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Tag: Cardano price

  • Cardano Founder Forecasts ‘Tens Of Millions’ Of Users

    Cardano Founder Forecasts ‘Tens Of Millions’ Of Users

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    In a recent exchange on X (formerly Twitter), Charles Hoskinson, founder of Cardano, commented on criticisms and misunderstandings arising within the ADA community. In response to a user’s exasperation over apparent internal criticisms, Hoskinson robustly defended IOG’s strategy and commitment to growth.

    Cardano Founder Promises Growth

    “I seem to notice a lot of this lately. Nami, Midnight, etc. Lots of amazing people are building and bringing new users, capabilities, and experiences into the ecosystem. IOG is a builder. We aren’t different from any DApp company in Cardano,” Hoskinson responded. He expressed his confusion over the criticism IOG faces when deploying significant capital into the ADA ecosystem, particularly when the team is “always open, direct, and transparent about plans and projects.”

    This statement comes after recent acquisitions and launches by IOG, which some community members view with suspicion. He addressed these concerns about IOG’s recent actions, stating: “We have products and services and are here to bring millions into the ecosystem. I don’t understand why when we start doing that and deploy millions in capital, some are actively hostile.”

    Hoskinson also expressed frustration over misunderstandings regarding IOG’s transparency about its plans. He specifically mentioned CIP 1694, which he suggests has been misinterpreted by some as an attempt to establish a power hierarchy. The Cardano founder vehemently denied this, indicating that it aims to do the “exact opposite.”

    He also emphasized the critical role of the recent acquisitions, stating, “Lace is here to be the best wallet in the entire cryptocurrency space and expose all Bitcoin and Ethereum users over time to the Cardano ecosystem. So when we buy Nami to help accelerate a great simple user experience, this is bad for Cardano? Really? Midnight which makes Cardano the leader in data confidentiality tech is somehow abandoning Cardano!?”

    In his subsequent message, Hoskinson provided a more detailed roadmap for the platform’s user growth. “Midnight will bring tens of millions of users into the Cardano ecosystem, Lace will keep them, intersect gives them a place to talk to each other, CIP 1694 gives them a voice in the future. Yes this is exactly what is happening,” he added.

    The Latest Advancements

    Only yesterday, the much-anticipated Cardano Midnight protocol onboarded the first group of pioneers to its devnet. Input Output Global (IOG) tweeted about this milestone, unveiling that they have cherry-picked the first batch for the Midnight devnet.

    Midnight aims to provide a data-protection side-chain designed to facilitate the creation of secure and regulation-compliant smart contracts and decentralized applications (dApps). Furthermore, the Midnight protocol will introduce its token – DUST. The devnet’s initial phase is expected to encompass as many as 100 development teams.

    In another significant move that underscores IOG’s ambition to expand and strengthen the Cardano ecosystem, Nami, a leading independent wallet known for ADA transactions, has been acquired by Input Output Global (IOG), as per announcement yesterday. Since its inception over two years ago, Nami has been a favorite among ADA users. Its acquisition denotes a strategic step by IOG to enhance its suite of products and services within the Cardano sphere.

    At press time, ADA traded at $0.304.

    ADA price breaks above the 200D EMA, 1-day chart | Source: ADAUSD on TradingView.com

    Featured image from Metaschool, chart from TradingView.com

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    Jake Simmons

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  • Cardano Passes Crucial Update As ADA Price Preps For 65% Rally

    Cardano Passes Crucial Update As ADA Price Preps For 65% Rally

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    The Cardano ecosystem is ringing in significant transformations with the Cardano Foundation’s announcement of a pivotal modification to its staking parameters. After a stake pool operator (SPO) poll and thorough deliberations by the Parameters Committee, the foundation decided to update the network to enhance both its competitiveness and user experience.

    The Cardando Foundation stated via X (formerly Twitter): “As a result of the Stake Pool Operator [SPO]-Poll and a subsequent evaluation by the Parameters Committee, the Cardano Foundation has successfully submitted a transaction on the Cardano mainnet to lower the minPoolCost parameter from 340 to 170 ADA.”

    This development has been welcomed with a mix of anticipation and strategy from different sections of the Cardano community. Cardano staking pool “Stake with Pride” was quick to pivot in line with the new parameters, remarking:

    The Cardano min Pool Cost fee has been dropped to 170 ADA from 340. SPOs can drop their fees starting epoch 445 on October 27th. They further pledged to optimize their policies with the recent modifications, firmly anchoring their “minPoolCost to 170 permanently, and Margin to 0% temporarily, as market dynamics are assessed.

    The minPoolCost parameter, as explained in a Cardano Foundation blog post from September 13, had twofold objectives since its inception with the Shelley launch in 2020. The primary two goals were to act as a defense against Sybil attacks and to guarantee pool operators a floor income to sustain their server operations.

    The Cardano Foundation elaborated, “By potentially halving minPoolCost we don’t enforce but allow the operators to reduce their ‘floor’ income.” The strategic change is anticipated to shift market dynamics favorably for smaller pool operators, providing them with a more level playing field.

    Cardano (ADA) Price Poised For A 65% Rally?

    The Cardano price has seen a strong uptrend in the past few hours, in line with the overall crypto market. At the time of writing, ADA was trading at $0.282, up 6.5% over the past 24 hours. The 1-day chart of ADA shows that ADA was able to break out of its 6-month downtrend (black line) this past Sunday. On April 15, ADA marked its high for the year at over $0.46, since then the Cardano price has been on the decline.

    As a result of the breakout momentum, ADA was able to overcome the important 0.236 Fibonacci retracement level at $0.277. Remarkably, the price has already withstood a retest and established it as new support on the lower time frames. Should ADA manage a daily close above this price level today, the outlook for the Cardano price could turn further bullish.

    ADA price, 1-day chart | Source: ADAUSD on TradingView.com

    As then, ADA would have to face arguably the most important resistance at the moment, the 200-day exponential moving average (EMA, blue line), at $0.299. The price indicator is often referred to as the “bull line”. Accordingly, a breach could maneuver ADA back into bullish territory. ADA last failed to complete a daily close above the 200-day EMA in mid-July.

    If a breakout into bullish territory succeeds, the next targets would be the Fibonacci retracement level of 0.382 at $0.313, 0.5 at $0.341, 0.618 at $0.370, and 0.786 at $0.411. The pinnacle target remains the annual peak of $0.463, suggesting a prospective ascent of 65% from its present value.

    In this context, it is important to mention that ADA has underperformed compared to other altcoins so far this year. For example: While Solana (SOL) is currently trading just below its high for the year and Ether (ETH) is only 15% away from a new high for the year, ADA is still 39% below this level.

    On the one hand, this shows the existing potential, and on the other hand, it shows that ADA has not been one of traders’ favorite altcoins so far in 2023. Whether a rise above the 200-day EMA can change this remains to be seen.

    Featured image from Shutterstock, chart from TradingView.com

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    Jake Simmons

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