Developments within the Cardano blockchain continue to see milestones regardless of its price trajectory. Especially, now with all the focus on the upcoming Vasil hard fork upgrade scheduled on 22 September.
But are the developments this time convincing enough for a price uptick?
Ageing like a fine wine
Cardano [ADA], one of the most developed PoS chains, recorded a new milestone going into the much-anticipated upgrade.
According to Cardano blockchain explorer Cardanoscan, the smart contract platform recently surpassed 50,000,000 (50M) total transactions. At the time of writing, the transaction count stood at a total of 50,055,892.
In fact, about 920,000 of those transactions occurred during the last 15 days. Meanwhile, Cardano registered a transaction count of 51,7033 daily, with the volume expected to soar tremendously once Vasil hard fork goes live.
Moreover, on the metrics front, both development activity, as well as trading volume, sketched a green preview for the token.
In a week’s time frame, ADA’s trading volume surpassed the 550 million mark whereas Github contributions from developers saw a uniform yet impressive rebound as well.
Overall these developments, indeed, narrated a positive picture for the flagship ecosystem.
What’s the occasion?
Well, needless to say, Vasil hard fork buzz around the ecosystem did play an important role be it in the retail or institutional domain.
For instance, here’s the latest collaboration for Cardano leveraging its utility.
The Cardano Foundation would develop a traceability system for controlling the quality of Georgian wine. In a September 14 blog, Mel McCann, Vice President of Engineering, Cardano Foundation, said,
“The Cardano Foundation prides itself on technical integration initiatives that foster the development of solutions for companies and systems of all kinds. This collaboration will develop a creative, cost-effective, and flexible certification and traceability system, which will provide transparency and authenticity for wineries and customers from point of harvest to point of consumption.”
But was this development convincing enough?
Well, not really on the price front. At press time, ADA suffered a fresh 3% correction as it traded shy of the $0.47 mark. Critics too seem to enjoy censoring ADA’s slow growth.
Renowned trader and analyst, Peter Brand stated via Twitter that ADA was still headed for doom despite the underperformance in recent times. According to Brandt, ADA’s pattern lately was reflecting more bearish signals.