TLDR 📃
- Cardano ranks 2nd in development activity among base layers.
- Focusing on DeFi offerings after DJED stablecoin's success.
- Charli3 and Lace launched on Cardano to improve user experience.
- Big partnerships: Mark Cuban invested in Books.io, Paima partnered with Globant.
- Expanding in emerging markets: EMURGO's EKV invested in FanBants, Coin Ceylon's Cardano-based NFTs.
- ADA price up 17%, could surge if daily charts stay above $0.45.
- Building functionality for a growing community with 4M wallets and 8M tokens.
- Share this report with your family & friends!
Disclaimer: Not financial or investment advice. Any capital-related decisions you make are your responsibility and yours only.
Who’s the busiest of them all?
[caption id="attachment_270768" align="aligncenter" width="933"]
Development Activity (Cardano, Polygon, Polkadot, ICP and Ethereum)[/caption]
They're always juggling tons of projects, and lately, they've been focusing more on their DeFi offerings, especially after DJED stablecoin's success. Sure, Cardano's total value locked (TVL) is quite smaller than Ethereum's ($165M vs $32B), but that's actually a great opportunity for them to step up their DeFi game. And they are!
Take Charli3, for example, Cardano's first and only on-chain oracle right now. Liqwid's planning to use Charli3's price feeds to make their lending platform even better for users. And let's not forget Lace, Cardano's first native wallet that comes with an $ADA staking feature, helping to keep things secure. This new wallet is all about making transactions cheaper and giving Cardano's Web3 and DeFi sectors a big boost. Solana got its biggest boost when the user-experience became simple with the launch a Phantom wallet, we expect a similar phenomenon here.
Cardano attracts billion dollar partners
Cardano is making waves with big-name partnerships, like billionaire Mark Cuban investing in Books.io, a Cardano-based e-book marketplace improving the author-reader experience.As revealed on the @badcryptopod earlier, @mcuban is an early investor.
Grateful for all the advice and connections he's given us along the way.— Book.io (@book_io) April 12, 2023
The team celebrated their successful seed round on twitter and specially mentioned the billionaire Mark Cuban as one of their earlier investors.
On another note, Paima, Cardano's layer 2 chain, teamed up with Argentine software company Globant, known for working with giants like Google and Santander. They're now on board as a Paima Engine Professional (PEP) to help Paima expand its web3 and gaming objectives in new markets. Exciting times for Cardano!
Expanding to emerging markets
EMURGO, Cardano's parent company, is really stepping up its game in Africa and Asia. They've teamed up with Kepelle Africa Ventures to create EKV, and their first move was investing in FanBants, a Nigerian fantasy sports platform. How cool is that? We might even see ADA integration in the future!And hey, check this out: Sri Lanka's Coin Ceylon just launched the country's first-ever Cardano-based NFT. It's a collection of 6K cultural masks that helps preserve the indigenous 'Yaka' history. Not only is it fascinating, but it's also getting the local crypto community talking!
Price analysis 📈
Since our last update, ADA has been on fire! It's up 17%, hitting new yearly highs.
If the daily charts don't dip below $0.45, we could see it surge to $0.50 - $0.55. Basically, the bulls are in control, and the market is loving it.
Right now, ADA is trading at $0.45 with a daily volume of $627M. It's been gaining momentum, riding the wave of positive trends for BTC and ETH. Just a heads up though, the RSIr is at 70, suggesting it's overvalued and might lose some steam in the short term; in other words, it may top out soon.
Cyptonary’s take 🎯
Even though ETH is the DeFi king, Cardano's recent progress is all about boosting scalability and interoperability. With growing TVL and DeFi protocols like Minswap and Indigo leading the charge, Cardano is stepping up its game. Keep an eye on Emurgo's DeFi hackathon in May, too, as it could shake things up even more.Cardano's been super busy lately, but isn't that always the case? New partnerships and developments are making it a hot pick for investors who want some short-term action. Launches like Lace and Charli3 might not have caused a price spike, but combined with Emurgo's focus on emerging markets, we're looking at a solid recipe for ADA adoption.
Sure, all this buzz is great, but it might not be enough to skyrocket the token price. Instead, Cardano's concentrating on building better functionality for their ever-growing community, with 4M active wallets and 8M native tokens. And that's definitely something to be excited about.
As always, thank you for reading 🙏🏼
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