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How Cardano’s August growth did little to nothing to rescue ADA

Press Releases Crypto News AMB-Crypto How Cardano’s August growth did little to nothing to rescue ADA

Transactions on the Cardano blockchain and many tokens were minted on the network.
ADA’s momentum remained downward, the same as its TVL.

For most of August, Cardano [ADA] made progress across different channels, Input Output revealed. Usually, InputOuput, the development arm of the Cardano ecosystem gives updates on the project on a weekly and monthly basis.

Read Cardano’s [ADA] Price Prediction 2023-2024

According to the report posted on social media platform X (previously Twitter), the number of projects already built on Cardano reached 138. About 1,277 projects were in the building phase.

With two projects launched in August, Cardano seems committed to keeping its position as one of the top projects as per development activity.

https://twitter.com/InputOutputHK/status/1699129449135104211?ref_src=twsrc%5Etfw

More builders on the chain

Besides new developments, there were a number of updates on already existing projects. For example, Input Output noted that the Hydra team released version 0.12.0 as an update to v8.1.2 to improve network resilience and enhance developmental commits.

For context, Hydra is a layer-two scaling solution for the Cardano blockchain that aims to increase the transaction processing capacity of the network by allowing openness between participants for off-chain transactions.

In another part of the report, Input Output made mention of the token policies and tokens minted on the Cardano blockchain. The blockchain infrastructure firm said,

“The number of token policies increased by 850, and the number of native tokens minted on Cardano increased by 140k.”

However, the hike in tokens created on the blockchain failed to leave a positive impact on ADA. A

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Author: Victor Olanrewaju

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