By George Ward
According to the latest ADA weekly development metrics, the network has expanded its hot-swap feature. Hence, it will be the foundation of the peer-to-peer (P2P) integration.
Cardano Team Addresses Community
The development team updated the Cardano community on the progress by noting that the hot swap function is necessary for testing other network components. Additionally, the team disclosed ongoing efforts to accommodate serialization mechanisms to ensure seamless transactions on the platform.
The weekly report shows that the Cardano network is working on its payment litepaper, with on-chain transactions crossing the 54.6 million mark. However, even with the progress report, Cardano still needs to meet the expectations of its community and, to some extent, the blockchain industry.
Per data from the blockchain analytics platform, Santiment revealed that ADA’s trading volume slumped to 33% in 24 hours as of last Friday. The metrics signify that Cardano’s native token is rarely discussed on social forums. Thus, contributing to its decreasing interest.
Furthermore, Santiment noted that ADA’s social dominance is 0.535%. Another indication of a decline in the discussion about the asset.
As a result, ADA has no hype among the various social forums like Reddit, Quora, and others. Instead, the developmental activities are expected to trigger a spike in the value of ADA.
However, this has yet to happen. Data from Santiment shows no improvement in on-chain development. At the time of publication, the developmental activity rate for the ADA had sunk further to 67.19. This indicates the slow pace of the ongoing upgrade.
Traders’ Expectations
The latest development does not move traders in the crypto derivative markets. There is no rush of excitement from them.
Nevertheless, CoinGlass reported that the funding rate for the ADA had experienced slight improvement, but the recent increase is pretty low, and it’s insignificant. This implies that both futures and options traders only managed to set aside small funds for liquidity in anticipation of more profits from Cardano.
Not surprisingly, the interest rate has impacted ADA’s liquidity balance. Data from CoinGlass reveals that as of November 18, ADA had a total of $340,000 as its liquidity.
This amount is too low for the token’s stability. The reason was that there were more short trades on the token than long trades.
However, Santiment’s data indicates that ADA has more positive sentiments than negatives. The positives were 18.96%, while the negatives were 13.03%.