Bitcoin maximalist Mike Alfred has made controversial statements for the popular altcoin Cardano (ADA). Pointing to Cardano’s weakness, Alfred received a response from Tim Harrison, vice president of community and ecosystem at Cardano developer IOG. Here’s what happened…
Bitcoin maximalist criticizes altcoin project
Mike Alfred, a Bitcoin maximalist, as we reported on Kriptokoin.com, criticized the popular altcoin project. Alfred predicted that Cardano (ADA) would continue to weaken. Then Tim Harrison responded. Alfred claimed that there was no interest in Cardano, adding that the developers had jumped ship. The Bitcoin maximalist also predicted that the ADA price would drop below the $0.20 level. But Harrison argues that the “amazing” Cardano community will continue to thrive.
Alfred is known as one of the harshest Cardano critics. Alfred started spreading false rumors about a buyback program in February. In response, Input Output CEO Charles Hoskinson threatened to sue Alfred for his attempts to slander Cardano. After seeing a slight rally ahead of the Vasil upgrade, the ADA token started to decline along with other major currencies.
According to data provided by CoinGecko, the altcoin is currently down 90.02 percent from its record level. Some analysts think that the ADA price will drop to the $0.16-0.20 range. This means another 50 percent drop for the popular cryptocurrency. Meanwhile, Cardano ranks among the top blockchains in the number of active developers, along with Ethereum and Polkadot.
Cardano to launch regulated stablecoin
Meanwhile, there are new developments in the Cardano ecosystem. Cardano’s ecosystem will launch its first fully fiat-backed, regulatory-compliant stablecoin by the end of the first quarter of 2023. The stablecoin will be called USDA and will join the Cardano DeFi ecosystem. According to Emurgo, the official commercial arm and co-founder of Cardano Blockchain, the USDA is scheduled to launch in 2023.
The company’s first product in the “Anzens” product line aims to bridge the gap between traditional finance and DeFi. The USDA will launch exclusively on the Anzens platform next year, where users will be able to convert their USD to USDA via credit or debit cards, wire transfer or conversion of Cardano’s native ADA token. The broader plan will also include lending and borrowing services, crypto-based card payments, and bridges between traditional markets and decentralized applications (dApps).
Emurgo recently announced that it has partnered with a US-based, undisclosed financial services firm that will serve as the stablecoin’s banking partner and ensure USDA compliance. The USDA’s backing of real-world assets will help create strong and long-term price stability that could eventually lead to more reliable financial services for the Cardano ecosystem.
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