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In a week marked by significant technological advancements, Cardano's native cryptocurrency ADA surged an impressive 16.5%, reaching a high of 20% in value. The price surge propelled ADA to $0.7, cementing its position as the eighth-largest digital asset in terms of market capitalization, which now stands at a staggering $24.45 billion.
The ADA price surge was not an isolated event but rather a reflection of the substantial progress seen in the Cardano ecosystem. Major developments When it comes to core technology, smart contracts, scaling solutions, and governance initiatives have paved the way for ADA's remarkable rise.
Cardano Development Week
In terms of core technology, the Ledger team has made significant progress by introducing reference script support for Plutus V1 in Conway. This development, coupled with bug fixes addressing inaccuracies in stake distribution, provides a solid foundation for blockchain functionality.
Meanwhile, the Plutus team has advanced smart contract implementation by releasing the Plutus Contract Template for Plutus Tx and updating the Quick Start Guide to streamline developer onboarding.
Scaling solutions received a boost when the Hydra team fixed critical bugs, optimized fee estimation mechanisms, and implemented transaction metadata improvements. Likewise, the Mithril team introduced a new distribution with critical updates, including improved update distribution support and bug fixes.
On the governance front, the SanchoNet team has released a patch release to address compatibility issues and facilitate wallet upgrades. Additionally, Project Catalyst continued its momentum by integrating 300 approved projects, emphasizing community-led accountability and transparency.
As ADA continues to attract attention and investment, the Cardano ecosystem appears poised for continued growth and progress in the burgeoning cryptocurrency landscape.
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