Cardano reaches massive multimillion-milestone as ecosystem development explodes – Report

  • Cardano continues to stride ahead with a massive multimillion milestone achieved amidst an exploding ecosystem development.
  • In the latest daily GitHub development activity report, Cardano is second only to Osmosis.

The Cardano ecosystem and its Djed stablecoin continue to make headlines after massive developments around them. In the latest report, Cardano’s Djed stablecoin has reached a new all-time high of coins in circulation. According to its official site, the overcollateralized coin backed by Cardano has over 4.24 million coins minted. Powered by COTI, DJED, is backed by ADA and uses SHEN as a reserve coin. Its meteoric rise furthers ADA’s course in its aim for mass adoption.

This report comes amidst increased development activity around the Cardano ecosystem. According to a development reporting platform powered by Santiment, Cardano has been leading in daily development activity only second to Osmosis in daily development activity.

On top of network activity, Cardano’s total value locked (TVL) has surpassed $170 million. This has been on an upward trajectory since the start of the year, after crossing the year just above $50 million. But the number is only half of what was locked mid-last year with the network holding over $324 million at the time.

It also comes a few days after the launch of Aiken’s alpha phase. Aiken is a smart contracts language and toolchain created to simplify and enhance the development of smart contracts on Cardano. Smart contracts can be challenging to deploy and interpret even for developers, something Cardano is trying to remedy with Aiken to onboard more users into its network. It is also well equipped with state-of-the-art features and is very well optimized for developers to gain a great experience.

CNF also recently reported on billionaire American businessman Mark Cuban joining the ecosystem. The businessman has long been a critic of the project once saying he’d seen little adoption of the Cardano application and there was little need for ADA payments as opposed to Dogecoin which he fully endorses. Cardano-based, a Web3 marketplace, noted that it has been able to pull in investors with some heavy hitters such as Mark Cuban. With such influential investors, it will grow swiftly under the guidance of its esteemed early investors.

Related: Billion-$-cryptocurrency Bitcoin launching on Cardano with this massive innovation – Can it drive ADA price to $0,50?

The latest developments are reflected in the tokens digital asset with ADA gaining over 7 percent in the last 7 days. At the time of press, ADA is exchanging for $0.45. The token is a long way from its all-time high of $3.0 reached in about two years. But with the ever-growing ecosystem, most investors view this as an 85 percent discount.

According to top analysts, ADA is one of the top coins to watch in 2023. With numerous developments, the coin is undervalued and is believed to be in a consolidation phase with a breakout imminent over the coming weeks and months.

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James is dedicated to demystifying intricate technological concepts. His keen eye for details has positioned him as a trusted voice in decentralized technologies. With years of experience, she creates insightful articles, in-depth analyses, and captivating narratives that uncover the potential and hurdles within the crypto and blockchain landscape.

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