Cardano has had an eventful start this month. With the Shelley public testnet roll out, the network took a leap into the Shelley era. The network shares its successful first week. However, ADA’s price and social engagement witness a significant drop.
No Bugs Or Blockers In Shelley Testnet
The Cardano network was making headlines the previous week, as the network rolled out the Shelley public testnet. The network has been working on the Shelley era for a long time now and is all set to initiate the Shelley hard fork on 7 July 2020. The Shelley era is reportedly customized to produce 50-100 times more decentralization than other networks in the crypto-verse.
After one week of the Shelley public testnet, the Cardano network revealed the progress on the testnet. As per a blog post that the IOHK Team formulated, the network claims to have received a positive response. The network has about 200 registered active stake pools that are operating on the testnet within just four days of its launch. The update said,
“Of course, some of our pioneers are running more than one pool. But to see this number already is testament to the competency and commitment of the Cardano community and the experience we all gained through the build-out of the ITN in the early part of this year.”
Furthermore, the latest testnet hasn’t tackled any bugs and the team has been looking into the Goguen era which comes after the Shelley era. The Goguen era will reportedly focus on smart contracts. The post read,
“We are also slowly rebalancing some development efforts towards integration with Goguen era features.”
Additionally, the Shelley test wallet has also been making progress as a simple test wallet will be released in the next week on 16 June 2020 to the pioneer stake pools.
ADA’s Price And Social Engagement Take A Hit
After witnessing a significant surge in its price in the first week of June, ADA dropped to a low of $0.0763 last week. The network even climbed two steps above CoinMarketCap’s ‘Top Cryptocurrencies’ and claimed its position as the 10th largest digital asset by market cap. At the time of writing, the price of ADA was $0.0773 with a 1.18 percent drop in its price over the past 24 hours.
The volume of ADA was also seen depreciating and has recorded the lowest volume today.
Cardano’s social that crossed 1 million multiple times in the first two weeks of June especially during the launch of the Shelley public testnet. Even yesterday, the social engagement of the network had hit 1.5 million. However, it recorded extremely low social engagement today.
Luke has had a long interest in financial technology, especially cryptocurrency and blockchain. With a Bachelors degree in Journalism and Media, Luke is dedicating his writing skills for the digital currency sphere.He can be contacted at email@example.com