Cardano (ADA) has released Node 8.0.0, a key update to its blockchain that lays the framework for the Conway ledger era (Protocol Version 9.0). This upgrade is an important step forward for the Cardano ecosystem since it includes numerous important features that might affect the ADA token’s future.
Node 8.0.0 marks the start of experimental support for the Conway period, often known as Voltaire. While this version does not yet have Voltaire features, it provides the groundwork for their implementation by introducing transaction formats and allowing hard forking into the period. Voltaire is expected to provide Cardano with critical governance tools, further decentralizing the network and empowering its community.
Cardano’s Update Offers Enhanced Performance
Stake Pool Operators (SPOs) should install Node 8.0.0 on all nodes. The update provides various upgrades, such as increased impartiality in mempool logic, new query commands for improved oversight and management of the mempool, and the capability to define the network using an environment variable.
These enhancements enhance the general performance and functionality of the Cardano node, thereby improving accessibility and efficiency for users. It should be highlighted that presently, P2P networking is designated to operate on just one relay in the mainnet, while other relays run with P2P disabled.
This strategy guarantees the network’s stability and security during this transition phase. The ongoing evolution and enhancement of the Cardano network may translate to a surge in the adoption and demand for the ADA token, which could boost its value.
Over 80% of Cardano (ADA) Holders Suffering Losses: Report
According to a recent report by IntoTheBlock, most Cardano (ADA) holders are currently facing financial losses. The report indicates that at least 80% of all ADA holders are holding the token at a loss, equating to 3.44 million addresses with a combined total of 26.85 billion ADA, equivalent to $9.48 billion at current market rates.
Cardano is now ranked ninth among cryptocurrencies, with a market value of more than $1 billion, based on the ratio of losing addresses to profitable ones. With a total market value of $12.47 billion, just $1.66 billion of ADA is profitable.
Surprisingly, people who bought a Cardano token between $0.374 and $0.456 per token own most of the “loss-making” ADA. There are presently 743,560 such addresses, each with 13 billion ADA.
ADA Current Market Position
At the time of writing, Cardano trades at 0.37% and has a green Doji candle on the daily chart. This candle of uncertainty generated after a decline suggests that the ADA price may see a modest bullish retreat to retest the H&S pattern’s violated neckline.
The retest will confirm the price sustainability below the breached level of $0.36, and traders will have the chance to short-sell. The breakdown of the H&S pattern can result in a fall of the same distance between the head peak and neckline in ideal circumstances.
The ADA price will drop by 18% and reach the support level of $0.3, the lowest point reached in March. Furthermore, a new trendline of resistance is visible in the daily chart, indicating the current correction phase. Thus, if the price breaks above this trendline, it would negate the bearish analysis and help buyers regain higher levels.
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