• Cardano has released its Vasil mainnet upgrade to improve the blockchain’s efficiency and block delay speeds.
• Djed, the network’s stablecoin, is driving up demand for ADA, leading to price advances over the past few weeks.
• The total number of Cardano’s daily active users has increased by 15.6%, reaching a high of 75,800 in May.
Vasil Update
The Vasil update was designed to boost the efficiency and block delay speeds of the Cardano ecosystem. According to Input Output Global (the parent company), over 75% of staking pool operators are running on required node versions. Additionally, Plutus decentralized application (dApp) development will be supported by developers.
Djed Stablecoin
Djed is an algorithmic stablecoin that is overcollateralized and pegged to the US Dollar. It uses a rigorous verification process, making it one of the first stablecoins in the market that can be quantitatively verified without needing a bank audit of its collateral reserves. Investors and traders who stake ADA will receive extra benefits when they get Djed, potentially increasing demand for ADA which has been reflected in recent price advancements.
Wallet Growth
Cardano has seen significant wallet growth this year despite challenging prices throughout 2020. Over 22,000 new staking addresses have been added each month for 13 months straight, with over 30,000 wallets being added in just one week due to FTX’s collapse. Smart contracts on Cardano have also grown significantly; they now total over 4,000 after seeing more than 300% growth recently – increasing its daily active user base according to CryptoCompare data.
Technical Outlook
The 1-week gauge technical outlook may not be looking great but traders may feel more optimistic about long-term prospects once they consider how much progress the network has made in terms of wallet growth and smart contract numbers over 12 months or so – with an average monthly increase of 20,000 new staking addresses during this period..
Conclusion
Cardano appears set for further success as it continues to develop new features such as Djed and make improvements like Vasil – all while growing active wallets at an impressive rate across 2020 and 2021 so far!