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New ATHs for Ethereum, Cardano, Litecoin

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Bitcoin attempted to overcome $ 58,000 but was unsuccessful this week, and the cryptocurrency fell by about $3,000. However, this did not stop many altcoins from setting new price records.

It’s safe to say that alternative coins have achieved much more than the leading cryptocurrency in the past few weeks. Ethereum is now in the spotlight on this issue — ETH has grown again, this time to more than $3,600, which was its new ATH record. At the time of writing, the coin has slightly corrected and is currently worth around $3450.

Cardano also hit a new high of $1.7. Thus, from the beginning of the year to the present, the growth of ADA has exceeded 800%. Litecoin is another impressive player of late, with LTC hitting its new record of just over $370.

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The aggregate market capitalization of all crypto assets also surpassed the new benchmark for the first time. After adding more than $200 billion in two days, the figure reached $2.4 trillion. BTC’s dominance in the market continues to decline, with the figure falling to a new nearly three-year low, well below 45%.

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Emurgo Launched $100 Million Investment Fund to Power DeFi and NFT Projects Building on Cardano

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Following the recent major announcements from Cardano, the project’s commercial arm has launched a $100 million investment fund.

Emurgo, the commercial branch of the Cardano ecosystem, has released a new product focusing on investing in startup protocols that want to build on the Cardano blockchain. This comes after several notable announcements from Charles Hoskinson’s team in the past few days.

  • The official press release reads that the new investment vehicle, which will be a wholly-owned subsidiary of the parent company Emurgo, will have two separate branches with distinctive approaches.
  • Emurgo Africa will “support more than three hundred regional startups through seed funding and incubation, to ultimately have Cardano’s blockchain adopted as the technological platform standard in Africa for socially impactful solutions.”
  • This will continue Cardano’s already started initiatives in the continent. As previously reported, the project made multiple partnerships with local organizations to issue digital identities and provide education.
  • Emurgo Ventures will focus on other developed markets. It will aim to facilitate the building of solutions and services on the Cardano network by becoming the seed investor in a “variety” of such startups from industries such as NFTs and DeFi.
  • Emurgo has previously completed roughly a dozen direct investments in blockchain projects through its partnership with SOSV.
  • “We are more focused than ever on accelerating the development of Cardano’s ecosystem with a rich mix of decentralized services catering to a global community that is increasing in overall blockchain awareness.” – commented Emurgo’s CEO Ken Kodama.
  • Earlier this week, Cardano also partnered with Chainlink to develop DeFi smart contacts and announced the first stablecoin to go live on its blockchain – Djed.

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Breaking: COTI Will Issue Djed Stablecoin on Cardano

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  • Cardano founder declared that COTI will be the official issuer of its new stablecoin.
  • Charles Hoskinson said this during the Cardano Summit.
  • It is said that the Djed stablecoin leverages smart contracts to ensure price stability.

The founder of Cardano (ADA), Charles Hoskinson, revealed in the Cardano Summit that COTI will be the official issuer of its new stablecoin based on the Djed stablecoin protocol.

Presently, Cardano is one of the world’s largest blockchain platforms. For the fast-growing Cardano ecosystem, the new stablecoin is a timely venture. In detail, the Djed stablecoin protocol leverages smart contracts to ensure price stability. What’s more, its smart contract programming mechanism also guarantees that the stablecoin will work effectively for decentralized finance (DeFi) transactions.

On the other hand, COTI is an all-encompassing “finance on the blockchain” ecosystem. It is designed to meet the needs of both centralized and decentralized finance. COTI assures this by “giving a new type of DAG-based base protocol and an infrastructure that is scalable, fast, private, inclusive, and low-cost, and optimized for finance.”

CEO at COTI Group, Shahaf Bar-Geffen, stated:

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The stablecoin ecosystem has matured tremendously over the past few years. Blockchain participants are using stablecoins to engage in everyday transactions because they allow monetary value to be exchanged in a seamless manner, regardless of the sender and recipient’s location. I believe that adding the Djed-based stablecoin to the Cardano blockchain will significantly improve how transactions are settled on the platform.

Furthermore, the Djed operates by maintaining a reserve of base coins. More so, it also lets users mint and burn both stablecoins and reserve coins. According to its creators, there are ongoing discussions regarding the implementation of Djed on Cardano — providing stablecoins in which Cardano’s network usage (transaction) fees could be paid through the “Babel fees”.

Finally, Charles Hoskinson, who’s also the CEO of IOHK — the driving force behind the Cardano platform, mentioned that: “The Djed stablecoin could be a game changer in the crypto space, appealing to an entirely new audience at a time when the industry is already experiencing astronomical growth. Djed shares our commitment to formal verification, proving a robust method of combating the price volatility of crypto markets. COTI has been a long time partner of the Cardano ecosystem, it’s great to have them on board with this new venture.”

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Cardano ($ADA) Announces New Stablecoin Issuer, Hoskinson Calls it Game-Changer

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Cardano ($ADA) blockchain is fast moving towards building its own decentralized ecosystem after the successful integration of smart contracts via Alonzo hardfork. During the ongoing Cardano Summit 2021, founder Charles Hoskinson announced COTI would be the official stablecoin issuer on the Cardano blockchain that would issue Djed stablecoins.

Hoskinson believes the new kind of Djed stablecoins could change the stablecoin game especially at a time when the demand is at the peak and regulatory scrutiny is also at its highest. Hoskinson said,

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“The Djed stablecoin could be a game-changer in the crypto space, appealing to an entirely new audience at a time when the industry is already experiencing astronomical growth. Djed shares our commitment to formal verification, proving a robust method of combating the price volatility of crypto markets. COTI has been a long-time partner of the Cardano ecosystem, it’s great to have them on board with this new venture.”

What are Djed Stabelcoin?

Djed stablecoins make use of  DAG-based infrastructure and base protocol that is private, affordable, scalable, inclusive, fast, and finance-optimized. The protocol makes use of smart contracts to maintain a stable price floor with a stable reserve. It allows traders to mint and burns stablecoins to maintain a stable price point for the token and uses the transaction fee to carry the network operations.

COTI Group CEO Shahaf Bar-Geffen believes its DAG protocol use could help it derive a new stablecoin on Cardano that would propel it in the current market due to its decentralized nature, scalability, and security. He explained,

“The stablecoin ecosystem has matured tremendously over the past few years. Blockchain participants are using stablecoins to engage in everyday transactions because they allow monetary value to be exchanged in a seamless manner, regardless of the sender and recipient’s location. I believe that adding the Djed-based stablecoin to the Cardano blockchain will significantly improve how transactions are settled on the platform.”

$ADA maintained its price above $2.20 and looks to break the $2.30 barrier as the crypto market recovers from China’s crypto ban FUD. The third-largest altcoins had broken past a new ATH of $3.10 in the run-up to the key Alonzo upgrade, but since then the bearish September month has kept its price in check.

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Source: TradingView

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