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According to the August 18 Weekly Development Report,
- The number of projects launched on the Cardano network remained unchanged at 137.
- Projects building on the Cardano network increased by one to 1,274 over one week.
- The total number of native tokens stood at 8.70 million compared with 8.68 million one week earlier.
- Token policies increased from 78,063 to 78,245.
- The total number of transactions increased from 73.2 million to 73.5 million.
The latest report was lackluster, with no new projects launching on the Cardano network. However, the continued uptrend in the number of transactions was favorable, as was the increase in token policies.
SanchoNet Targets Greater Decentralization and Enhanced Governance
Despite the mixed weekly development report, ADA bucked the broader market trend on Friday. News of the launch of SanchoNet going live likely contributed to the upside. Hoskinson announced the news on Twitter, saying,
“The website for the CIP-1694 test net is now live, happy testing SanchoNet fans.”
SanchoNet aims to take on-chain governance to a new level by providing liquid democracy to get higher voter turnout. According to the SanchoNet page,
Dreps form the network governing body and serve as spokespersons, voting on governance actions. Essentially, Dreps support the collective interests of the community.
According to the SanchoNet page,
“As a DRep, you’ll have the power to vote ‘yes,’ ‘no,’ or ‘abstain’ on governance actions proposing changes to protocol parameters. Your vote represents the ada holders’ collective voice, making your role crucial in Cardano’s decentralized decision-making.”
Governance and decentralization remain focal points for the crypto community, with networks looking to enhance decentralization while improving network governance likely to continue finding favor from crypto investors.
The Saturday Session
While ADA bucked the broader market trend on Friday, headwinds leave ADA at risk of a bearish Saturday session.
With ADA sitting in the SEC Securities Basket, the SEC’s progress toward appealing the SEC v Ripple Court ruling on Programmatic Sales will continue to test buyer appetite. Regulatory uncertainty may impede project growth on the Cardano network, a bearish price scenario.
An upward trend in projects would fuel ADA adoption and provide bullish price momentum.
ADA Price Action
This morning, ADA was down 0.76% to $0.262. A bearish start to the day saw ADA fall from an early high of $0.265 to a low of $0.261.
Daily Chart
The Daily Chart showed ADA sat above the $0.260 – $0.255 support band. However, ADA remained below the 50-day and 200-day EMAs, sending bearish near and longer-term price signals.
Looking at the 14-Daily RSI, the 32.54 reading signaled bearish sentiment. Aligned with the EMAs, the RSI signals an ADA fall through the $0.260 – $0.255 support band to target sub-$0.250. However, an ADA return to $0.270 would give the bulls a look at the $0.284 – $0.287 resistance band.
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