News
Cardano News: Major advances in UTXO-HD boost ADA performance
- The Cardano consensus team has made significant progress on the UTXO-HD project.
- The Hydra and Mithril teams have released new features and tools to improve the network’s capabilities.
Cardan he announced several key advancements aimed at boosting the performance of its native cryptocurrency, ADA. The focus extends to core technology, scaling solutions, governance and education initiatives, indicating a solid strategy for network growth and stability.
The UTXO-HD project accelerates consensus mechanisms
The consensus team did significant progress in the UTXO-HD project, updating it to use simple diffs, which greatly improved the mempool benchmarks. They also released version 0.10.0 of the Quick Check-State Machine library, which is vital for testing high-assurance properties. Additionally, UTXO-HD was rebased on the v.8.11 node, achieving playback with the backend in memory in just over five hours, reaching the 124 millionth mark.
IOG Plutus and consensus teams have established technical working groups within Intersect, promoting open source principles and broader community collaboration. The inaugural meeting of the new Plutus working group is scheduled for Tuesday 4 June.
An upcoming introduction to UTXO-HD will provide insights into its current state and instructions for running a UTXO-HD compatible node. Additionally, updates to the Ouroboros Peras workflow will improve Cardano’s finality.
The Hydra and Mithril teams expand the capabilities of the Cardano network
On the scalability front, the Hydra team has released version 0.17.0 of the Hydra node, which features the project’s new commit transaction mechanism and several network protocol updates. Additionally, the next sprint will focus on completing the work of scaling up disengagement and investigating potential attacks on the smart contract to ensure its validity and security.
The Mithril Squad also unveiled a new in-depth Mithril Protocol dashboard and explorer page showing active and deregistered SPOs for recent Cardano eras. Efforts continue to certify Cardano transactions in Mithril networks, with improvements in the aggregator prover path and advances in low-latency certification. Additionally, work has begun on a new beacon for signing Cardano transactions based on chain point and improvements to the library and testing tools.
Cardano’s on-chain participatory governance is set to expand with the testing of CIP-1694 in the SanchoNet community. SanchoNet is the testnet for new governance features, inviting community members to actively refine governance mechanisms to ensure a decentralized system.
ADA’s market metrics reflect active community involvement
Cardano’s strategic initiatives, including its partnership with the Ethiopian government to explore blockchain applications in the coffee supply chain, illustrate its commitment to everyday use cases. Furthermore, this partnership also explores broader applications within Ethiopia, showcasing Cardano’s potential in driving technological growth in developing regions.
The involvement of the platform community it was sturdy, as evidenced by the slight increase in ADA’s market capitalization to $16,001,437,053 and the 16.23% decline in 24-hour trading volume. It is worth noting that Cardano is currently trading at $0.45 with a 1% increase over 24 hours.
Despite the market’s recent decline, including a 35% drop after failing to hold the $0.6700 range, Cardano’s long-term prospects remain promising. This decline highlighted a bearish trading pattern, reflected by the Chaikin Money Flow indicator reduced monetary inflows and weakening investor confidence.