As per the latest status update shared by IOHKMaybe Cardano is exploring alternatives to token burning. “Burning” crypto means the permanent removal of multiple tokens from circulation.
Every Friday, we publish our weekly #cardano development update. So to take a look at what the IOG dev team has been working on over the past week, go ahead and take a look👇https://t.co/Ue2LF0t9y7 pic.twitter.com/7k4UmkGXex
– Input Output (@InputOutputHK) 18 March 2022
As seen in the status update for the week shared by IOHK, details of the activities undertaken by the various development teams were highlighted. While working on Cardano decentralization, the report states that the Hydra team held a planning session and updated the Hydra development roadmap.
Similarly, “the team inspected options for token minting and burning within Hydra Head, as well as scenarios for using tokens instead of datums,” the update reads.
U.Today previously reported on the opening of the first Hydra Heads on the public Cardano testnet. The Hydra Heads, the first in the suite of protocols, are a key element in Cardano’s scaling journey. Hydra refers to a collection of Layer 2 solutions aimed at improving network security and scalability.
Along the same lines of token burning, the status update reports that the Adretia team is working on finalizing a new transaction workflow to add token minting and burning capabilities.
Adresia, named after the goddess of rebellion, was launched to make integration and interaction with Cardano easier and faster. The Adretia team, consisting of IOHK engineers, was responsible for building all of the web APIs and libraries that make Cardano accessible to developers and application builders.
Node’s development can then focus on performance and scalability, while users will always be able to interact with it seamlessly.
Cardano ecosystem continues to grow
As previously reported by U.Today, Cardano is one of the top five fastest-growing assets in the past 30 days according to data from Sentiment.
While the groundwork has been laid for a future correction in the Cardano ecosystem, ADA price has failed to hold up, as it is down nearly 74% from its all-time high of $3.10. ADA is currently trading in a narrow range at $0.87, which points to an upcoming major price movement.