• Cardano has seen an impressive price trend over the last few days, likely due to its development strides, such as the launch of its sidechain toolkit.
• The network has added over 50,000 wallets to its protocol this month, reflecting increased adoption of ADA.
• Cardano’s Djed stablecoin project is set to launch next week, with no exact date specified yet.
Cardano, one of the leading smart contract platforms, has been making waves in the cryptocurrency space with its impressive price trend over the last few days. This surge has been largely attributed to its development strides, such as the launch of its sidechain toolkit. With this, developers are able to build Decentralized Applications (dApps) on the Cardano Network and make use of its blockchain.
This has led to an increase in the network’s market share, as evidenced by the more than 50,000 wallets that have been added to the Cardano protocol this month. Yevhen, a Cardano ambassador, shared the statistics on Twitter, indicating that the total Cardano wallets had grown from 3,842,867 on January 1 to 3,894,735 registered wallets by January 25, 2023. This growth is indicative of increased adoption of ADA and more on-chain activity among users.
The surge in the Cardano market cap has been equally impressive, rising from $8.48 billion recorded late last year to $13 billion today. This increase has been further bolstered by the upcoming launch of its Djed stablecoin project. Recently, Shahaf Bar-Geffen, in an update from the COTI network, announced that the Cardano stablecoin Djed would launch next week, although the exact date was not revealed.
The launch of Djed is expected to have a significant impact on the Cardano ecosystem, allowing users to access an efficient and reliable stablecoin. The Cardano community has been looking forward to this launch and will be eagerly awaiting further updates from the developers. With the increasing utility of the Cardano Network and the upcoming launch of Djed, it is likely that the price trend for Cardano will continue to remain positive.