At the beginning of 2024, Cardano (ADA), the eighth-largest cryptocurrency by market value, is taking center stage with a series of developments and notable updates. The latest weekly report from Cardano founder Input Output Global (IOG) reveals numerous projects and advancements, highlighting the platform’s growing ecosystem.

Increase in Projects and Native Tokens on the Cardano Network

The Cardano network has witnessed the launch of 157 projects and currently has 1,319 projects in development. The number of native tokens has risen to a total of 9.45 million across 93,021 token policies. Notably, Plutus v1 scripts have reached 6,332, while Plutus v2 scripts stand at 17,531. The Cardano network has cumulatively processed a total of 83.4 million transactions, underscoring its robust activity and participation.

The arrival of 2024 has brought a series of releases and updates to the Cardano ecosystem. The Marlowe team announced the release of Marlowe 0.3.0, marking significant milestones in its development.

The first Hydra release of the year, version 0.15.0, has been successfully deployed, enhancing the platform’s scalability and performance. Additionally, Cardano introduced node version 8.7.3, addressing a minor issue in the Ouroboros network. The Lace wallet has also been upgraded to version 1.8, emphasizing the platform’s commitment to continuous improvement.

Advancements in Ledger Features and Achievements of the Mithril Team

IOG reported notable contributions from the ledger team, including the introduction of new ledger events, expansion of the URL length limit, consensus queries, and JSON examples. The Mithril team achieved milestones by completing the client application in Explorer, allowing direct certificate verification from the browser.

They also upgraded the devnet to support the Conway era and enabled the Mithril era marker reader during end-to-end testing on the Cardano chain.

Progress in Project Catalyst and Quantum Technology Workshop

Project Catalyst, a very important initiative in the Cardano ecosystem, is moving towards the end of the community review moderation period. With the participation of approximately 250 active second-level moderators, over 70,000 moderations were conducted, reflecting strong community engagement.

As a forward-looking move, IOG plans to support an upcoming joint workshop with the School of Informatics at Edinburgh. The workshop will feature leading figures such as Aggelos Kiayias from IOG and Ethereum researcher Justin Drake, along with other industrial and academic experts. The focus will be on exploring the potential applications of quantum technology in enhancing financial systems.

Market Snapshot: ADA’s Positive Momentum

At the time this report was prepared, Cardano’s ADA coin showed positive momentum, recording a 3.62% increase over the last 24 hours and trading at $0.5115. This upward movement underscores the market’s confidence in Cardano’s ongoing developments and the cryptocurrency’s broader trajectory.

As Cardano continues to develop and expand its ecosystem, these developments signify a promising start to 2024 and position the platform as a significant player in the ever-evolving cryptocurrency environment. Investors and enthusiasts are closely monitoring these developments that contribute to Cardano’s growth story.