Cardano is all set to drop some major announcements. The latest edition details the developmental works currently in progress, be it on building open-source community governance or the Wallets Connectors initiatives [APIS that sit between wallets and dapps]. Developers and team members from SundaeSwap and IntersectMBO discussed the continuity plans and highlighted areas of the Cardano roadmap.
To go full-blown decentralized, IOG recently announced moving all repositories to a community-run project called Intersect, paving the way for “partnerships,” which are specialized blockchains that operate alongside the main Cardano network. One such key component is Midnight, a privacy-focused sidechain. Similar to Avalanche’s subnets, these partner chains, or service chains, will have their own tokenomics and consensus logic.
The smart contract platform has moved towards the Voltaire stage, and one of its core initiatives is the launch of SanchoNet, a testnet for on-chain governance. “Voltaire will take the final steps toward self-sustainability via on-chain voting. After completion, the community will control parameter changes, hard forks, and Treasury withdrawals rather than IOG, Cardano Foundation, and EMURGO, which combined hold all seven governance (genesis) keys.”
Recently, Cardano’s sidechain solution, Midnight, deployed its DevNet for developers, which will operate as a sandbox. As reported by TronWeekly, the devnet will allow developers to build data protection DApps on the network, experiment using shielded swaps and smart contracts, and fine-tune DApps without impacting real users or assets. Midnight developers will secure an early lead on building ground-breaking data protection technology and experience the benefits of IOG’s research-based, security-first approach to development, per the team.
Cardano’s Impending Breakout
On the price front, the blockchain’s native token, ADA, is flashing signs of an early breakout, according to leading market expert Ali Martinez. Citing past trends, Martinez predicts ADA could hit $0.80, before a mild retracement to $0.60, and then embark on an upward price trajectory toward $8 by January 2025.
Based on an earlier insight shared on February 11th, Martinez highlighted an area of significant resistance for ADA between $0.54 and $0.56, wherein around 50k addresses are holding nearly 2 billion ADA. Breaching through this key area of resistance could pave the way for a bullish ascent towards $0.68.