Connect with us

ada

Cardano moves closer to Stablecoin launch, ADA holders could benefit if…

Published

on

Cardano moves closer to Stablecoin launch, ADA holders could benefit if…

  • 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.

Advertisement

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.

Source: DefiLlama

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.

Advertisement

Source: Santiment

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.

Source: TradingView

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.

Advertisement

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.

Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot’s writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S – There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

Advertisement

Advertisement

ada

Cardano Registers Milestone With More Than 7 Million Native Tokens

Published

on

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.

Advertisement

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.

Advertisement

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.

Advertisement

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

Advertisement
Continue Reading

ada

Cardano [ADA] now has $7 million in native tokens, but…

Published

on

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.

Advertisement

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%.

Advertisement

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.

Advertisement

Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot’s writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S – There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

Advertisement

Continue Reading

ada

Cardano’s [ADA] development update is sure to leave you spellbound

Published

on

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

Advertisement

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

v2.0.0
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.

Advertisement

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. 

Source: Santiment

Advertisement

Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot’s writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S – There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

Advertisement

Continue Reading

Top posts

National Bank Of Ukraine Unveils E-Hryvnia Concept National Bank Of Ukraine Unveils E-Hryvnia Concept
cbdc2 hours ago

National Bank Of Ukraine Unveils E-Hryvnia Concept

The central bank of Ukraine has presented to interested parties a draft concept of the nation’s future digital currency, the...

Manitoba Halts New Crypto Mining Projects Due To Expected High Energy Demand Manitoba Halts New Crypto Mining Projects Due To Expected High Energy Demand
Canada4 hours ago

Manitoba Halts New Crypto Mining Projects Due To Expected High Energy Demand

Authorities in Manitoba are temporarily suspending the connection of new crypto mining facilities to the power grid. The Canadian province,...

UNI is ripe for buying opportunities after a bullish crossover, but… UNI is ripe for buying opportunities after a bullish crossover, but…
Altcoins12 hours ago

UNI is ripe for buying opportunities after a bullish crossover, but…

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s...

Compound tightens its rules to prevent Aave-like exploit, details inside Compound tightens its rules to prevent Aave-like exploit, details inside
Aave13 hours ago

Compound tightens its rules to prevent Aave-like exploit, details inside

Compound DAO had voted unanimously to implement changes in the rules of the protocol This move was motivated by the...

Professional Liability Insurance for Traders Professional Liability Insurance for Traders
Uncategorized13 hours ago

Professional Liability Insurance for Traders

Professional liability insurance is a crucial protection for traders, allowing them to safeguard their investments and clients. In addition, without...

Data Shows There’s No Profits Left For Bitcoin Miners That Can’t Obtain Cheap Electricity, Run Efficient Mining Rigs Data Shows There’s No Profits Left For Bitcoin Miners That Can’t Obtain Cheap Electricity, Run Efficient Mining Rigs
Antminer S19 Pro+ Hyd.14 hours ago

Data Shows There’s No Profits Left For Bitcoin Miners That Can’t Obtain Cheap Electricity, Run Efficient Mining Rigs

During the last few weeks bitcoin’s cost of production has been higher than the leading crypto asset’s spot market value...

PancakeSwap’s progress may not sit well with investors, is CAKE the culprit PancakeSwap’s progress may not sit well with investors, is CAKE the culprit
Altcoins15 hours ago

PancakeSwap’s progress may not sit well with investors, is CAKE the culprit

CAKE planning to bring a new Syrup Pool/Farm on PancakeSwap However, days ahead might get harder as metrics and indicators...

MoneyGram Review MoneyGram Review
Uncategorized15 hours ago

MoneyGram Review

1 Minute Review MoneyGram is one of the largest money transfer services in the world, with over 400,000 agent locations....

Where Is The Ethereum Price Headed Next After Clearing This Resistance Where Is The Ethereum Price Headed Next After Clearing This Resistance
Crypto15 hours ago

Where Is The Ethereum Price Headed Next After Clearing This Resistance

The Ethereum price has finally been able to break above the $1,233 resistance mark. Over the last 24 hours, the...

Telegram to build non-custodial wallets and decentralized exchanges, says CEO Pavel Durov Telegram to build non-custodial wallets and decentralized exchanges, says CEO Pavel Durov
adoption15 hours ago

Telegram to build non-custodial wallets and decentralized exchanges, says CEO Pavel Durov

Telegram to build non-custodial wallets and decentralized exchanges, says CEO Pavel Durov Soumen Datta · 1 hour ago · 1...

ECB Blog Post Insists This Is ‘Bitcoin’s Last Stand,’ Officials Claim BTC Is Headed Toward ‘Irrelevance’ ECB Blog Post Insists This Is ‘Bitcoin’s Last Stand,’ Officials Claim BTC Is Headed Toward ‘Irrelevance’
"Bitcoin’s Last Stand"16 hours ago

ECB Blog Post Insists This Is ‘Bitcoin’s Last Stand,’ Officials Claim BTC Is Headed Toward ‘Irrelevance’

On Wednesday, Nov. 30, 2022, a blog post published by the European Central Bank (ECB) discusses bitcoin and the authors...

XeggeX sets industry standards for exchange transparency XeggeX sets industry standards for exchange transparency
Exchanges16 hours ago

XeggeX sets industry standards for exchange transparency

Disclosure: This is a sponsored post. Readers should conduct further research prior to taking any actions. Learn more › The...

Binance Coin (BNB), Polkadot (DOT), And Bitgert (BRISE) Price Prediction This December – Investors Will Love This Binance Coin (BNB), Polkadot (DOT), And Bitgert (BRISE) Price Prediction This December – Investors Will Love This
Uncategorized17 hours ago

Binance Coin (BNB), Polkadot (DOT), And Bitgert (BRISE) Price Prediction This December – Investors Will Love This

Binance Coin (BNB), Polkadot (DOT), and Bitgert (BRISE) Price Prediction This December – Investors Will Love This The last month...

Coinbase Drops XRP & Other Tokens, Cites Low Activity Coinbase Drops XRP & Other Tokens, Cites Low Activity
Coinbase18 hours ago

Coinbase Drops XRP & Other Tokens, Cites Low Activity

As the FTX saga continues, all eyes are on crypto exchanges: Coinbase, Crypto.com, Binance and the like all have hefty...

Crypto exchange Kraken to start layoffs as crypto winter persists Crypto exchange Kraken to start layoffs as crypto winter persists
crypto exchange18 hours ago

Crypto exchange Kraken to start layoffs as crypto winter persists

Kraken plans to lay off nearly 30 percent of its overall headcount because of crypto winter The company is providing...

Biggest Movers: LTC Nears 6-Month High, As Near Rebounds From Recent Lows Biggest Movers: LTC Nears 6-Month High, As Near Rebounds From Recent Lows
Analysis18 hours ago

Biggest Movers: LTC Nears 6-Month High, As Near Rebounds From Recent Lows

Litecoin has been a notable mover on Nov. 30, as the token edged closer to a recent six month high....

Kraken to layoff 1,100 people to ‘adapt to current market conditions’ Kraken to layoff 1,100 people to ‘adapt to current market conditions’
Bear Market18 hours ago

Kraken to layoff 1,100 people to ‘adapt to current market conditions’

Kraken to layoff 1,100 people to ‘adapt to current market conditions’ Samuel Wan · 7 hours ago · 1 min...

Bitcoin Bearish Signal: NVT Golden Cross Enters Sell Zone Bitcoin Bearish Signal: NVT Golden Cross Enters Sell Zone
Bitcoin18 hours ago

Bitcoin Bearish Signal: NVT Golden Cross Enters Sell Zone

On-chain data shows the Bitcoin NVT golden cross has now entered into the “sell” zone, something that could be bearish...

Trending

Free Bitcoin MiningEarn from $50 to $75 daily with just your phone