The Cardano (ADA) ecosystem has seen significant growth in various key metrics, particularly following the anticipated Chang upgrade that was successfully implemented on September 1. Despite a bearish market sentiment affecting ADA’s price, the Cardano Foundation reported increased investor activity and blockchain usage. In a recent social media post, the Foundation highlighted the performance of different transaction types within the ecosystem.
Smart contract transactions on the Cardano blockchain surged by 31%, while metadata transactions (excluding smart contracts) grew by 20%. However, simple transactions faced a decline of 49%. In total, Cardano recorded 95.9 million transactions in August, showcasing a slight increase of 1.51%.
The number of wallets created on the blockchain saw a positive movement, rising by 0.67% to reach 4.87 million. Conversely, the number of delegated wallets decreased by nearly 1%, totaling 1.33 million. Moreover, there was a 0.75% increase in plutus scripts, with 6,709 new smart contracts created, enabling developers to build secure decentralized applications without intermediaries.
Cardano’s native tokens experienced 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 notable 6.53% surge and the introduction of 160,299 new policies.
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. The roadmap for the Chang hard fork outlined the transition to the age of Voltaire, where the network will achieve full decentralization.
During the bootstrap phase, initiatives such as the registration of Delegated Representatives (DReps) and the formation of an interim Constitutional Committee will take place. The “Chang +1 upgrade” is expected to bring about fully decentralized governance by December 2024. Cardano is also working on its first formal constitution through global workshops to engage stakeholders in the process.
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 significant shift towards decentralization, indicating that Input Output Global (IOG) will eventually relinquish its governance role, and DReps will no longer be necessary.
Market intelligence platform Santiment highlighted a surge in address activity for ADA, suggesting a potential rebound during price 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. Despite this, the token still reflects a monthly loss of nearly 1%.
The growth and development of the Cardano ecosystem demonstrate a strong commitment to decentralization and governance reform. With a focus on smart contracts, wallet creation, and policy development, Cardano is poised to continue its expansion and innovation in the blockchain space.
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