TL;DR
- Cardano is preparing to implement significant updates such as the Chang Hard Fork and more decentralized governance with “Decentralized Representatives” (dReps).
- The new version of SundaeSwap, V3, improves speed and efficiency, allowing for up to 35 TPS and processing over 900,000 daily operations.
- Despite advancements, ADA faces challenges in terms of “Total Value Locked” (TVL), currently ranking 29th.
Cardano is experiencing a revitalization, driven by new technological developments aimed at transforming its blockchain platform. Charles Hoskinson, its founder, announced on social media that the platform is “waking up,” hinting at exciting advances for the coming years. Primarily, the update of SundaeSwap, a decentralized exchange built on Cardano, stands out.
The new version of SundaeSwap, known as V3, has significantly improved in terms of speed and efficiency. It is now capable of handling up to 35 TPS, translating to the ability to process over 900,000 daily operations. The improvements have been reflected in immediate results: in just 24 hours, the V3 exchange processed more than 9,000 orders, many of them in less than a minute. The update also introduces more sophisticated algorithms for pricing, which help optimize the platform’s operation.
And remember that so much amazing tech is coming over the next few years. Cardano is waking up https://t.co/pdXvZ8RCUN
— Charles Hoskinson (@IOHK_Charles) June 23, 2024
The improvements not only solve old issues of Cardano, such as slowdowns under high demand, but also open new doors for the development team and platform users. The ability to handle a higher volume of transactions without significant slowdowns can attract more projects to the platform, increasing its utility and, consequently, its value.
Cardano Ranks 29th in Terms of TVL
Beyond SundaeSwap, Cardano is preparing to implement a series of updates. Among them is the Chang Hard Fork, scheduled for June, which will introduce new features and operational improvements. Another key point is to take a further step towards more decentralized governance, with the incorporation of “Decentralized Representatives” (dReps) who will manage ADA’s treasury, allowing the community to have a greater role in decision-making.
Additionally, the Multi-Staking feature, available in the Lace wallet, will allow users to diversify their ADA investments across multiple pools, increasing the options for earning rewards while keeping their assets secure.
However, despite these advances, ADA faces several challenges ahead. In terms of “Total Value Locked” (TVL), an indicator of how much money is being used in a blockchain’s applications, Cardano ranks 29th, behind lesser-known projects.
Cardano is on track to reach its goals and continue climbing in the industry. Long-term success will depend on its ability to maintain this trend of improvement and expansion.
