- The Cardano protocol has announced a series of upgrades across its key applications, aiming to reposition its chain amidst increasing market competition.
- According to its weekly development report, 1,358 projects are currently being built on the Cardano chain.
- The upgrades will enhance transaction execution and user experience, while the Cardano Hydra scaling protocol has been refactored to detect network protocol version mismatches.
Cardano unveils significant upgrades to its protocol, enhancing transaction execution and user experience, while preparing for increased competition in the DeFi market.
Cardano’s Latest Upgrades
The proof-of-stake (PoS) network, Cardano, has unveiled a series of upgrades across its most important applications. The network aims to reposition its chain in line with the growing competition in the market. In its weekly development report, Cardano revealed that a total of 1,358 projects are currently building on its chain.
Enhancing Transaction Execution and User Experience
To create a platform for these innovators to build usable applications, the blockchain revealed it had analyzed and implemented benchmarks for performance and tracing for the Conway era. DReps were injected and the DRep data was traced, improving error in the transaction generator tool. This upgrade will benefit Cardano’s main chain from relatively more fluid transaction execution, giving users an enhanced experience.
Cardano Hydra Scaling Protocol
Besides enhancing transaction execution, the Cardano Hydra scaling protocol was refactored and detected network protocol version mismatches. This is a significant step towards improving the overall performance of the network.
Project Catalyst Fund 12
Cardano also announced that its Project Catalyst Fund 12 is underway. Submissions remain open, with interest recorded around the world. Previous Project Catalyst programs proved successful, with new innovators onboarded onto Cardano at different times.
Cardano’s Market Position
The protocol’s upgrade is strategic, positioning it to tap more into the market share in the Decentralized Finance (DeFi) ecosystem. With swift usability, Cardano can start competing with protocols like Arbitrum (ARB), Polygon (MATIC) and other Ethereum-based protocols like EigenLayer.
Conclusion
Cardano’s latest upgrades are a strategic move to enhance its position in the DeFi market. The enhanced transaction execution and user experience, along with the refactored Cardano Hydra scaling protocol, are expected to attract more projects to the Cardano chain. As the digital currency ecosystem experiences a bullish comeback, Cardano’s upgrades position it well to tap into this renewed market optimism.
