Most crypto markets find themselves in a bullish spell again, driving prices higher. Cardano and its ADA token are the biggest risers of the top market cap top 25. Several developments have recently affected the asset’s meteoric rise and paved the way for a bright future.
Cardano (ADA) Gains over 33%
When cryptocurrency markets turn bullish, they sing a beautiful tune. Noting substantial gains day after day is crucial to restoring some confidence in the Bitcoins and Ethereums of the world. Unfortunately, late 2021 and early 2022 have been anything but promising for these currencies, as they all noted ongoing bearish pressure and lower price levels. Thankfully, that momentum shifted around, and the markets are bullish again, for now.
Cardano (ADA) has gained over 33% in the past week and over 52% in the past 14 days. A very impressive price surge has taken ADA back above $1, and the momentum isn’t slowing down just yet. Instead, the behind-the-scenes developments can push the Cardano market cap above $40 billion again. Solid infrastructure and projects bring long-term value to an ecosystem.
Some Updates https://t.co/4v1wWUa6ye
— Charles Hoskinson (@IOHK_Charles) March 7, 2022
Ardana (Stablecoin & Cross-Chain Infrastructure)
The cryptocurrency industry is home to dozens of stablecoins mimicking a fiat currency value. However, companies holding money reserves in a bank account are issued most of these currencies. That goes against the decentralized nature of blockchain technology, giving rise to alternative approaches. For example, Ardana, a Cardano DeFi and stablecoin hub, created the dUSD stablecoin on Cardano, which is over-collateralized, decentralized, and soft-pegged.
Ardana users can mint the currency by collateralizing assets, including the Cardano-native ADA token. Every deposit will yield an amount of dUSD, yet does not require users to part with their initially deposited assets. Repaying the loan will ensure users get their initial deposit back, minus a small fee.
Milkomeda (EVM Compatibility)
Bringing an Ethereum Virtual Machine-compatible sidechain to Cardano is an exciting development. Users can move their assets between the two blockchains, and dApp developers can bring their projects to Cardano in a frictionless manner. Both features are possible through wrapped smart contract technology facilitating cross-chain interoperability.
One exciting benefit of Mikomeda is how it brings Cardano-Ethereum compatibility to popular wallets like Flint Wallet and MetaMask. As Ethereum still aces high fees and slow throughput at times, Cardano may provide a welcome alternative for developers exploring DeFi and other opportunities today. Compatible DApps include Celer, MultiChain, Nomad, OccamX, and others. In addition, the team intends to enable support for API3, Connext, and Blueshift soon, with more to follow.
Profila (Zero-knowledge Advertising)
The advent of Web3 will empower users to take control of their data on the internet. That will impact many business models and day-to-day operations, including advertising. Profila provides a zero-knowledge advertising solution benefiting users and brands. Its in-house-built platform offers users compensation for sharing data with brands through the application. As a result, brands receive more accurate data and feedback from individual users, enabling more personalized experiences and advertising options.
Profila taps Cardano for its throughput and proof-of-stake consensus mechanism, which helps establish a sustainable infrastructure. Moreover, the Cardano community is tight-knit and actively supports projects building on this technology stack. For example, Profila’s Project Catalyst is a Cardano experiment in community innovation and notes four funded projects by ADA owners to date.
Artano (Evolving NFTs)
Non-fungible tokens remain one of the biggest prospects in the crypto and blockchain industry. It is an exciting vertical that creates a new medium for communication between artists and art collectors. However, the concept of NFTs needs to keep evolving, as there are many opportunities to explore. Artano, a high-quality art bazaar on Cardano, aims to introduce evolving non-fungible tokens.
Programmable NFT functionality, known as iNFT, is seemingly in high demand in this ecosystem. Artano wants to help users create programmable and evolving art without needing programming or blockchain knowledge. It is a new approach to maximizing proof of ownership, as NFTs can transform with the help of Cardano’s on-chain parameters. Evolving NFTs is a community proposal, for now, but one that can bring some much-needed change to the non-fungible token industry.
