Cardano-based AMM protocol SundaeSwap announces the launch of its public testnet.
The protocol is now open for users to try out and report bugs.
SundaeSwap, an automated market maker (AMM) protocol on Cardano has launched its public testnet today. With the debut, the platform is now open for users to try out on an experimental basis, with test tokens.
Before the launch, the SundaeSwap team emphasized that the testnet would help the DeFi protocol in several ways. Most significantly, it would help to identify any bugs that will arise from being used by thousands of users at once. It will also help identify any unanticipated situations that may come up for the brand new platform. To collect information on bugs users encounter, a form has been provided for testers to fill.
Additionally, SundaeSwap highlights that the testnet will provide a safe playground for the would-be users of the platform to learn the ins and outs of using the new protocol. The testnet will also let the protocol bring on stake pool operators gradually as well as allow the platform to tweak its parameters as required.
IOHK continues to support Cardano-based projects
SundaeSwap is one of the most anticipated projects building on Cardano. Before they announced the testnet going live, IOHK also stated that it was looking forward to the launch and was collaborating with the team to make sure all goes as planned.
IOHK explained that the testnet is intended to put the Cardano network through a stress test so it can “monitor and analyze the current network parameter settings.” It advises users to expect congestion and bugs on the testnet. But assures that all bugs and issues that come up on the testnet will be resolved swiftly before the time for mainnet arrives.
Cardano has also stated that it is committed to moving gradually with building out the blockchain. The network is known for its methodical approach to introducing new features to avoid errors. However, Cardano also emphasized flexibility and high resilience as some of its foundational tenets.
Other highly anticipated projects are being built on Cardano
The Cardano ecosystem is poised for an explosion of projects that will launch on it in the future. This has been shown in increasing on-chain activity that was marked by the blockchain crossing 1 million stake pool delegators.
In November, Cardano was the third most actively developed blockchain having recorded 118 GitHub commits for the network. Some of the projects that are highly anticipated at the moment include Ardana which is a decentralized stablecoin hub that will bring the necessary DeFi capabilities to the Cardano network. Empawa, which is described as a RealFi project, is billed to also be another exciting project being built on the biggest PoS blockchain.
However, the price of ADA is yet to react to the announcement from SundaeSwap. On the day, ADA is down around 1.5%, currently trading at $1.337. In the last 30 days, ADA is down around 30% as well.
Cardano Founder speaks on the current US crypto Infrastructure Bill.
Hoskinson blames the new US Bill for the current crypto bear.
He also added they will ensure that the US is a safe place to run a crypto business.
Cardano founder, Charles Hoskinson briefly speaks about some regulatory updates. Following the recent US Infrastructure Bill, Hoskinson mentioned that there was some extremely ‘bad language’ put on the bill. Due to that, there have been some movements to correct that but with the recent US crypto law, it is difficult for them to make headway.
He reveals that the U.S crypto mandate may have catastrophic consequences on the American crypto industry. As a consequence, some things are coming down the pipe. Concurrently, there are two pieces of legislation that are going to be proposed. Also, he explains that one piece of the legislation in the coming weeks is going to focus on undoing the negative damaging language that is in the Infrastructure bill.
Not only this, Hoskinson again asserted that if the crypto community can rise and demand that the adjustment is passed, that it will put the crypto space back to where it was. However, there is an open question on what to do about the broader cryptocurrency space. There are several other groups of people in the Senate who will propose a larger bill, according to him.
Additionally, he added that the time has come to take the bull by its horns and pass something specific to crypto. On that note, they will do as much as they can on their side to lobby the Congress.
He added that the industry is in a ‘slightly bad position’ because the Infrastructure bill was passed. If it is left to its own devices by 2023 when these mandates come into place, depending on how they are interpreted and what the Internal Revenue Service (IRS) does with it, it can cause catastrophic damage.
Charles Hoskinson emphasizes that the first call is to undo the damage and then get back to the baseline the crypto industry was previously. Then, the next goal would be to push for legislative reform to restructure the way that cryptocurrency, in general, is regulated in the United States.
In conclusion, he affirmed that the world is moving on and regardless of what the U.S policy is going to be, it will not slow down or stop crypto. Rather, it will leave many Americans jobless and will also affect the next generation of the American economy. Subsequently, this will set the U.S behind significantly.
What is all the hype about the Infrastructure Bill?
From 2023, cryptocurrency exchanges will have to record transactions, and track them for the IRS. They’ll have to disclose the names, addresses, and phone numbers of their customers, and also the gross proceeds from sales, and any capital gains or losses. Similarly, businesses that receive payments of $10,000 or more in crypto must report the identity of the sender to the government.
Cardano’s founder Charles Hoskinson, says he is excited about how Cardano’s roadmap is shaping up for 2022.
Cardano’s roadmap is focused on scalability in its next iteration.
The new year holds a lot of exciting prospects for the crypto space.
According to the founder of the Cardano blockchain network, Charles Hoskinson, 2022 holds a lot of promise for the network’s ecosystem. With the year 2021 coming to an end in less than 2 months, Hoskinson has revealed that he is “loving” how the roadmap for Cardano is shaping up for 2022.
Making this known, Hoskinson asserted that there are hundreds of projects building on Cardano. The amount of activity has made the platform take on a life of its own as it has been “growing, adapting, refining, and becoming stronger.” Added to that, IOHK also has a lot of innovation in the works to make building on Cardano much more efficient.
The price of Cardano’s native token ADA is bound to see significant appreciation in the coming year as well.
What the Cardano Roadmap Currently Looks Like
Cardano happens to have a well-articulated roadmap which it has been following. This year, Cardano achieved a major milestone. The Alonzo hardfork combinator event which happened in September brought the deployment of smart contract capabilities to the network.
Smart contracts capabilities on Cardano means that decentralized applications can now be built on the network. While the applications have been slow to launch, there are several under development. A recent update from SundaeSwap, one decentralized exchange (DEX) being built on Cardano, showed signs that some fireworks may soon enter the blockchain network. SundaeSwap announced that it had a breakthrough in wallet integration. The DEX completed its first transaction using Yorio Wallet’s dApp Connector feature.
Cardano now looks to enter a new phase in its roadmap, the Basho era. In this phase, the network plans to make Cardano a lot more scalable than it currently is. They are also focused on interoperability and sustainability of the network. The vision is to make even micropayments feasible on the network and make fees predictable and cheap.
The upgrades to the Basho stage will be launched mostly in the next year. With the new era starting and delivering on promises, the price of Cardano is likely to be affected. This has been the trend in previous milestones reaching moments for the proof-of-stake network. Recall that the run-up to the launch of Alonzo saw the price of Cardano’s native token ADA reach a new high of around $3.
Historically Cardano’s consolidation phases have lasted from 4 to 8 weeks and ended in a 100 to 160% rally in ADA price.
Majority of Cardano is held by retail traders, making it more decentralized than most other altcoins.
Cardano lost its position as the fifth-largest cryptocurrency by market capitalization to Solana, dropping out of the top 5.
Analysts expect ADA’s rising adoption and utility to fuel the altcoin’s recovery from the consolidation phase.
Analysts expect Cardano to recover from the drop in price as the consolidation phase in ADA price trend comes to an end. Historically, ADA price has posted a massive rally at the end of most consolidation phases.
Cardano price on track for 100% price rally
Cardano price has dropped consistently over the past two weeks. Solana,Cardano’s key competitor, flipped ADA in market capitalization. Cardano has now dropped out of the top five cryptocurrencies by market cap.
Despite news of Cardano’s recent partnerships and a rise in the number of projects building in the ADA ecosystem, the altcoin’s price has plummeted. Analysts have noted that this is a trend, and nearly each time, the Ethereum-killer has posted 100% to 160%. ADA price target could be $4-$5 based on the historical trend in the ongoing rally.
@cryptobadger, a cryptocurrency analyst, believes that,
…long consolidation phases are in fact very typical for ADA. As you can see on the chart below, we had similar patterns around November-December 2020, again in January 2021 and then from late February to late April. Each of these consolidation phases was between 4 and 8 weeks longs.
Since the successful implementation of the Alonzo hard fork, Cardano has powered projects in decentralized finance. Top projects SundaeSwap (decentralized exchange), DeFi protocol Meld and browser extensions for decentralized applications, like Yoroi, have fueled ADA’s adoption and rising on-chain activity.
”We believe that every single human on this planet has the right to access
the Internet to contribute to the world at large. We have seen the greatest
scientific marvels of our time – we have seen the man land on the Moon,
we have seen atom being split, we now can print human organs and put
them inside of people’s bodies, we can correct vision via lasers but yet
…still half of the world is unconnected.”
It all dates back a few years ago when an author of the above quote and the CEO at World Mobile Group Micky Watkins travelled to Scotland to see the IOHK’s PlutusFest in December of 2018 where he first met the founder of Cardano Charles Hoskinson and that’s how an idea to form a business partnership was originally born. The gentlemen immediately ‘clicked’ and together recognized the potential of unlocking Africa’s untapped human resources with its vastness of talent being wasted. Hoskinson said:
”Very few people are banked and too, very few people are reliably connected so what we can bring to the table is a wonderful tool-box of services to help
with the economic identity and banking side. We are building it for the bottom
3 billion, the ones that are having a lot of trouble and they can’t integrate and
globalize properly. As a consequence they are getting left behind.”
CO-OPERATION POISED TO COME TO FRUITION
The following two and a half years were spent planning, hypothesizing and working behind the scenes to ultimately reveal the ambitious project to a wider public at the Cardano Summit which took place over the last weekend of this past September. Both CEOs share a vision consisting of giving Zanzibar self data governance, economic freedom of choice and in the end cashing in on transactions in a more fair and balanced fashion. All required elements and components in respect of technology already exist so there is no need to reinvent the wheel. COO & Co-Founder at World Mobile Alan Omnet:
”Blockchain is a game changer. Telecom operators were looking at it and seeing
how to fit it in to the current operation. So, on our network, as for the blockchain
operations, you are rewarded for running the nodes and validating transactions
but in addition to that, you also earn rewards for providing other services:
communication services, network service on top of the blockchain operations.”
What’s next to be done on the ground is laying down the necessary infrastructure (solar electricity and mobile) in the first 25 sites in Zanzibar in order to create and power a mobile network covering the entire Unguja Island. Once all of that gets done, farther steps include extending the World Mobile’s services to mainland Tanzania’s 18 million unconnected citizens. Incredible real life use case for the crypto rolling out in front of our eyes, hopefully to start as soon as this year and continue the process of adoption into 2022 and beyond. The innovative mobile network’s CEO concludes:
”Cardano: technology, ethos, work ethic: they are the leaders in this space,
decentralization protocols, backed by the IOHK… There was no other choice,
it’s a symbiotic relationship. Connect the unconnected, bank the unbanked.
That’s why Cardano.”
Regardless of whether one is or is not an enthusiast of Cardano, it has got be great to see blockchain technology being leveraged in business applications on such a large scale, especially in places where millions and potentially even hundreds of millions of people could truly experience a life-changing benefit to their prosperity.
A busy time for Ardana, a unique all-in-one stablecoin ecosystem that set to launch on Cardano, after it successfully raised $1.5 million over two successful public sales. Ardana is something of an exception in a realm where new apps and protocols are popping up all the time. That’s because it merges the best of decentralization, including security, anonymity and speed, while drawing from the benefits of the stablecoins.
With Ardana, users can place their holdings in its secure vault system, from here they can mint the dUSD stablecoin through trustless collateral assets like ADA, deriving exceptional returns. They can also store their holdings in Ardana’s vaults which promise solid returns even in bear markets as its assets are pegged against the USD for stability. Plus, it takes advantage of the security, scalability and speed of the Cardano blockchain.
Users can also use DanaSwap, Ardana’s DEX which is an automated market maker (AMM) exchange for stable multi-asset pools. The DEX ensures swaps with limited slippage, which give users access to low-risk high yield opportunities for those providing liquidity.
DANA Sale On OccamRazer
The IDO, which took place earlier this month on OccamRazer has brought the ecosystem a wealth of funds, which can help it build Cardano’s leading hub for DeFi and Stablecoins. It will also be used to propel its user base forward, and help it develop the products further. The first of two inclusive public sales of DANA, Ardana’s native token, which is a governance token that gives holders voting rights, saw it being sold at $0.60, with a maximum allocation of $500 per address, thus successfully raising $1.5 million.
This round follows in the footsteps of earlier private fundraising round, which saw the Cardano based ecosystem raise over $10 million from names like cFund, Three Arrows Capital, Ascentive Assets, DeFi Capital, Morningstar Ventures, Mechanism Capital, Kronos Research, FMFW.io and MGNR.
The CEO and founder of Ardana, Ryan Matovu, was effusive in praise of OccamRazer’s involvement in the funding round,”We are pleased by the success of our recent public fundraising round with Occam. Occam surely is the leading launchpad on Cardano and we look forward to further success working with them as we move closer to our token launch in the coming weeks.”
After remaining in the doldrums for almost two months, Cardano (ADA) finally has its moment to shine, adding 17% over the past 24 hours, according to data provided by CoinMarketCap.
The native digital currency of the eponymous proof-of-stake (PoS) blockchain is currently vastly outperforming the rest of the ten biggest cryptocurrencies.
While Bitcoin (BTC) and Ether (ETH) hit new record highs earlier today ($68,641 and $4,857, respectively), Cardano is still more than 23% away from its record peak of $3.09 that was recorded on Sept. 2.
ADA showed impressive strength in early September on the cusp of its much-hyped smart contracts rollout, but its momentum started to wane shortly after the new functionality was launched.
In October, Cardano lagged behind the rest of the cryptocurrency, with the Bitcoin exchange-traded fund (ETF) debut and the Shiba Inu frenzy dominating headlines.
It ended up falling below Solana (SOL), another “Ethereum killer,” in early November.
However, the recent price recovery allowed Cardano to surpass both Solana and Tether by market cap, but the three cryptocurrencies currently remain neck-and-neck on CoinMarketCap.
SundaeSwap sends its first transaction through Yoroi’s dApps connector
What does it mean for Cardano (ADA) adoption?
One of the first decentralized applications on Cardano (ADA), noncustodial exchange SundaeSwap, accomplished a crucial milestone in its development progress.
SundaeSwap sends its first transaction through Yoroi’s dApps connector
According to the official announcement shared by the SundaeSwap team’s DEX on its Twitter account, the application built, signed and submitted to Cardano (ADA) blockchain its first transaction through Yoroi dApp Connector.
Contributors to SundaeSwap stressed that this transaction should be considered a “breakthrough” in the integration of their products with Yoroi wallet.
Representatives of Yoroi are also sure that this accomplishment is only the beginning of SundaeSwap’s technical progress:
We are thrilled as well. Thank you for all the hard work. The best is yet to come, and we can’t wait to see what’s in store for SundaeSwap next. The Cardano community is lucky to have you.
Introduced by Cardano’s devs, EMURGO, Yoroi is a lightweight wallet client for ADA and ERG, core native assets of Cardano and Ergo blockchains.
What does it mean for Cardano (ADA) adoption?
Yoroi dApp Connector is an instrument that allows end-user Cardano wallets to interact with decentralized applications. It is an endpoint for users that are entering Cardano’s dApps ecosystem.
Yoroi dApp Connector was unveiled by EMURGO in Q3, 2021.
Cardano founder Charles Hoskinson explains why the smart contract network has partnered with African countries.
Hoskinson dismissed rumors of ADA burn, stating that Cardano is focused on stability.
Analysts predict Cardano’s return to the top three cryptocurrencies by market capitalization.
Cardano founder Charles Hoskinson reveals that ADA is counting on the “smart cow effect.” The smart cow problem is when a group of individuals is faced with a technically difficult task, one of the members solves it. Hoskinson expects Cardano’s partnerships with African governments to influence regulators in the United States.
Cardano forges partnerships in Africa with focus on real-world blockchain applications
Charles Hoskinson, the founder of Cardano, is touring the African continent, meeting regulators and forging partnerships with governments and statesmen.
Hoskinson believes that governments have infringed upon privacy and censored public information. He points out that US regulators have yet to focus on building the blockchain industry.
The Ethereum co-founder relies on the “smart cow effect” for Cardano to impact regulators and governments worldwide. Hoskinson noted in a recent YouTube Q&A session that Africa is uniquely poised to adopt blockchain technology faster than other continents. The continent is precisely positioned to benefit from the development of blockchain technology with the ongoing technical upgrade.
A blog post published by Input Output Hong Kong (IOHK), the company behind Cardano, reads,
Well, Africa is a really special and interesting continent in that it’s going through a massive upgrade. There are no allegiances to the systems of the past because those systems haven’t historically worked out so well here. So that means over the next 10, 20 years, every single thing – from how compliance works to how stock markets are going to work to how national ID works to how academia is going to work – is up for change.
The founder dismissed the recent rumors of the implementation of the burn policy in Cardano. Cardano does not have plans to burn tokens. The current provision to stake ADA has attracted over 70% of the circulating supply. The percentage of staked tokens continues to rise as Cardano prepares for the next upgrade of its network.
Percentage of total ADA tokens staked since Jan 2021
Analysts have predicted that ADA could make a comeback to the top five cryptocurrencies by market capitalization. Gert van Lagen, a cryptocurrency analyst and YouTuber, expects ADA to enter price discovery mode in the ongoing bull market. Lagen has evaluated the ADA price trend and compared it to the Ethereum-killer’s performance in the 2017 bull run.
Side by side comparison of ADA price trend in 2018-20 and 2020-22
Lagen’s 2022 target for ADA price is $22. The analyst expects Cardano’s native token to cross $10 by the end of 2021 based on his analysis.
ADALend enables permissionless lending on any pairing.
The crypto world never fails to surprise its investors and community with its amazing crypto projects. This time, ADALend, a decentralized lending protocol governed by the Cardano system, has been listed by Input-Output Hong Kong (IOHK) on their Essential Cardano List of projects that are supporting and providing Cardano users with their products and services.
The listing of ADALend in the IOHK Essential Cardano List is a milestone achievement for the project. Furthermore, ADALend plans to broadcast consumer awareness for the project and its features. Indeed, this is an event that the ADALend community should celebrate.
As for the key features of ADALend, the network has a lot of qualities to showcase. Firstly, it has permissionless lending on any pairing. This means that ADALend always ensures that the best offers are available and that only the safest oracles are used. Secondly, incentivized liquidity, a feature that incentivizes users to deposit assets and provide liquidity.
Thirdly, the platform allows community governance where token holders can vote or introduce new proposals. Lastly, the ecosystem foundation layer, a feature that has the ability to attract assets and build incentives.
IOHK is also considered the brains behind Cardano, a crypto network that provides low transaction fees, high transaction speed, better code of security with multiple oracles, and of course, it is environmentally friendly. The reputation that IOHK and Cardano possess makes them one of the top crypto platforms in the space. Now, ADALend has been listed as one of the projects to join these crypto networks.