 1%, totaling 1.33 million. The ecosystem also witnessed a 0.75% increase in plutus scripts, with 6,709 new smart contracts created. This growth enables developers to build secure decentralized applications without intermediaries. Additionally, Cardano’s native tokens experienced a 0.85% increase, resulting in the creation of 10.3 million new tokens. The most significant growth was observed in policy creation, with a notable 6.53% surge and 160,299 new policies introduced.
Insights into Future Development and Governance Phases
Charles Hoskinson, the founder of Cardano, shared insights into the upcoming developmental and governance phases of the network post the Chang hard fork. Hoskinson described the current state of the Cardano network as entering a “90-day bootstrap phase,” where key governance components will be activated. The roadmap for the Chang hard fork was outlined, focusing on the transition to the age of Voltaire for full decentralization. Initiatives during the bootstrap phase include the registration of Delegated Representatives (DReps) and the formation of an interim Constitutional Committee. Plans for the “Chang +1 upgrade” were also announced, aiming for fully decentralized governance by December 2024.
Cardano is in the process of drafting its first formal constitution, with over 50 workshops held globally to engage stakeholders. Delegates elected during these workshops will contribute to a constitutional convention scheduled to occur in Argentina in December, where the proposed V1 constitution will be developed. Hoskinson revealed that Cardano’s treasury, valued at approximately $600 million in ADA, will undergo an annual budgeting process to address the ecosystem’s needs, including marketing and development initiatives. The founder emphasized a shift towards decentralization, signaling that Input Output Global (IOG) will eventually relinquish its governance role, making DReps no longer necessary.
Market intelligence platform Santiment highlighted a surge in address activity for ADA, which historically signals a potential price rebound amidst declines. Currently, 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 has experienced significant growth and development, especially with the successful implementation of the Chang upgrade. The future plans for governance, constitutional development, and treasury management signal a commitment to decentralization and community engagement. With market activity and price trends showing resilience, Cardano continues to be a key player in the blockchain space with promising prospects ahead.