One of the biggest PoS altcoin projects in the market is about to enter the big week. A new stablecoin and a new protocol are expected to be released next week.
This altcoin is gearing up for a busy schedule
Cardano, one of the most popular proof-of-stake projects, recently announced the imminent launch of its new stablecoin Djed. Djed will be listed on Cardano-based decentralized exchanges (DEX) MinSwap and MuesliSwap, as well as many other decentralized finance apps.
The launch of the Djed (DJED) stablecoin is expected to be a boon for Cardano’s ailing DeFi ecosystem as it will likely bring much more liquidity. As Kriptokoin.com, we have included other developments from the Djed and Cardano ecosystem in this article.
We are pleased to share another update about Djed's progress and to inform you that the launch is scheduled for next week!
Read more: https://t.co/7kPjfGMNmk$DJED $COTI @InputOutputHK @Cardano pic.twitter.com/mHA5KVblay
— COTI (@COTInetwork) January 24, 2023
The algorithm of the much talked about stablecoin is based on a collateral ratio of 400%-800%. On top of that, the mainnet version of Liqwid Labs, a non-custodial interest rate protocol on the blockchain, is scheduled to launch next week. Liqwid Labs acts as a decentralized marketplace for borrowers and lenders.
Cardano’s weekly update looks positive, but will it reassure its investors?
Cardano’s developer company, Input Output Global, recently released the latest version of its weekly development report highlighting key achievements and updated statistics for Cardano. According to the report, Cardano’s native tokens reached 7.63 million and the total number of transactions reached 59.8 million. Also, the report revealed that 113 projects have been launched on the network.
https://twitter.com/InputOutputHK/status/1618992730700488704
ADA continues its bullish rally as developers build the network alongside the Djed stablecoin. According to CoinMarketCap, the ADA price gained over 8% at one point last week. Interestingly, ADA has continued to be in demand in the futures market over the past week as the DyDx funding rate has risen relatively high. ADA’s MVRV Ratio also increased after posting a decline midweek.
Data from LunarCrush revealed that ADA’s popularity is also on the rise as its social engagement has soared by over 15% in the past week.
ADA not yet reacting to upcoming news
It is not yet known whether Cardano (ADA) will react to the upcoming events, its price is currently back to sideways movements. Ranked among the top 10, the altcoin is currently trading around $0.39 on major spot exchanges and has a market cap of $13.5 billion. Founder Charles Hoskinson reports that Cardano has released tons of decentralized apps in a short time. This puts Cardano in a strong position in the long run.
Meanwhile, in its weekly development report, IOG mentioned that different teams have been working on it over the past seven days. For example, the Plutus team planned their work for the next five sprints; The main goals of the Plutus core team were to terminate debugger MVP, increase scripting capacity, add feature testing with Plutus intermediate representation generators, and more.
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