Cardano’s DeFi Ecosystem Grows, Fueling Speculation for $1 ADA Price

Cardano is set to offer a robust infrastructure and foster innovation in the decentralized ecosystem

Cardano is set to experience significant growth following notable developments within its network. Several key advancements were highlighted in the latest weekly development report released Friday, May 19.

Hydra Upgrade

In scaling efforts, the Hydra team achieved significant milestones with the release of the first mainnet-compatible Hydra node version. These advancements address critical issues that need resolution before integrating Hydra Head with real ADA, ensuring users’ smooth and secure experience.

Voltaire Workshops

Voltaire workshops also commenced, providing opportunities for collaboration and networking among local Cardano communities. Voltaire is a big upgrade for Cardano in the future. As per the Cardano website, the Voltaire era of Cardano “will provide the final pieces required for the Cardano network to become a self-sustaining system.”

Ouroboros Genesis Design Improvements

The team responsible for making decisions worked with the research and networking teams to improve the Ouroboros Genesis design. They improved how they select the starting point, how they choose candidates, and how they use important connections. These changes were made to make the whole system work better and be more stable.

Daedalus Proxy Server

Notably, the Daedalus team completed work on the proxy server, guaranteeing ADA conversion rates from the CoinGecko API are dependable. As per the report, this team is preparing to release an updated version of Daedalus that will smoothly switch to this new endpoint.

Overall Progress

Meanwhile, amid the developments, Cardano continued to witness significant progress, with various teams actively working on numerous projects, all contributing to the platform’s overall advancement.

The latest report reveals some impressive numbers for Cardano. So far, 127 projects have been launched on the platform, creating over 8.28 million native tokens. Additionally, there have been 8,277 Plutus scripts executed, showcasing the versatility and functionality of Cardano.

Active Projects

Notably, Cardano is now home to a whopping 1,242 active projects in various development stages. These projects collectively process a remarkable 66.7 million transactions, highlighting the platform’s growing popularity and widespread use.

Growing Interest and Adoption

This substantial increase in activity demonstrates the growing interest and adoption of Cardano as a preferred blockchain platform. The Cardano team has also been championing more decentralization, as evidenced by an upcoming Stake Pool Operators (SPO) vote, enabling SPOs to vote on important decisions about the network’s future.

Robust Infrastructure and Innovation

With these notable developments and ongoing initiatives, Cardano is set to offer a robust infrastructure and foster innovation in the decentralized ecosystem, which is bullish for the entire ecosystem amid a price watchtower to $1.


James Wilson is a crypto writer and researcher with over 5 years of experience in the industry. He is a graduate of the University of California, Berkeley, where he studied computer science and economics. After graduating, he worked as a software engineer at a major tech company before transitioning to a career in crypto.