- Cardano’s Hydra team is advancing its scaling solution with incremental decommits and preparing for compatibility with the upcoming node v.9.0.0 release.
- The Chang upgrade, scheduled for August, will mark a significant milestone by introducing new governance mechanisms and enhancing Cardano’s scalability and functionality.
Cardano’s Scaling Solution Gains Traction Ahead of Chang Upgrades
The Cardano blockchain is gearing up for transformative upgrades with its Hydra scaling solution making significant strides. As the ecosystem braces for the anticipated Chang Upgrades set for August, the Hydra team is focused on refining its incremental decommits and ensuring compatibility with Cardano node v.9.0.0.
Hydra’s Progress and Ecosystem Evolution
The Hydra team has recently updated its specifications to improve the incremental decommits process, a key component in addressing Cardano’s scalability concerns. These updates are crucial as they allow for more efficient on-chain updates and enhanced network performance. Alongside these developments, the team has updated dependencies to ensure smooth integration with the upcoming Cardano node v.9.0.0 release, which is a preparatory step for the Chang Upgrades.
The Hydra team’s efforts also include welcoming a new contributor and advancing the SDK wallet concept. They’ve initiated early design discussions on payment channels and Blockfrost, reflecting a broader push towards refining Cardano’s infrastructure. As the Chang upgrade approaches, all node users are encouraged to transition to Cardano node v.9.0.0 to align with the upcoming changes.
Chang Upgrade: A Milestone for Cardano
The Chang upgrade, scheduled for August, marks a significant milestone in Cardano’s evolutionary roadmap, representing the first hard fork of the Voltaire era. This upgrade will be implemented in two stages: first, upgrading to Node 9.0.0, followed by an upgrade to Node 9.1.0. The Chang upgrade aims to transition the ledger into the Conway era and introduce decentralized decision-making through the CIP-1694 on-chain governance mechanism.
In parallel, the Mythril team has released distribution 2428.0, which includes crucial support for Cardano node v.9.0.0, addressing various bug fixes and optimizations. They are also working on certification processes for Cardano transactions and stake distribution, further enhancing the network’s security and efficiency.
Cardano’s Remarkable Growth
Cardano continues to impress with its robust growth and achievements. As of July 19, the Total Value Locked (TVL) in Cardano’s smart contracts and DeFi platforms has surged to $548.4 million. The network now hosts 1,368 active projects and has minted over 10.2 million native tokens, governed by 146,328 distinct token policies. Total transactions on the network have reached 94 million.
The ADA token, Cardano’s native asset, has been on a recovery path since early this year. Recently, ADA saw a 0.74% increase in value, reaching $0.4356. With a trading volume of $385 million and a market cap of $15.6 billion, ADA’s recovery reflects broader market trends and ongoing positive developments within the Cardano ecosystem.
As Cardano prepares for these significant upgrades and continues to expand its network capabilities, the future looks promising for its ecosystem and stakeholders.
