Flow continues to expand its foothold on the development ladder. It has announced the availability of its Cadence smart contract language and key building blocks for its blockchain network.
DZone is responsible for making these resources accessible. The improved availability of such technologies could accelerate growth of the FLOW ecosystem.
The network will be able to access greater utility and liquidity flow due to the accelerated development of smart contracts and dApps.
The Flow blockchain has seen significant development activity over the past four weeks. It especially showed a considerable increase in the past 10 days. However, there has been a slowing in the last two days.
The network will continue robust activity in the short to long term thanks to the accessibility of development tools.
Flow has significantly increased its social dominance during the past 24 hours, as of the time of writing. One of the factors driving this growth might be the recent announcement.
While its social dominance registered an uptick, the weighted emotion did not show a substantial shift. This is perhaps because the news emphasises how the demand for FLOW may be affected in the long run. The demand for FLOW will increase as the network adds more dApps.
The true impact won’t be visible until additional development happens. It would be important to note how many dApps get released on the platform moving forward.
FLOW tried to rally at the beginning of the week. Before being hammered by selling pressure, it achieved a weekly high of £1.39 after bouncing from a low of £1.29. As of press time, it was trading for £1.28.
There may be some demand at the lower area given the downside of FLOW did not go as low as it did last week.
FLOW’s price action reflects the current market conditions, as highlighted by low demand. NFTs, one of the main demand drivers for the Flow network, say a lot in this regard. The total volume of NFT trades is down to the lower monthly range.
Although the announcement is encouraging, it might not have an immediate positive effect. The long-term growth and development could benefit greatly from this step.