Cardano Breaks Into Rally, IOHK Drops Scalability Research on ADA
2022.07.20 12:50
Cardano Breaks Into Rally, IOHK Drops Scalability Research on ADA
- Input Output Global published research underpinning the scalability of the Cardano network.
- As part of the Basho development phase, Cardano Network is going through a series of steady upgrades and optimizations for increased scalability and interoperability.
- Cardano’s price is ready to retest $0.55 in the ongoing bull run.
There is a spike in total value locked in the Cardano network as the inflow of capital to the altcoin’s DeFi ecosystem increased. Cardano witnessed inflows of over $21 million over the past week, and the total value locked has climbed to $268 million.
Cardano TVL (Source: DeFi Llama)
The upcoming Vasil upgrade aims to deliver key capabilities that could boost the number of projects on the Cardano network. Notably, some dApps could significantly improve Cardano Network’s scalability and interoperability. Furthermore, Vasil hard fork aims to provide the current dApps with the capability of functioning at a higher speed, boosting transaction capability and script power.
IOG has started the implementation of several consistent parameter optimizations ahead of the hard fork to enhance network performance. Since the Vasil hard fork aims to enhance the Plutus smart contracts platform, it could enable developers to produce dApps that are faster and more effective. The enhanced capabilities of Plutus will be available to developers after the Vasil hard fork.
There are currently 144 papers hosted in IOG, and the number has grown consistently as Cardano backs up its every move with academic research. The academics have laid the foundation for upgrades being deployed on the Cardano network.
The American Chamber of Commerce (AmCham), a Mongolian entity, has welcomed IOG as the newest member. AmCham Mongolia appreciated IOG’s work on the Cardano network and titled the software developer as the driving force behind the smart contract platform of ADA.
Cardano’s price chart reveals that the Ethereum-killer is ready for a massive rally. After flipping 200-hour EMA at $0.475, Cardano’s price is eyeing the target of $0.55. ADA will likely hit its target in the ongoing uptrend and witness an extended rally. If ADA retains its bullish momentum, the next target for the altcoin is $0.68, on its way to $0.70.
ADA-USD Price Chart (Source: TradingView)
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CQ. No information in this article should be interpreted as investment advice. CQ encourages all users to do their own research before investing in cryptocurrencies.
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