Smart contracts platform Cardano (ADA) may be reaping the benefits of Vasil and Daedalus updates.
Cardano, one of the popular cryptocurrency platforms, continues to develop its ecosystem and network structure. Vasil’s Hard Fork, which was trending on social media and sounded like Merge, failed to raise the ADA price. The project team attributed the lack of reflection to market conditions and signaled new developments. Recently, the platform released the Daedalus update.
Cardano Gets Voluminous With Daedalus Effect
Gaining popularity with smart contracts and application development, ADA maintains its strong stance at the 5th place by crypto market capitalization (excluding stablecoins).
Influenced by the crypto bear market, the project has gone through this process with positive developments. During the period when many big projects were bankrupt and litigation, the Cardano team continued its development at full speed. Particularly affected by the Terra crisis, the market failed to demolish the ADA side.
The popular company recently presented the Daedalus update as a new development. This development, in which the community showed interest, gave positive signals to the ADA side.
Cardano Data, What’s Happening on the ADA Side?
With the Daedalus update, ADA will begin to fully support Ledger technology. This upgrade will also prioritize new features.
Although Cardano has made progress to develop and improve its ecosystem, it has failed to priced in. However, there has been a slight increase in development-side metrics over the past few days.
The increase in development activity has begun to attract the attention of some investors. However, ADA wallets have not been affected by the developments in the past month. It experienced a decrease of about 7 percent in the number of users who stake.
One of the reasons why users’ interest in the platform has decreased is the decrease in staking revenues. ADA staking revenues have dropped by about 23 percent in the last 30 days.
According to these data, the community may have had negative thoughts about the popular project. Decreases in metrics can also lead to price-based decreases.
But despite all these declines and apathy, ADA volume has been on the rise for the past two days. A large increase in volume brought with it a strengthening in market value. Cardano rose 1.5 percent in crypto market cap.
The increase in volume may indicate continuity of the project in the long-term outlook.
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