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Cardano (ADA)

Hydra brings the fun back in app building

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Hydra is a set of technologies meant to help Cardano (ADA), the world’s biggest proof-of-stake (PoS) system and prominent smart contract platform, handle scalability and security challenges.

An unknown Crypto Twitter user asked IOG’s Matthias Benkort (@ KtorZ_) about the intricacies of Hydra’s architecture after the discussion about the newest enhancements to the Cardano (ADA) blockchain and its infrastructure.

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Mr. Benkort was asked about Cardano’s first-ever L2 solution’s modular design, which allows numerous decentralized applications (dApps) to be deployed to its infrastructure.  This L2 solution will be ready to onboard dApps with various architectures utilizing its different aspects (“Heads”) in a Lego-like way, according to the creator.

In addition, the actual design of Hydra and the timeline for its development will be determined by community demands; several parts of the fundamental “Head” are already entirely up to the community.

Recap on Hydra

Hydra is moving closer to testnet, according to Haskell Dev Matthias Benkort, who tweeted in December 2021. This is a Layer-2 blockchain solution that aims to scale the bigger Cardano blockchain by cutting latency and increasing transaction throughput (TPS).

Now, fast forward to the present, and it appears like a final version will be available soon. With the arrival of this L2 solution, users will have access to a scalable solution that will boost throughput, remove latency, incur low to no costs, and substantially reduce storage requirements.

This will be performed through an isomorphic scaling method, which functions by conducting transactions off the main chain while retaining the main chain as a secure settlement layer.

Isomorphic state channels, or heads, provide access to Cardano features such as native assets, non-fungible tokens (NFTs), and Plutus scripting. As a result, users benefit from the layer-1 blockchain’s benefits and security while functioning within a “sharded head,” of which there will be many. Benkort further stated,

“These are state channels that are capable of expediently reusing the exact state representation of the underlying ledger and, hence, inherit the ledger’s scripting system as is.”

In theory, when more heads are added to the network, it will become faster. At the time of writing, Cardano (ADA) was priced at $0.782133 and had plunged by 3.2% over the last 24 hours.

Cardano App Allows Users To Interact With Smart Contracts

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The Cardano ecosystem is bubbling with a lot of significant updates. Leading crypto hardware wallet provider ‘Ledger’ has recently announced a key upgrade for the ADA app that incorporates the smart contract functionality to the Cardano ecosystem.

In September 2021, the Alonzo hard fork debuted in the Cardano community and for the first time introduced the smart contract component. However, compatibility issues persisted in the app for more than six months.

Finally, on April 26th, Ledger announced that the ADA app had been upgraded to v.4.0.0, and the major highlight is of course the introduction of the smart contract feature to the app. The tweet read,

“The app now provides users with access to the growing Cardano decentralized finance ecosystem via ‘YoROI’ and ‘AdaLite’. Ledger also revealed that, with the upgrade, users can now sign smart contracts on the ADA app.”

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Ledger was co-founded in 2014 by Eric Larchevêque, Nicolas Bacca, Joel Pobeda, and Thomas France. At present, the firm has three crypto hardware wallets under its wing. These are Ledger Nano X, Ledger Nano S, and Ledger Nano S Plus. Its headquarter is located in Paris.

Ledger’s support team too chimed in by declaring that the Ledger Live app is currently working on adding full support for the blockchain.

Besides that, the support team also cleared doubts about the update to users.

Cardano founder’s reaction

Elated over the development, Cardano founder Charles Hoskinson cheered the crypto hardware wallet manufacturer Ledger’s announcement via tweet, saying, “Moving the chains. Great work ledger”

Recently, the leading layer 1 blockchain has increased its mainnet block size by 8K, taking note of the increment in transaction volume, and the future growth potentialities.

According to a Monday announcement by Cardano’s founding company, Input Output Hong Kong [IOHK], the upgrade was proposed last weekend. Implemented on 25th April, it has increased ADA’s block size by 10% to 88KB, where initially it was 80KB.

Further, IOHK noted that the scalability upgrade “is the latest in a series of planned network optimizations” for Cardano in 2022. It will not only increase the network’s throughput but also ramp up the performance of DApps building atop the blockchain.

Cardano founder’s offer to Elon Musk: decentralized social media platform

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Cardano founder, Charles Hoskinson offered help to Elon Musk. All hell broke loose on social media when Musk shocked the internet when he offered to acquire Twitter outright. Though some were outraged, Hoskinson encouraged the Tesla CEO by lending a hand. This response came in the shape of a new social media platform to replace the old one.

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Musk wanted to increase his stake in Twitter after becoming the company’s top shareholder. He intended to buy the company at $54.20 per share, claiming that privatization would help to protect free expression. This drew a lot of attention from a variety of people. While some increased their proposal, a few others opted to team up with Musk to launch a completely new platform.

According to the founder of the American electric car manufacturer, achieving Twitter’s aims will be tough under existing circumstances, thus he is keen to purchase the platform and take it private.

However, his proposition arrived less than a week after his over 9% Twitter holding was revealed. Musk stated that if his offer is rejected, he may have to reevaluate his investment in Twitter because he believes the firm will not be able to meet its goals in the present environment.

A plot to include Cardano in the tipping service?

Musk polled his almost 100 million Twitter followers a few weeks ago to see if he should build a decentralized social media platform that respects free expression.

Musk’s fans overwhelmingly supported his decision to develop a decentralized platform in a Twitter poll, with some users suggesting that he include cryptocurrency like Dogecoin (DOGE) in the platform’s tipping jar. As a result, it does not come as a surprise that Cardano’s founder wants to work with Musk to create a decentralized social media platform, as he wants the ADA token to be included in the site’s tipping service.

Furthermore, the prospect of the world’s richest person, who has publicly trolled, harassed, and intimidated people on Twitter, becoming the owner of the very influential social media site, has sparked a lot of debate. Musk was chastised by Dogecoin co-founder Jackson Palmer for pursuing a hostile acquisition of Twitter.

In light of recent events, Musk admitted that he is unsure if he would be able to take over Twitter, but that he has a “Plan B.” At the time of writing, Cardano (ADA) was priced at $0.9474 with a daily drop of 1.94%.

Cardano has 517 projects locked in with NFT accounting for the largest share

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Cardano’s ecosystem continues to grow by leaps and bounds. A Twitter user by the pseudonym TTS17 shared a LinkedIn post by Tim Harrison, creator of the blockchain, showing the number of projects building on ADA. The data which is in the form of a pie diagram indicated that there are 517 projects being currently deployed on Cardano as of March 11.

Of that, NFT collections occupied the major chunk of the pie comprising 34.7% of ADA’s projects. This was followed by Decentralized exchanges or DEX and the gaming sector hitting second and third positions. Recently the proof-of-stake [PoS] blockchain achieved a new record of the number of NFTs minted on Cardano crossing a staggering 800,000.

Of late, a number of significant milestones have been registered on the network, as development on the blockchain has received a further boost from the recent Alonzo upgrade in September 2021.

The upgrade has brought smart contract capabilities, which enabled the network to grow and operate at a much faster rate than it had previously been able to. In reference to that, Cardano founder Charles Hoskinson called it the most “significant change in the history of the protocol.”

Whales accumulation in Cardano network hit ATH

As per data from the blockchain analysis firm, IntoTheBlock showed that wallet addresses with 1 million to 10 million coins rose to an all-time high of 12 billion ADA [$9.72 billion] last week. Notably, this was an impressive 41 percent jump since January,

The accumulation by these large-cap investors hints at a possible bull run for ADA’s price action. In September, before the downtrend, whales were on a dumping spree leading to a significant sell-off, which eventually acted as an advance indicator of the upcoming price fall in the asset price movement.

Another significant development was from DefiLama, a site that tracks DeFi data, which showed the total value locked [TVL] in the Cardano network increased by $50 million in just 7 days, reaching a record high of $160.79 million. Data also suggested that roughly 70 percent of the funds are locked in SundaeSwap, reflecting supporting the growing popularity of the decentralized exchange.

Cardano: With a 70% drop in 5+ months, has ADA hit rock bottom?

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Leading altcoin Cardano’s price saw a massive plunge of 70% in more than 5 months amidst extreme market volatility. The popular asset price swung wildly in tandem to the broader market, charting a new all-time high of $3.10 last September to $0.85 on February 2022 and back to $0.92 at the press time.

Despite the grim outlook on the price front, on-chain data platform Santiment observed that shark addresses holding 10k to 100k ADA have historically done a pretty decent job at calling tops. In addition to that, over the past 5 weeks, these addresses have added nearly 6% more of the overall ADA supply.

Santiment then takes a deep dive into some key metrics to see if the 7th largest cryptocurrency by market cap is heading for a trend reversal.

What does Cardano’s on-chain indicators reveal?

In terms of Whale Activity, the report observes that the cohort of addresses holding between 10,000 to 100,000 has been growing rapidly.

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However, the group above that holds between 100,000 to 1,000,000 ADA tokens has dumped from 37.0% to 17.7% of the supply held in just the past three months. The report then says that these two cancel each other out, and create a mostly neutral indicator.

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Next, the data looks into the Funding Rate which notes that traders are shorting at their highest ratio in a month as evident in the total average hourly funding of Cardano on both FTX and DYDX.

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Lastly, the report takes into consideration another key indicator which is the Whale Transaction Count. The number of transactions amounting to $100,000 or more can play a major part in indicating price turnarounds. As illustrated in the chart below there are massive spikes in whale transactions that mark either major tops or bottoms.

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As for ADA right now, not a lot appears to be happening, the report added. Further, it stated,

“We see that the major clusters of whale transactions both happened right at local tops in both May and at their all-time high in September. Look for an uptick in these transactions as some great alpha that Cardano will see a long-term turnaround.”

Cardano-based Metaverse Project Pavia Takes Off: Sundaeswap Announces Launch Date

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Cardano’s gaming project Pavia officially debuted, as metaverse-related interest surged once again. For starters, Pavia is a gaming NFT Metaverse that aims to challenge the dominance of larger rivals in the crypto metaverse realms such as Sandbox Crypto and Decentraland. The Pavia project was incorporated in September 2021. In October 2021, it announced the first sale of LAND parcels by random allocation.

As per the press release, Pavia.io, has a total of some some 100k Land parcels, each being minted as a unique NFT with coordinates. At the time of writing, the project had sold nearly 60% of these Land parcels from October to November 2021. A final is scheduled for Q1 2022.

The pandemic saw a surge in developments towards an overall Metaverse and predictions reveal a potential valuation of $800 Billion by 2024. With projects launching on multiple blockchains, Pavia with its first-mover advantage may well be the people’s choice of the Cardano chain.

This is not the first time a metaverse project is taking shape in the layer-1 blockchain. Back in December 2021, a decentralized cloud computing solution, Cudos announced a joint partnership with Cornucopias. The blockchain gaming metaverse aimed to expand the Cardano Infrastructure by creating a unique method to build dynamic non-fungible tokens [NFT] through the Cudos Network.

As seen in all metaverse projects Pavia too has its native currency, PAVIA, of which 25% was airdropped to Pavia NFT landholders. The token along with other native assets is being actively traded on Cardano’s first DEX MuesliSwap. That being said, the ADA community has more reasons to cheer.

Cardano’s SundaeSwap DEX announced launch date

Cardano’s native decentralized exchange [DEX] and automated liquidity provision protocol SundaeSwap have released the dates for the launch in its blog post published on 16th January 2022. As per the post, the DEX is slated to go live as a fully-functional beta on Thursday, January 20, 2022. Apart from that, projects will be allowed to create pools starting from coming Tuesday, January 18.

Cardano founder Charles Hoskinson,delighted by the announcement, took to Twitter to congratulate the DEX team and dropped hints of upcoming DApps on the layer-1 platform later this quarter.

Four Promising Cryptos Other Than Bitcoin That May Benefit Your Portfolio

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When people think of the crypto market, Bitcoin often comes to mind first, but the market has been growing as more competitors present their digital currency to challenge the pioneer. These are often referred to as alternatives to Bitcoin or altcoins.

Each of these offers a different set of promises, goals, and visions for the future of a unified global financial system, consequently requiring different kinds of wallets to hold them, too. For example, the privacy-focused Monero coin would need a compatible wallet, so anyone wanting to have XMR coins as part of their holdings should look for the best Monero wallet.

If you’re looking through the market for favorable alternatives to Bitcoin, check out some of these altcoins and what they offer against Bitcoin.

Ethereum (ETH)

When it comes to alternatives to Bitcoin, Ethereum cannot be ignored. It is the second-biggest cryptocurrency on the market behind Bitcoin itself, and it is the largest altcoin by market capitalization. In a way, its promise is based mostly on its popularity, which suggests that widespread adoption and commercial usage will come sooner.

This popularity can largely be attributed to Ethereum being the first altcoin ever made, as well as its technical similarity to Bitcoin overall. In fact, its code is based on Bitcoin with an added feature called smart contracts which store pieces of extra code and data onto the blockchain. The feature has found its most prominent application in non-fungible token (NFT) exchanges.

Other than that, the feature also diminishes the need for a third party to verify exchanges since the little bit of code on the blockchain automates this, loosely speaking. This allows transactions on Ethereum to process much faster and more efficiently than Bitcoin. Despite this, the coin has been noticeably prone to hacks and theft quite frequently in the past few years.

Monero (XMR)

What sets Monero apart is that it was crafted from the ground up, so unlike most altcoins, it is not based on Bitcoin’s codebase. In other words, it does not work like other cryptocurrencies on the market, and it has been made so for good reason. Monero is focused on privacy more than all the coins on the market, including Bitcoin.

Essentially, it utilizes a technology called ring signatures during transactions that obfuscate the real user involved in the exchange among several others. This renders all transactions virtually untraceable, and this is built right into the protocol of Monero rather than as a supplemental feature.

While value-wise it currently is not on a par with Bitcoin at the moment, its value is rising rapidly, keeping it among the top altcoins on the market. What current investors find most promising about Monero is the approach and precedent that it sets with regard to the future of finance. It is undeniably relevant in a world where privacy remains a pressing concern, even in the digital age.

Cardano (ADA)

Unlike other coins on the market, Cardano moves slightly away from the financial aspect of cryptocurrencies and addresses instead issues related to ethics and sustainability. As a digital currency, the altcoin does not actually do much that is any different from Bitcoin or even Ethereum, but its selling points arise in the back end, especially because the team behind it includes scientists, mathematicians, and engineers.

Why this matter lies in their research. For one, they’ve used their findings and tweaks in blockchain technology to help some jurisdictions digitally authenticate and secure the academic data of students.

The Cardano team also understands that crypto can be harmful to the environment. Because of this, they have somehow engineered their altcoin network to consume far less than one percent of Bitcoin’s power consumption in an entire year. The multi-purpose sustainability of Cardano is its greatest selling point, but because it is still new, its value remains at just a few dollars.

Ripple (XRP)

The case for Ripple is a bit strange as it dares to break one of the fundamental traits of any cryptocurrency—this being its lack of regulation or centralization under any institution. What makes Ripple so strange is its partnership with American Express, a prominent bank in the United States. This goes both ways as an investment versus the rest of the market.

On one hand, this altcoin uniquely illustrates what would happen if crypto was backed by an established financial institution. Although the coin is not controlled by the bank per se, this opens the coin for usage in more commonplace financial activities. However, many crypto investors have felt turned off by Ripple’s vulnerability to fold to other banks and institutions along the way.

This is why its value has remained starkly low compared to cryptocurrencies as big as Bitcoin, even if Ripple has kept up its sporadic highs and lows. Despite this, the altcoin at least promises close to the same back-end treatment that a bank provides to its end-users accounts.

Final Words

These are only a few out of thousands of altcoins. Understandably, such a prospect could seed certain doubts about whether any of these could truly challenge Bitcoin, but this does not at all mean that they don’t have the potential to eventually reach the top.

Investors should instead see each altcoin for what they propose for the future of finance, as well as the direction they take in contrast to Bitcoin. Whether it’s privacy, efficiency, or sustainability, only these value propositions truly determine the potential for a coin to be adopted and developed over time.

Cardano’s [ADA] DEX SundaeSwap Testnet launch hits a snag

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Cardano’s [ADA] highly anticipated decentralized exchange [DEX] SundaeSwap public Testnet was soon set to go live on 5th December 2021, as per the announcement by research and development firm, IOHK. However, the upcoming launch seems to get delayed as the DEX revealed a technical snag on its platform and assured that its team is working on resolving the bug while joking about rebranding their name to MondaeSwap, hinting that the project might get postponed to Monday.

So, what is the big deal about this new DEX?

SundaeSwap is one of the first decentralized applications [dApps] on the Cardano network and is similar to that of BNB’s PancakeSwap, or Ethereum’s SushiSwap which has further invoked curiosity in the community. Few days ago, IOHK conducted a interview, where SundaeSwap Lab’s CIO Pi Lanningham spoke some of the use cases that users can expect once the DEX go live.

Among them is the Toolkit for Cardano, that would facilitate users with smart contract testing and wallet integration. Explaining in detail, Lanningham revealed about the features that will allow users to test their transactions and reset the network as per their convenience.

Another important tool that got mentioned is the C-sync, that will allow ‘developers to read and react to state on the blockchain.’ The exec further went on to mention about an integration test framework for developers to simulate their protocols. Summing up, the exec stated,

The richer that we can make the Cardano ecosystem, the more opportunity there is for the kinds of software and the kinds of interconnectivity that we want to encourage to thrive… the more protocols there are that we can interact with the kind of richer the ecosystem and the more Cardano is able to deliver on its mission.

Cardano’s 1 million wallets milestone

The recent developments have generated an increased interest in the Cardano ecosystem and the holders of ADA tokens are reaping the benefits. Yesterday, the network achieved a new feat as the number of wallets staking the tokens reached a million in total. Interestingly, the network registered an almost 1000% growth in less than a month.

Staking has nevertheless generated an alternative source of revenue and the community now is pinning their hopes for a positive turnaround in ADA’s price action.

Cardano prices still lack bullish sentiment, time to long?

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Cardano (ADA) has been bearish for the last couple of months. After breaking multiple resistances way back in August, the token was unable to maintain its position below Ethereum.

Currently ranked at number 6 in the crypto market, the data from CoinMarketCap shows that the 24-hour trading volume of the token stands at 2.2 billion USD, rising by more than 30%. Furthermore, the market capitalization of the token rose by 5.16%, standing at $53 billion. The market dominance of the token rests at 2.05%.

The daily candle for Monday started at a price of $1.95, reaching a daily high of $1.613, followed by a daily low of $1.5. The token has been following a bullish trajectory for the year 2021, rising from 0.1274 USD to an ATH in early September.

Following the ATH, the ADA prices have been bearish, dropping by 23% in September, 7% in October, and 20% in November. Cardano’s bearish trajectory brought the position of the token from #3 to #6.

Cardano price analysis on the daily chart

The Cardano price analysis on the daily chart by TradingView paints a bearish picture. The 50-day and 100-day Moving Averages are above the price action, indicating a bearish price action in the long term.

Also, the prices rest in the lower end of the Bollinger Bands, and traders cannot expect an upward movement since volumes are not enough to take the prices higher.

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Cardano price analysis on the daily chart by TradingView

The MACD indicator shows that the MACD line and the signal line are very close to each other. Once the trend is bearish, the histogram has also turned red, filled with red bars.

The RSI levels have fallen below the 50-level as the gradient is negative. The sellers are still in control of the price action, and bulls are kept at bay.

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Cardano price analysis on the daily chart by TradingView

Conclusion

Cardano is definitely a promising token to hold, but it seems that the bull is no longer in control of ADA prices. However, the smart contracts platform is definitely one of the most promising DeFi protocols in the crypto world.

Cardano price crashes, market turns bearish; Good time to buy?

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Cardano’s price turns bearish, unable to move past the resistance at $1.84. The nearest support zone rests at $1.6, but prices fell below this support zone. The support broke as a huge sell-off of Bitcoin brought it below $55,000.

The daily candle opened at $1.676, reaching a daily high of $1.685. ADA reached a daily low of $1.495, dropping by more than 8.42% in a single day.

As per the data from CoinMarketCap, the trading volume of the token surged by 8.12%, resting at $3.3 billion. The ADA dominance of stands at 2.08%, with a market rank of 6.

The market cap of the token dropped by 8.29% and stood at $52 billion. The smart contracts platform has been bearish for the past 30 days, dropping by nearly 30%, as per data from CoinGecko.

Cardano price analysis using technical indicators

Cardano price analysis is bearish for today as the token broken out from the lower end of the Bollinger Bands, dropping to the $1.5 price level. Multiple daily bearish candles can be seen in the chart below.

The price action dropped below the 50-day and 100-day Moving Averages, breaking the chances of an uptrend formation. We might see bulls trying to conquer these key Averages in the near future.

Cardano price analysis
ADA price chart from TradingView

The MACD indicator remains bearish as the blue (MACD line) breaks below the price action, leading to a bearish histogram full of red bars. We might see lower prices today.

The RSI indicator enters the oversold region, and if this continues, Cardano might drop further. The gradient is negative, which represents a surge in selling pressure. Bears are in charge of the market movement and will give investors a run for their money.

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Cardano price chart from TradingView

Conclusion

Cardano’s historical price movement suggests that it is indeed a promising investment and, right now, would be the best time to buy Cardano.