According to U.Today, the Cardano protocol has announced a series of upgrades across its key applications. The proof-of-stake network is aiming to reposition its chain in response to increasing market competition. In its weekly development report, Cardano disclosed that 1,358 projects are currently being developed on its chain.
To provide a platform for these innovators to create usable applications, the blockchain has implemented performance and tracing benchmarks for the Conway era. This was achieved by injecting DReps and tracing the DRep data, which improved errors in the transaction generator tool. This upgrade will enhance the main chain's transaction execution, providing users with a better experience.
In addition, the Cardano Hydra scaling protocol has been refactored and network protocol version mismatches have been identified. Cardano also announced that its Project Catalyst Fund 12 is in progress, with submissions still being accepted and interest being recorded globally. Previous Project Catalyst programs have been successful, bringing new innovators onto Cardano at different times.
This development report comes as the wider digital currency ecosystem is seeing a bullish resurgence. After a nearly week-long bearish trend, the ADA price has risen by 2.97% to $0.4636, providing a sense of bullish optimism. With this recovery underway, the protocol's upgrade is strategically timed to capture a larger market share in the Decentralized Finance (DeFi) ecosystem.
With improved usability, Cardano can begin to compete with protocols such as Arbitrum, Polygon, and other Ethereum-based protocols like EigenLayer. The strategy is to maintain a highly scalable network so that when the expected liquidity comes in, the infrastructure can meet the demand. With the revived market outlook, ADA has seen an increase in trading volume as it generally relies on its growing transaction count to attract new liquidity.
