Cardano Digest: Cardano bets on dApp developers
The quarterly results are encouraging despite this week’s 10% drop in TVL, which correlates with lower prices due to macro market sentiments. The long-term view is positive due to the growth and popularity of DeFi protocols such as Minswap, Indigo, and Liqwid, which contribute 67% of Cardano's TVL.
TLDR 📃
- Cardano’s DeFi sector shows continued growth as TVL reaches a yearly high of $167M.
- Deployed on Ethereum side-chain Milkomeda-C1, the DJED stablecoin helps bridge the gap between Cardano and the lucrative Ethereum ecosystem.
- AnetaBTC is cBTC on Cardano, sparking dreams of BTC liquidity for Cardano-based DeFi apps.
- ADA’s price can’t seem to pass $0.41 despite impressive quarterly TVL growth.
Disclaimer: Not financial or investment advice. Any capital-related decisions you make are your responsibility and yours only.
Cardano’s TVL growth 📈
Total value locked on Cardano’s shows a a whopping 150% increase in Q1, from $48M in January to $156M.
Major developments for developers 🔨
Simplifying development with Aiken: Cardano launched its new programming language, Aiken, on the 21st. The language is being presented as an easy-to-use alternative to Plutus for creating smart contracts. The Aiken development environment extends a red-carpet welcome to developers with its ability to decompile and interpret Plutus code.DJED brings Cardano and Ethereum closer: Cardano's new DJED stablecoin has been deployed on the Ethereum-compatible sidechain Milkomeda-C1. This brings a Cardano-based stablecoin into the ETH ecosystem. Add DJED to the new Aiken language, and we could see more EVM-based dApp developers start to target the Cardano ecosystem - good news for Cardano’s DeFi ambitions.
Cardano’s wrapped BTC: On 22 April, AnetaBTC launched a public testnet to mint cBTC on Cardano. It’s an on-chain solution that allows users to unlock the power of BTC on Cardano, boosting the ecosystem's DeFi potential with BTC’s liquidity. The ability to make BTC transactions with Cardano dApps could be a game-changer.
Coingate integrates with BinancePay: Voltaire and CIP-1649 upgrades are currently underway, but it is the integration between Coingate and BinancePay that represents a significant opportunity for Cardano. Finalised in late March, the partnership calls for settling altcoin transactions with ADA at 0.03% starting in Q3. This development could help bring the benefits of crypto to more people around the world.
Price analysis 💵
Our $0.55 target was invalidated by a loss of momentum in major markets. Global crypto market cap briefly tested $1.18T before dropping to its current levels, and frankly, only a climb above this region will convert today’s pessimism into green candles.ADA faced severe resistance as well in the [$0.40-$0.45] range and is now retesting it as resistance which means $0.30 is next up... Only a reclaim of $0.40 can invalidate this bearish outcome.
Cardano volume experienced high volatility, dropping from $588M to $390M as active traders pulled out to wait for clearer opportunities - a good call, given the difficulty in predicting the market's next move.
Cryptonary’s take ðŸ§
Let's face it, Cardano has been on a rollercoaster ride in Q1, but it's come out with a jaw-dropping 150% increase in total value locked! Even with the recent 10% dip in TVL, we can't help but stay optimistic about the future, especially with DeFi darlings like Minswap, Indigo, and Liqwid making waves in the Cardano ecosystem.But wait, there's more! Cardano has been busy cooking up some exciting developments to keep us on our toes. They've launched Aiken, a user-friendly programming language to make smart contract creation a breeze, and they're bridging the gap between Cardano and Ethereum with DJED stablecoin. Oh, and did we mention the testnet for wrapped BTC (cBTC) and the Coingate-BinancePay integration? Talk about some game-changing moves!
Now, let's chat about ADA's price for a sec. It's been facing some tough resistance in the $0.40-$0.45 zone, and there's a chance it could slip to $0.30. But don't lose hope just yet! A bounce back to $0.40 could turn things around and squash this bearish trend.
So, what's the takeaway here? Times are uncertain for sure but until further notice, bears have the upper hand.
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