- Cardano will launch its algorithmic stablecoin Djed on January 2023
- Cardano’s TVL and ADA’s price has been on a decline in recent weeks
At the Cardano Summit on 21 November, Cardano announced that it would increase the scope of the network’s offerings by issuing a stablecoin. This would add Cardano to the growing number of networks that have introduced their own stablecoins in a bid to corner the market in this growing sector of the cryptocurrency industry.
Read Cardano (ADA) Price Prediction 2022-2023
Cardano announces Djed launch month
The Djed stablecoin will be an over-collateralized algorithmic stablecoin backed by a reserve of Bitcoin. If all goes well with the audit and the stress tests, Djed will see its mainnet launch on January 2023.
It’s official! $Djed will launch on the Cardano Mainnet in January 2023! 🚀$Coti $Ada #Djed pic.twitter.com/cu8ryW6Lo7
— Djed Stablecoin (@DjedStablecoin) November 21, 2022
The developers claimed that Djed will be supported by Cardano’s native coin ADA and SHEN, and that it will be pegged to the U.S. dollar.
Users who contribute liquidity in the form of Djed will be rewarded by the algorithmic stablecoin’s integrated partners and Decentralized Exchanges (DEXes). The developers of the Djed smart contract want to add ADA liquidity slowly and steadily to promote long-term, sustainable growth.
Cardano TVL declines as dev activity ramps up
The introduction of the stablecoin may have positive repercussions for Cardano, including the enhancement of decentralized finance (DeFi) on the network. Data from DefiLlama showed that Cardano’s total value locked (TVL) had been going down recently. Additionally, even at its peak, the platform was way behind its contemporaries.
At the time of writing, Cardano’s TVL was at $50.99 million, with a peak of a little over $300 million observed. The successful release and implementation of its own stablecoin could further stimulate the development of TVL and participation in DeFi.
After a protracted wait, the recent Vasil Upgrade went operational on 22 September. Santiment’s development activity indicators revealed that additional features may still be in the works. The dev activity measure had been on the rise since the end of October and stood at 106 despite decreasing, at the time of writing.
ADA trends down
ADA did not seem to be doing too well, based on the daily timeframe price movement. The asset had been on the decline, quickly giving up any gains it had made in recent days. It hasn’t been able to recapture that level since it tested the $0.4 area in late October and early November.
As can be seen from the price chart, ADA has been in decline for the past few days. It has also been unable to establish a new support line. Except for a few minor surges that were seen, the trade volume had been rather quiet. The asset’s current bearish trend was confirmed by the Relative Strength index line.
At the top of the price moves, the 50 (yellow line) and 200 (blue line) Moving Averages were visible, and they effectively functioned as ADA’s resistance. The placement of the MAs also revealed the unfavorable trend that ADA was going through.
Respite for ADA?
Even if ADA’s pricing has seen little movement recently, the development activity and latest announcement suggest that could change. While there is a broad bear trend in the cryptocurrency market at the moment, it is possible that projects like Cardano, which are still building despite the trend, might receive more popularity once the trend reverses.
Cardano Registers Milestone With More Than 7 Million Native Tokens
Cardano (ADA) has failed to take advantage of a significant network milestone it recently achieved as the digital asset continues to struggle in pushing its price to higher levels.
At the time of this writing, the cryptocurrency was changing hands at $0.3060 and has gone down by almost 3% during the last 24 hours according to data from Coingecko.
This comes as a surprise as the project’s blockchain is in the midst of celebrating the accomplishment of having more than 7 million native assets that have been created on it.
Basing from the information shared by pool.pm, by leveraging 65,652 varying minting policies, the Cardano network is now home to 7,055,456 native tokens.
What makes this achievement extra special is the fact is that just last September the blockchain hit the 6 million count.
Nonetheless, ADA seems to have ignored this development as it hasn’t responded positively in terms of spot trading price and market capitalization.
Smart Contracts In Cardano Network Continue To Grow
From a 2022 opening tally of 2,844 smart contracts, there are now 3,791 SCs running on Cardano’s Plutus platform, representing an increase of 300%.
This comes at a time when the network is working on an additional development that mainly focuses on improving the smart contract functionality of the blockchain.
Particularly, the team responsible for this network activity is paying attention to increasing script capacity and the Plutus Debugger MVP for the full implementation of the Babbage support.
Back in September 2022, when the Vasil hard fork upgrade was launched by Cardano in hopes of increasing the scalability of the DeFi network, there was a significant increase in smart contracts running on the blockchain.
Elsewhere, the project is also witnessing impressive growth in terms of on-chain activity as evidenced by the daily address activity which has jumped over 90% at the time of this writing.
Moreover, the number of delegated wallet addresses for Cardano has now reached 1.23 million, although some experts believe that this surge might have been instigated by the massive sell-off prompted by the collapse of the FTX crypto exchange.
December Not Looking Good For ADA?
According to Coincodex, over the next five days, ADA will post a slight increase in its trading price which the online crypto info aggregator predicts to be at $0.3065.
That however, will be followed by a more bearish forecast which sees the asset experiencing severe price dump towards the end of the year.
By using its technical indicators and historical price movements, Coincodex was able to arrive at the prediction that 30 days from now, the altcoin will fall all the way down to $0.2742.
Still, just like its fellow crypto assets, Cardano is subject to high volatility levels which means that in just a matter of a blink on an eye, it can surpass all predictions made related to its price trajectory.
ADA total market cap at $10.7 billion on the daily chart | Featured image from Latest Finance News, Chart: TradingView.com
Cardano [ADA] now has $7 million in native tokens, but…
The Cardano blockchain has already passed a significant milestone with seven million native tokens. Data from the pool.pm showed that 7,055,456 native assets have now been created on the Cardano blockchain using 65,652 different minting policies.
The blockchain reached the six million native asset milestone in September. In terms of technology, Cardano’s native assets and NFTs are similar because they are both native assets that can be built using Cardano’s node CLI.
#Cardano has surpassed 7,000,000 native tokens!$ADA pic.twitter.com/zk8bpnhj7b
— Dan Gambardello (@cryptorecruitr) November 27, 2022
Charles Hoskinson, the founder of Cardano, foresaw the evolution of the blockchain in 2020. “Hundreds of assets, thousands of dApps, tonnes of intriguing initiatives, and lots of originality and utility,” was his prediction.
Cardano still has a long way to go
While the number of native tokens on the blockchain has exceeded expectations in terms of assets, Cardano hasn’t yet caught up in terms of dApps.
As of 26 November, 3,791 total smart contracts were running on Cardano’s Plutus smart contracts platform. After registering 947 smart contracts on 1 January, the value reflected an increase of 300%, or 2,844, in 2022, according to data gathered from Cardano Blockchain Insights.
Notably, the increase in Cardano’s smart contracts follows additional network development aimed at enhancing the functionality of the feature. To complete the implementation of full Babbage support in the Plutus tools before its release, the team was focusing on increasing script capacity, the Plutus Debugger MVP, and other related tasks.
It is important to note that since the platform’s formal launch of the Vasil hard fork upgrade on 22 September, the number of Cardano smart contracts increased. The hard fork aims to increase the scalability of the DeFi network.
With 1.2 million delegated wallets, the Cardano network has also seen a sharp increase in on-chain activity, with daily address activity climbing by over 90%.
Additionally, on-chain data reveals that the network’s total number of delegated wallets has reached a significant milestone of 1.23 million addresses. However, the higher sell-off seen during the FTX crash may be connected to the spike in address activity.
ADA has a lot of action coming up
Smart contract functionality was introduced with the Alonzo hardfork deployment in September 2021, opening the door for the creation of dApps. Recent data from Cardano builder IOG shows that 106 projects have been launched on the platform, while 1,146 more are in various stages of development.
Along with Ethereum, open-source blockchain projects Polkadot (DOT) and Kusama (KSM), Cardano continues to be one of the most actively developing cryptocurrency technologies.
Cardano’s [ADA] development update is sure to leave you spellbound
- Several promising developments happened in the Cardano ecosystem last week
- However, metrics were not supporting ADA’s price recovery
Input Output Global recently posted weekly statistics of the Cardano [ADA] ecosystem, which revealed quite a few interesting updates. The tweet mentioned that the total number of transactions on the blockchain reached 55.3 million, which was commendable. Moreover, the total number of native tokens had almost reached seven million.
ICYMI: Our weekly #Cardano development update is live on #EssentialCardano!
Check out what our dev team has been up to and get the latest on our development progress.
As always, we welcome your feedback and comments👇 https://t.co/nf12SDsEiu
— Input Output (@InputOutputHK) November 27, 2022
Read Cardano’s [ADA] Price Prediction 2023-24
There is more for Cardano
IOG revealed that Plutus’ team worked on completing SECP-256k1 built-in for Plutus. They finished the implementation of full Babbage support in the Plutus tools and focused on improving script capacity and the Plutus Debugger MVP. The performance division looked into P2P performance and worked to enable SECP benchmarking.
There was another interesting development a few days ago when Cardano officially announced that it plans to launch a new stablecoin, named USDA, for Emurgo, a global blockchain technology company, in early 2023. Cardano‘s developers also pushed a new update on 27 November, named blockfrost-utils v2.0.0.
blockfrost-utils v2.0.0: https://t.co/1rQ9AWo6Em
Released by vladimirvolek – blockfrost#Cardano $ADA
— Cardano Updates (@cardano_updates) November 27, 2022
Is ADA recovering?
However, despite these promising developments, ADA’s price suffered quite a few blows, reaching the bottom of the list of the top 10 cryptos in terms of market capitalization.
According to CoinMarketCap, ADA registered a price decline of over 3% over the last 24 hours. At press time, it was trading at $0.3054 with a market cap of more than $10.5 billion. Let’s have a look at ADA’s on-chain metrics to understand whether investors can expect a recovery in the coming days.
According to Santiment’s data, investors may have to wait a little longer for ADA to revive, as several on-chain metrics pointed to a continued downtrend.
For instance, ADA’s MVRV Ratio was substantially low, which is a bearish signal. Surprisingly, despite all the aforementioned updates, ADA’s development activity registered a downtick and thereafter chose a sideways path.
Not only that, but ADA’s popularity and investors’ faith in the token seemed to have reduced as ADA’s social volume and positive sentiment went down over the past seven days.
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