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Cardano’s DJED Finally Launch After 1 Year In Development

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Cardano’s algorithmic stablecoin DJED powered by COTI is finally live on the mainnet following a year and a half of development.

According to the blog post, the launch of the community-driven token commences a new era for stablecoins and is touted to be a “significant milestone” for ADA’s DeFi ecosystem.

Besides that, the decentralized open-source protocol also aims to provide an opportunity for users to hold, mint, and burn DJED and its reserve coin SHEN.

Further, Djed also intends to act as a stable alternative to volatile cryptocurrencies furthering its use cases on the DeFi protocols in the Cardano ecosystem.

Each stablecoin will be over-collateralized by 400-800% with Cardano’s native asset ADA — while using SHEN as a reserve coin. This over-collateralization makes it similar to the dai stablecoin in the Ethereum ecosystem, but it has a minting and burning mechanism like other algorithmic stablecoins.

Within the Cardano ecosystem, Djed is anticipated to be incorporated into 40 applications. Decentralized exchanges [DEXes] likeWingriders, MuesliSwap, and MinSwap have already endorsed it.

In addition to these top platforms in the Cardano ecosystem, Bitrue will be the first exchange to list DJED and SHEN, in accordance with the blog post.

DJED’s official backer, Coti disclosed plans to launch DjedPay, a service that will enable merchants and other crypto players to accept payments in the stablecoin. This was announced in an interview with a leading media outlet, back in November.

That said, the much-awaited launch was marred with technical snags that delayed its launch by several dates.

As reported by TronWeekly, the so-called chain index syncing process, was the only “technical bottleneck” holding up the launch at the moment.

The abovementioned process typically takes a total of 14 days and was initiated over a week back, according to the COTI Network. This led to speculation that the launch might be deployed around February 1.

Cardano’s latest update is in a long line of upgrades that have fueled hope for the ADA community which is anticipating a turnaround in the asset’s price action.

Cardano’s DJED Has Gained Investor’s Attention

ADA continued to gain traction towards month’s end after an epic rise of over 50% since the start of the year. The altcoin, which ranks eighth by market capitalization, topped $0.3990 at one point this weekend before recoiling.

The latest launch has created a lot of buzz as it intends to bring greater usability to the stablecoin landscape and make transaction costs more predictable.

Cardano Wallets Grow With Over 50k Added Since Jan.1

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Cardano wallets have grown significantly in the month of January, adding more than 50k wallets according to stats derived from Cardano Blockchain Insights.

To go even further, on January 1, there were a total of 51,868 wallets added to the network, taking the number of registered wallets from 3,842,867 to 3,894,735 as of January 25.

An average of 2,075 new wallets have been opened every day on the Cardano blockchain in less than a month, demonstrating an increase in interest and activity from potential new investors.

Overall, the network witnessed tremendous traction in various sectors, including decentralized finance [DeFi] and nonfungible tokens [NFTs].

Especially, over the past month, Cardano’s ADA registered substantial growth. The eighth-largest cryptocurrency by market cap is up nearly 50 percent year-to-date [YTD] and some experts predict a further uptrend in the coming weeks.

The upcoming debut of Djed, the network’s stablecoin, is possibly the main factor driving Cardano’s ascent this month. Djed is an algorithmic stablecoin that is overcollateralized and pegged to the US Dollar.

Cardano’s Djed Stablecoin Upcoming Launch Has Raised the Expectation Tempo

Additionally, it employs a rigorous verification procedure, making it one of the first stablecoins on the market. This indicates that it can be verified quantitatively and does not necessitate a bank’s audit of its collateral reserves.

Djed was slated to launch sometime over the next week, according to a tweet from Cardano’s Twitter account on January 24. Interested parties will have to swap ADA for Djed when it is released into the market.

Apart from that, the project’s creators disclosed that traders and investors will get extra benefits when they stake ADA to get Djed. This might have acted as an incentive, in the form of increased demand for ADA, which has led to an upswing over the previous several weeks.

Not all of what has contributed to ADA’s recent growth spike is related to the imminent launch of Djed. The coin is gaining momentum due to a few additional network improvements. For instance, Cardano recently disclosed a CIP-30 update that was scheduled.

If adopted, this upgrade suggestion will make it possible for hot wallets powered by Cardano to communicate with web2 services like Amazon. In the future, this might increase the utility and need for ADA.

Cardano’s DJED To Launch Next Week Due To “Technical Bottleneck”

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Cardano’s stablecoin DJED is slated to go live next week, although an exact date has not been specified, as revealed by its developer COTI.

The chain index syncing process, which would take a total of 14 days, was reportedly started a week ago, according to the COTI Network. This suggested that the launch will begin around February 1.

COTI added that this is the only “technical bottleneck” holding up the launch at the moment.

In the blog post, the decentralized transaction network also shared updates on the upcoming listing of the stablecoin. Major Singaporean crypto exchange Bitrue would add DJED on its platform.

The protocol’s backup token, SHEN, will also be traded on the exchange. SHEN serves as collateral for the stablecoin and is itself collateralized by Cardano’s native token, ADA.

Additionally DJED’s DEX partner Wingriders also spread the word of an forthcoming announcement on Twitter.

Cardano’s latest update is in a long line of upgrades that have fueled hope for ADA community which is anticipating a turnaround in the asset’s price action.

ADA is still looking to recoup from its losses suffered in the bear market of 2022 and is currently trading at $0.35, down by 6% in the past 24 hours.

Upcoming Updates on the Cardano Ecosystem

Morover, Cardano’s total value locked is only $77 million, but has increased by 57% since January 1 to show how swiftly its network is expanding.

In fact, GitHub statistics constantly identifies Cardano as either one of the most active networks or the network with the most daily activity.

Apart from that, it will undergo its next upgrade, which will include a significant change to the Plutus smart contract language, in February.

For the most part, this update will “enable ECDSA and Schnorr cryptographic signatures to make it easier for developers to construct cross-chain apps,” which essentially means that Cardano will soon gain more interoperability.

Further, its ecosystem has been expanding steadily over the past few months, with over 1,100 apps and projects presently developing on its network, in addition to over 110 projects that have previously been launched.

It’s noteworthy to mention that Cardano has had recent growth since more than 5,400 Plutus scripts—the platform’s take on smart contracts—have been deployed since the network allowed smart contracts last September. After the update in February, this number is probably going to rise even higher.

XRP, ADA, DOT See A Surge In Inflows: Report

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XRP along with Cardano [ADA], Polkadot [DOT], and Avalanche [AVAX] witnessed an increase in activity during the last week as total inflows hit $37 million.

A recent report published by CoinShares revealed that altcoins such as XRP, DOT, ADA, and AVAX experienced inflows totaling $0.6 million, $1.0 million, $0.6 million, and $0.5 million, respectively.

Furthermore, a startling 68% of investors’ money was allocated to short investment products. All of them, according to the research, were indications of bearish market sentiment.

World’s dominant crypto asset, Bitcoin’s inflows hit $5.7 million last week, while short-bitcoin investment products saw inflows totaling $25.5 million, the largest weekly inflow since July 2022 $51 million.

Geographically, Inflows were found to be concentrated mostly in Europe, i.e Germany and Switzerland accounting for $14 million and $10 million respectively.

On the other hand, Hong Kong saw outflows from long investment products, while 95% of the inflows into the US were into short-Bitcoin products.

In terms of the coin, XRP’s price rallied by nearly 6%, ending the day at $0.42. The 6th ranked token tapped $0.43 for the first time since November 8.

The price surge was crucial as the beginning of the week went without much noise i.e no updates from the SEC and Ripple lawsuit for investors to consider.

The case now rests in the hands of Judge Torres, with market participants and Ripple CEO Brand Garlinghouse expecting a ruling by the summer.

On the other hand, Amicus Curiae attorneys John Deaton and Garlinghouse recently spoke optimistically about the case, supporting the current XRP move toward $0.50.

XRP Community Stands To Gain From This

If the SEC’s request to redact information from papers linked to the William Hinman speech is denied, it could be the end of the SEC. For the defendants and the XRP community, this is great news.

Garlinghouse’s statements regarding the nature of the records and the SEC’s attempts to keep the speech-related materials secret from the public signal that the agency might settle before a jury trial.

Speaking from Davos, Ripple CEO Brad Garlinghouse stated this about the Hinman speech-related documents,

“When those come to light, I think you will see more kind of like, how is it possible for the SEC to decide to bring a case against Ripple given what they were saying within their own walls.”

Cardano To Enhance Cross-Chain Development with New Cryptographic Primitives

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Input Output Global (IOG), the developer behind the Cardano blockchain platform, has announced plans to add new built-in functions to its smart contract programming language, Plutus, to support Elliptic Curve Digital Signature Algorithm (ECDSA) and Schnorr signatures.

The move is aimed at making it easier for developers to build cross-chain applications, as currently, Plutus developers would have to spend time, effort, and funds to implement ECDSA and Schnorr algorithms over the SECP elliptic curves in Plutus, which “increases potential security risks and may use an unrealistic amount of resources.”

Tim Harrison, a Cardano developer from IOHK, the company behind IOG, said in the blog post that the new cryptographic primitives would allow developers to use a wider range of multi-signature or threshold signature designs natively in Cardano, thus providing the highest level of security.

Preparations for the upgrade have been underway for some time across the entire Cardano ecosystem, with positive results from intensive integration testing in the preview test environment since November 2022.

According to Harrison, the upgrade is not as complex as previous ones and will not have such an impact across existing decentralized applications (DApps). Nonetheless, the teams are ensuring readiness by closely working with key Cardano stakeholders such as DApps, exchanges, and service providers.

Additionally, he also stated that over 80% of block-producing nodes were running the required new node, and exchanges have already been notified of the upgrade to allow them to upgrade their systems as required. 

However, the mainnet upgrade is tentatively planned for the 14th of next month, with the update to the pre-production test environment scheduled for February 11th, as per the blog post.

Cardano (ADA) Price Review

Cardano, a cryptocurrency with a dedicated community and a large number of active developers, has faced obstacles in enhancing its user experience and identifying its true market demand.

Despite these challenges, the Cardano ecosystem has seen a recent resurgence in its value. After experiencing a 74.8% drop in value last year, ADA has seen a substantial 33% increase in capitalization since the beginning of the year, and its price has also recovered by 25.8% over the past two weeks.

Coinmarketcap data shows that ADA is currently trading at $0.3383, and the daily and weekly charts indicate a gain of around 3%. If the positive rally continues, price recovery could potentially lead ADA to reach its previous highs.

ADAUSDT 2023 01 20 05 41 31
Source: Tradingview

Related Reading | Bitcoin Mining In New Hampshire: Chris Sununu Weighs In With Final Report

Cardano Unveiled Its Latest Version Of Daedalus Wallet: Details

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Cardano’s parent firm Input Output has announced the launch of the Daedalus 5.2.0 on the main network. The latest version supports Cardano node version 1.35.4 and Cardano wallet version 2022.12.14. 

The ProjectCatalyst API URL is also updated in this release to point to a new URL. This update also groups RAM sizes with similar characteristics for easy data analysis and adds Byron wallet tracking.

As per the announcement, “existing users will get a prompt to update via the Daedalus newsfeed,” but new users should only download this new release from the official website.

Finally, IOHK also warned its users that “Daedalus is a full-node wallet for desktop ONLY. If you see a ‘mobile Daedalus’ – it will be a scam trying to steal your seed phrase and your ADA!”

The warnings are not without a reason though, as Daedalus wallet users have been the target of elaborate scams in the past. For example, in August 2021, attackers attempted to defraud users out of their ADA by creating a bogus webpage that instructed them to “upgrade” their Daedalus wallets.

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Cardano Unveiled Its Latest Version Of Daedalus Wallet: Details 3

For those who are unfamiliar, Daedalus is an open-source, non-custodial wallet created particularly for Cardano [ADA] owners.

It adds an additional layer of protection by downloading the entire blockchain for each transaction because it is a full-node wallet.

Users of the Daedalus wallet have the ability to generate additional capital by staking their assets, making it a vehicle for both custody and income.

Recently, a Cardano crypto ecosystem contributor and developer Adam Dean has shared details on an improvement proposal called CIP-30.

According to Dean, this proposal is intended to bring web page interaction functionality to Cardano-based hot wallets, creating a bridge between crypto asset storage and decentralized applications.

On the other hand, Cardano’s native blockchain token, ADA, has flipped OG memecoin Dogecoin [DOGE] in the CoinMarketCap ranking of major cryptocurrencies.

Cardano Is The Eight Largest Token By Market Cap

With ADA up more than 15% over the past week, the token has gained $2 billion in capitalization.

As of now, the Cardano token is the eighth largest crypto asset by capitalization, while Dogecoin is the ninth.

With the stablecoin from Binance, BUSD, sitting at the top of the chart and the Polygon blockchain token [MATIC] filling out the top 10, both tokens are relatively far from their nearest neighbours.

Cardano-Based AI project Plans To Cross-Chain Interoperability Between Ethereum & Cardano

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SingularityNET, a pioneering AI project that is based on Cardano blockchain technology, recently revealed its ambitious strategy to create a cross-chain interoperability between Ethereum and Cardano, directly influencing ADA.

In 2022, SingularityNET made significant progress on all fronts. Its mission is to advance Artificial General Intelligence (AGI) and implement AI in strategic industries, all towards a positive Singularity. 

Additionally, CoinMarketcap data indicates that AGIX, the native token of SingularityNET, is currently trading at $0.142 with a significant price increase seen on both its daily and weekly charts. In the last 24 hours, AGIX has seen a gain of 60% and an incredible growth of 190% in the past 7 days.

AGIX 1D graph coinmarketcap
Source: CoinMarketcap

As per SingularityNET’s ongoing development program, in Q1 of 2023, the AGIX-ADA staking will be officially launched on Cardano. Before this, a bridge between Ethereum and Cardano networks was released to let AGIX be transferred between them. In addition, the AGIX-ADA rewards program was also made available.

Cardano (ADA) On Rise

Cardano (ADA) is moving in the same direction as the overall market sentiment, exhibiting a positive price movement. Trading has been active since the market gained ground and headed up, including a strong bullish momentum from Bitcoin and Ethereum, showing considerable increases in value.

According to Coinmarketcap data, Cardano (ADA) is currently trading at $0.3279 and has seen a 1.38% increase in value over the last 24 hours. The token has recorded a 22% profit over the past week, adding it to the list of the top-performing cryptocurrencies.

ADA 1D graph coinmarketcap
Source: CoinMarketcap

Like others, the tighter macroeconomic conditions have affected the Cardano (ADA) token. Despite this downward trend, ADA has remained one of the largest cryptos by market capitalization and ranked in the top 10. After a period of stagnation and reaching new lows, the token has seen a bullish trend in recent days.

The positive news for ADA, such as the DeFi TVL reaching a two-month high and the announcement of an upcoming hospital that will accept ADA as a payment method in February, has contributed to the spike in the token’s value. 

However, for ADA to recover, it must surpass the overhead resistance of $0.35. However, to maintain its current position, it must hold above the immediate support level of $0.28. If it falls below this level, it could potentially drop to $0.20.

Related Reading |  Polygon Plans To Commence Its Hard Fork On Jan. 17 

Cardano’s On-Chain Metrics Highlights ADA’s “Impressive” Start: Details

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Cardano’s ADA started the new year with a stunning +30% rise since Dec 30th, data from Santiment highlighted.

Its key on-chain metrics includes addition of 28 new Whale Addresses and a rising Trade Volume that has tapped an all-time-high in 2 months.

Cardano has now jumped an impressive +30% since December 30th. Since the start of the rally, 28 new addresses have popped up on the network that holds 1M or more ADA. Trading volume has hit a 2-month high, including increasing large whale transactions.

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Cardano's On-Chain Metrics Highlights ADA's "Impressive" Start: Details 7

The primary reason that has driven investors interest is the surging activity among key decentralized applications on the Cardano network.

According to on-chain data, activity on decentralized applications [dapps] built on Cardano grew over the weekend.

For instance, NFT marketplaces like Spacebudz and EpochArt saw a 200% rise in transaction volumes over the previous week, whilst decentralised finance [DeFi] protocols SundaeSwap and Lending Pond saw a 60% increase in transactions over the same time period.

Large ADA investors had sold some of their holdings around the end of 2022, when the crypto market’s enthusiasm was waning. This was not unusual because selling and profit-taking have usually been sparked by the holidays.

Cardano Whales Kickstart 2023 With Massive Accumulation

Over 560 million ADA has been sold by the Cardano whales during that time. This led to increased selling pressure on the digital asset, which caused its price to drop to below $0.25, its lowest level since early 2021.

As Santiment previously noted, this saw the total holdings of investors holding between 1 million and 100 million ADA on their balances dropped drastically just as 2022 came to an end.

The fact that these cohort of large scale holders have already started buying back the tokens they had dumped, however, suggests that this investor class has come into the new year with newfound enthusiasm.

According to the study, these significant investors increased their holdings by more than 217 million ADA in the first five days of 2023. This increased the amount of supply that they currently hold back by 57%, which isn’t the highest it’s ever been but is still a positive result.

The leading proof-of-stake project is exchanging hands at $0.31 and has risen by over 24% on the weekly index, at press time. ADA is currently the 8th ranked token with a market cap of $10 billion.

Here’s How Cardano Overcame 2022 Barriers To Become Second Largest Staking Network

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The altcoin, which made its debut in 2017, was developed with inspiration from the Italian polymath Gerolamo Cardano. Charles Hoskinson, the developer of Cardano (ADA), has provided information regarding the August 2021 Alonzo hard fork. It has been established that ADA is a top-tier blockchain. By market capitalization, it is now the ninth-largest cryptocurrency. The network is currently the second-largest staking network in the world.

As 2023 gets underway, Rick McCracken DIGI, a Cardano SPO, has revealed the most recent statistics. He also includes a comparable tweet from the beginning of 2022, when there is no doubt that growth was noticeable.

The information provided indicates that there are currently 3.8 million Cardano accounts, 1.27 million of which are staked addresses. Stake pool operators (SPO) are the driving force behind the network. At this time, there are 3,186 pools, surpassing the 3,000 mark.

Cardano ranks as the second-largest staking network after Ethereum in terms of staking payouts, with a staking market worth of $6.42 billion. According to DIGI, 25.14 billion ADA has been bet, amounting to a stake participation of 73.51%.

According to DefiLlama statistics, Cardano’s DeFi TVL is currently $50.43 million. This sum is $66.36 million when staking is taken into account according to DefiLlama’s calculations.

However, the network is a latecomer to the DeFi market, but there is still plenty of possibility for growth given that it is now the 27th-largest DeFi network.

Cardano Staking Percentage Increases Rapidly

Data from Rick McCracken DIGI, which dates back to the beginning of 2022, reveals a growth pattern. At the time, there were 1.04 million staked addresses and 2.6 million Cardano accounts. Reddit subscribers increased from 677,736 in 2022 to 696,288 in the beginning of 2023. Additionally, the stake percentage increased, rising from 71.34% in 2022 to 73.51% at the moment.

There were 24.12 billion ADA staked at the beginning of 2022. In the same way, Cardano’s DeFi had not begun. The 1 billion ADA milestone was reached by the network’s treasury balance in the year 2022.

A total of 1,151 projects are in various stages of development on the blockchain, according to the most recent figures given by the Cardano blockchain IOG function Object() { [native code] }. 111 projects have been started thus far.

Just over 200 projects were in development at the beginning of 2022, and just twelve had already been inaugurated. Expectations are still high for 2023, when the network enters the Voltaire era of decentralized governance.

XRP Headed For A “January Effect Crypto Pop”-Expert

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Leading altcoin troupe XRP, Cardano’s ADA, Solana [SOL] as well as the Ethereum [ETH] might throw a surprise in the form of “January Effect Crypto Pop”, analyst Gareth Soloway of InTheMoneyStocks.com opined.

Bitcoin volatility is at all-time lows. Negatively and indifferent are high. Minimal bear market rallies, unlike the StockMarket. Almost makes me think a January Effect Crypto pop is coming before more downside. Hmmm. Ethereum Cardano Solana Ripple.

According to Wikipedia, in the “January effect,” there is a seasonal aberration in the financial market where the price of assets rises in January more than in any other month.

In the context of Soloway’s tweet, this could be indicating a fast boost up before capitulation.

2022 has overall been a tumultuous year for the crypto market. XRP too has its share of ebbs and lows.

The price of the token surged by 60% to $0.9, and by the end of the year, it had dropped to $0.34. But when the market’s performance was taken into account, XRP performed rather well, losing “just” 56% of its value since January 1.

Additionally, the asset was able to distinguish itself and surpass BUSD in capitalization. With the biggest market valuation, it is now the sixth-largest cryptocurrency.

However, since the start of the final quarter of the year, large-scale investors have been accumulating the token, and this buying was bolstered on December 23.

This aspect may have been influenced by the resolution of the SEC’s legal dispute with Ripple, the firm that developed XRP, which heated up in late 2020.

Whales Grabbing XRP Will Increase If Ripple Wins Against The SEC

The cryptocurrency market has high hopes that this issue will be resolved in 2023 and that Ripple will emerge as the clear winner or that a settlement will be reached.

XRP would benefit greatly from this since it could once again trade on exchanges that had removed it from their platforms and new cryptocurrency firms could list the altcoin.

If this scenario occurs, XRP might have improved liquidity and resume the capitalization patterns it had prior to the start of the SEC procedure.

Therefore, even while it is not yet reflected in the price of the token, the addition of additional capital from whales may simply be anticipating this event and collecting XRP.