Things are going well on the Cardano network, but the situation doesn’t look good for ADA Coin.

• Cardano announced that the mainnet launch of Mithril is approaching. This was a promising update considering Cardano’s efforts to increase scalability under the BASHO Era.
• Another important update came from Cardano’s Daedalus team, and the Daedalus v.5.3.0 update was released. According to the official announcement, this update brought support for the new Project Catalyst registration process.
• According to data, the ADA price was reluctant to move upwards, dropping nearly 1.70% in the past seven days. At the time of writing, it is trading at a price of $0.3080.

According to Cardano’s latest report, network improvements are progressing rapidly and look promising, but negative sentiment surrounding ADA coin is causing the price to drop.

Cardano Releases a Report on Recent Network Improvements

Cardano announced that the mainnet launch of Mithril is approaching. This was a promising update considering Cardano’s efforts to increase scalability under the BASHO Era. While the BASHO scaling team stepped up their game, other departments also increased their efforts last week, which were highlighted in the blockchain’s weekly development report. The report not only mentioned the efforts made by multiple teams but also provided updated statistics on the network.

The highlight of the week was the announcement of the mainnet launch by the Mithril team. The Mithril team completed the distribution of the mainnet infrastructure for beta launch. They also continued to work on implementing a simple stress test tool to evaluate the consolidator. In addition to Mithril, the Hydra team also worked on scalability.

The Hydra team focused on researching event-based persistence to improve hydra-node performance. Therefore, the protocol logic needed to be reorganized, taking into account the image acquisition process, and the specification needed to be updated with new data.

The Plutus tools team continued to work on runtime monitoring adjustments for the Marconi sidechain. The development included adding response fields to indexers and examining independent emulator functionality.

Another important update came from Cardano’s Daedalus team, and the Daedalus v.5.3.0 update was released. According to the official announcement, this update brought support for the new Project Catalyst registration process, improved stability of the exchange rate conversion feature, and more.

Cardano’s metrics were promising, but ADA price is dropping

The report also mentioned Cardano’s updated statistics. According to the report, the total number of Cardano’s native tokens reached 8.57 million, and total transactions exceeded 71 million.

These were promising, but ADA investors are having a tough time. According to data, the ADA price was reluctant to move upwards, dropping nearly 1.70% in the past seven days. At the time of writing, it is trading at a price of $0.3080 with a market cap of over $10.7 billion.

The token’s volume also decreased, reflecting a decrease in investor interest in token trading. ADA’s 1-week price volatility also decreased, indicating stagnant price movement. However, Cardano’s open positions decreased, increasing the possibility of a trend reversal. Despite inactive investors, whale activity around ADA remained high, which was a positive signal.