Cardano community anticipates “sunshine and rainbows” following dismal initial half-year
“ADA Whale”, a gimbal Community-focused Twitter account believes Cardano remains “in a rock-solid position” despite a lackluster first half of 2022 in terms of dApps throughput. Cardano’s IOHK recently announced increases to Plutus script memory as Cardano sought to address scaling challenges in reaching the throughput required to support real-world applications.
Improvements in memory and CPU parameters for Plutus, however, remain one of 11 ways that Cardano intends to scale in 2022. Other paths include block size increases, pipelining, input endorsers, node enhancements, on-disk storage, sidechains, the Layer 2 Hydra scaling solution, offloading computation and the Mithril solution.
According to a blog post, IOHK said earlier that it intends to bundle several code releases that include key elements of its scaling plan, such as pipelining, new Plutus CIPs, and the UTXO disc storage, and Hydra in Vasil June and October hard forks. .
These features, when combined with the parameter adjustments, aim to boost Cardano’s throughput and optimize the system to support a growing number of decentralized finance (DeFi) apps, smart contracts and DEXs.
Right now, six dApps are currently contributing to Cardano’s TVL of $129.96 million, according to DefiLlama data. The number of dApps may not be a cause for concern, however, as TRON, currently the third-largest DeFi platform, has seven dApps contributing to its $6 billion TVL.
Cardano is still making progress
Cardano founder Charles Hoskinson recently shared a tweet depicting a 369% rise in the daily on-chain transfer volume for Cardano as compared to other blockchains, which recorded significant declines in this aspect.
In its latest weekly development update, IOHK shares network growth statistics. Currently, 992 projects are being built on Cardano, compared to 986 previously. A total of 89 projects have recently launched on Cardano, while the number of NFT projects has increased to 5,796. For the week, Github logins totaled 2,769, while native Cardano tokens stood at 4, 9 million. Additionally, the number of Plutus scripts was 2,769. ADA is currently trading at $0.558, slightly higher than in the last 24 hours.
